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Undervalued
Morningstar Quantitative Rating as of 13 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 3.62 Fair value 4.52 One-star price 5.65
Morningstar Quantitative Rating as of 13 NOV 2026.
Morningstar Quantitative Rating as of 13 NOV 2026. The slider runs from the five-star price (3.62) to the one-star price (5.65).
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4738 |
| Price - closing or last bid | 3.65 |
| Price - 12 month high | 6.06 |
| Price - 12 month low | 2.74 |
| Pricing date | 12 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 1.28 |
| Market capitalization | 1,153.31 |
| 12 Month High price date | 13 NOV 2025 |
| 12 Month Low price date | 24 JUN 2026 |
| Volume - avg. trading volume for the last 3 months | 0.88 |
| Price - 1 Day % Change | -2.93% |
| Price - 13 week price percent change | 0.83% |
| Price - 26 week price percent change | 15.14% |
| Price - 5 Day % Change | -2.41% |
| Price - 52 week price percent change | -39.87% |
| Price - YTD price percent change | -12.05% |
| Price % Change Month To Date | 14.42% |
| EPS excluding extraordinary items - most recent fiscal year | -0.089 |
| EPS excluding extraordinary items - trailing 12 month | -0.089 |
| EPS Normalized - most recent fiscal year | 0.010 |
| Revenue/share - most recent fiscal year | 0.522 |
| Revenue/share - trailing 12 month | 0.522 |
| Book value per share - most recent fiscal year | 0.696 |
| Book value per share - most recent half-year | 0.696 |
| Book value (tangible) per share - most recent fiscal year | 0.022 |
| Book value (tangible) per share - most recent half-year | 0.022 |
| Cash per share - most recent fiscal year | 0.175 |
| Cash per share - most recent half-year | 0.175 |
| Cash Flow per share - most recent fiscal year | 0.141 |
| Cash Flow per share - trailing 12 month | 0.141 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 0.055 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.089 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.089 |
| EPS including extraordinary items - most recent fiscal year | -0.089 |
| EPS including extraordinary items - trailing 12 month | -0.089 |
| Free Cash Flow per share - trailing 12 month | 0.002 |
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | 247.78 |
| Price to sales - most recent fiscal year | 4.62 |
| Price to Tangible Book - most fiscal year | 115.43 |
| Price to Free Cash Flow per Share - most recent fiscal year | 1,412.20 |
| Price to Cash Flow per share - trailing 12 month | 17.15 |
| Price to Book - most recent fiscal year | 3.59 |
| P/E excluding extraordinary items high, trailing 12 months | — |
| P/E excluding extraordinary items low, trailing 12 months | — |
| Net Debt, LFI | -11.27 |
| Net Debt, LFY | -48.24 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | 0.46 |
| LT debt/equity - most recent fiscal year | 1.87% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 2.45% |
| LT debt/equity - most recent half-year | 0.00% |
| Total debt/total equity - most recent half-year | 0.00% |
| Free Cash Flow - trailing 12 month | 0.46 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 140.72 |
| Revenue - trailing 12 month | 140.72 |
| EBITD - most recent fiscal year | 14.80 |
| EBITD - trailing 12 month | 14.80 |
| Earnings before taxes - most recent fiscal year | -24.04 |
| Earnings before taxes - trailing 12 month | -24.04 |
| Net Income available to common - most recent fiscal year | -23.96 |
| Net Income available to common - trailing 12 months | -23.96 |
| Earnings before taxes Normalized - most recent fiscal year | 2.66 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.01 |
| Net Profit Margin % - 1st historical fiscal year | -17.03% |
| Net Profit Margin % - trailing 12 month | -17.03% |
| Operating margin - 1st historical fiscal year | -15.48% |
| Operating margin - trailing 12 month | -15.48% |
| Pretax margin - trailing 12 month | -17.08% |
| Pretax margin - 1st historical fiscal year | -17.08% |
| Operating Margin - 5 year average | -24.13% |
| Pretax Margin - 5 year average | -24.85% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -7.54% |
| Free Operating Cash Flow/Revenue, TTM | 0.33% |
| Net Profit Margin - 5 year average | -24.08% |
| Return on average assets - most recent fiscal year | -10.12% |
| Return on average assets - trailing 12 month | -10.12% |
| Return on average equity - most recent fiscal year | -17.80% |
| Return on average equity - trailing 12 month | -17.80% |
| Return on average assets - 5 year average | -12.85% |
| Return on average equity - 5 year average | -22.87% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | — |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | — |
| Growth rate% - Revenue, 3 year | 18.60% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | 11.72% |
| Capital Spending growth rate, 5 year | — |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | MAR 22 | MAR 23 | MAR 24 | MAR 25 | MAR 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Catapult was out with FY26 earnings this morning, and while we’re writing this note ahead of the call with management at 9.30am, the result looks pretty good to us on first pass, particularly in the context of how weak the shares have been (down 10% this week alone).
