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General Information
Company Name: Northern Star Resources Ltd
Stock Code: NST
GICS Sub-Industry: Gold
Market Cap ($M): 634
Equiv. Shares (M): 579

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.135 $ 1.095 $ 1.135 $ 1.087 $ 1.095 848,932 $ 0.040  3.653 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 14th Mar 2014
12 Month Target Price (average): $1.1
Brokers Surveyed: 1

Company Overview

Business Description:
Northern Star Resources Ltd (NST) is a gold producing and exploration company with a resource base of over 2.2 million ounces, located in the prospective Ashburton-Pilbara region of Western Australia with a total land package of 8,610sqkm. NST’s flagship projects are Paulsens and Ashburton gold projects.

Strategy Analysis:
Northern Star Resources are pushing to grow resources, production and cash flow at Paulsens. The Company is working hard to establish its second operating mine at its recently acquired Ashburton Project. Ashburton has a JORC resource of 668,000oz and they believe there is scope to increase this. As well as offering exploration potential, Ashburton is attractive to Northern Star because it is within trucking distance of the Paulsens processing plant.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F 74.8 14.8 87.3 7.4 4.3 3.9 --
2014  F 39.0 7.9 19.7 13.9 3.5 3.2 --
2013  A 28.3 6.6 29.4 15.8 3.5 3.4 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Newcrest Mining (NCM) $7,849 M -0.5837 -0.1109 0.2231 17.3884 19.5569 15.9900 0.0117 0.0000 0.0000
Northern Star Resources (NST) $660 M 0.2941 0.1909 0.8779 17.2727 14.5038 7.7236 0.0307 0.0305 0.0375
OceanaGold (OGC) $706 M -- -- -0.0580 -- 10.2397 10.8696 0.0000 0.0000 0.0000
OZ Minerals (OZL) $1,141 M -- -- 1.5231 -- 174.0741 68.9908 0.0532 0.0299 0.0177
Regis Resources (RRL) $1,199 M 0.9835 -0.5590 1.0173 7.9708 18.0723 8.9586 0.0625 0.0398 0.0673

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
NST 0.55 14.4 4.21 0.29 3.26
Market 1.25 13.9 0.95 1.02 3.13
Sector 0.88 12.2 0.67 0.72 4.97

Name Position Start Date
Mr William (Bill) J Beament Managing Director 20 August 2007
Mr Christopher Kenneth George Rowe Non-Executive Chairman 20 February 2003
Mr John Daniel Fitzgerald Non-Executive Director 30 November 2012
Mr Peter O'Connor Non-Executive Director 21 May 2012

Name Position
Raymond Parry Chief Financial Officer
Liza Carpene Company Secretary

Substantial Shareholders
Holding Name
21,475,284 (5.06%) BlackRock Group
21,946,900 (5.17%) Investment Limited
28,408,283 (6.70%) Van Eck Associates Corporation

Calendar of Events
Date Event
26 February 2015 Report (Interim)
29 January 2015 Report (Quarterly)
22 January 2015 Report (Quarterly)
15 October 2014 Report (Quarterly)
10 October 2014 Report (Annual)
04 August 2014 Report (Prelim)
28 July 2014 Report (Quarterly)
28 April 2014 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at


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