We are making several changes to the Emerging Companies Portfolio
CAT is another ASX tech name that’s more than halved in recent months - frustrating as we hold the stock in our Emerging Companies Portfolio, although we did trim it in October above $7. This $1.1bn company only recently entered the ASX200 and is on the cusp of making money as revenue continues to grow and margins improve. Revenue of $US116mn in FY25 is forecast to growth to $US172mn by FY27 and as the business scales, operating leverage starts to kick in.
We have reiterated this “Trade Idea” this morning as still very much open after some subscribers questioned its accuracy when CAT traded above $4.70 last week.
We are looking for a number of strong bounces, at the very least, by the ASX tech stocks into 2026, the big question is how far can they fall first with new lows feeling likely, hence at this stage we’re placing bids below the recent low.
CAT is a $1.4bn sports analytics business that generated $116.5mn in revenue in FY25, and is forecast to lift this to $137.9mn in FY26. They lost $5.2mn in the 1H, however, within that was a $3.5m debt repayment, making them now debt-free, with net cash of $11.3m. The stocks report this week was solid in our view, even though there was a lift in ACV churn to 4.9% (vs 4.3% in 2H25), due to their planned exit from Russia – the stock was hammered!
Catapult shares took a bath yesterday, falling as much as 16% at the lows (finishing -11%), despite delivering a solid set of 1H26 numbers that were in line with or above the midpoint of guidance on every major metric. The headline concern was the lift in Annual Contract Value (ACV) churn to 4.9% (vs 4.3% in 2H25), but that looked to be more a result of their planned exit from Russia than anything more widespread. Excluding this, churn was flat YoY and lower HoH, suggesting underlying customer retention is stabilising.
We are making several changes to the Emerging Companies Portfolio
CAT has been a very strong performer in 2025, with the share price rallying hard as the market warmed to its improving growth profile, operating leverage and more consistent execution after multiple prior years of disappointment.
MM is long & bullish CAT in the Emerging Companies Portfolio
MM is adding to CAT in the Emerging Companies Portfolio, reinforcing our 4% portfolio weight around $3.40
We are long and bullish towards CAT around $3.70
Trade Idea: Buy Catapult Sports Ltd (CAT) at $4.04 with initial stops at $3.60 – 11% risk.
Trade Idea: Buy Catapult Sports Ltd (CAT) at $4.00 with initial stops at $3.60 – 10% risk.
MM would be buying CAT $4.50 if we did not already own
MM remains bullish on CAT ~$5.00
MM is trimming CAT in the Emerging Companies Portfolio, reinforcing our 4% target weight
MM is long and bullish towards CAT
MM remains bullish on CAT, but with less conviction due to valuation
Catapult is a technology company that provides analytics solutions to the global sports industry. It is the world's largest sports technology company for professional sports teams and helps over 5,500 teams in over 40 sports to gain a competitive edge through athlete monitoring, video analysis, and athlete lifecycle management.
Pulse Check Webinar: Opportunities in the unloved parts of the market
Recorded Wednesday 27st September
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