Trading Ideas – Position Updates
We start the week with one open position after we were stopped out of Telix (ASX: TLX) and Capricorn Metals (ASX: CMM) In last week’s ongoing choppy trade:
Telix Pharma Ltd (TLX)
TLX $13.13
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Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 13.13
- Change
- ▼ -0.35 (-2.60)
- Bid / Ask
- 13.13 - 13.14
- Volume
- 1,910,645
- Turnover
- 20,104,123
- Open
- 13.56
- Day Range
- 12.99 - 13.60
- VWAP
- 13.16
- Prev Close
- 13.48
- Last Trade
- 30/10 4:13pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Healthcare
- Shares Issued
- 340,330,385
- NTA/Share
- -0.52
- Last Dividend
- —
- Dividend Ex Date
- —
- Dividend Pay Date
- —
Current (USD) · FY2025
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 803.79
- EBITDA
- 29.32
- Profit
- -7.13
- Earnings Per Share (EPS)
- -0.02
- Dividend Per Share (DPS)
- —
- Yield %
- 0.00
- Market Cap
- 4,461.37
- Price to Earnings Ratio (P/E)
- 93.39
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 2,112.12
- EBITDA
- 94.54
- Profit
- 16.23
- Earnings Per Share (EPS)
- 0.04
- Dividend Per Share (DPS)
- 0.00
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- High
Morningstar Quantitative Rating as of 22 OCT 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 14.14 Fair value 17.60 One-star price 21.91
Morningstar Quantitative Rating as of 22 OCT 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 17.60
- Price / Fair Value
- 0.78
- Valuation
- Undervalued
- Uncertainty
- High
Morningstar Quantitative Rating as of 22 OCT 2026. The slider runs from the five-star price (14.14) to the one-star price (21.91).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4234 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 13.19 |
| Price - 12 month high | 18.22 |
| Price - 12 month low | 8.26 |
| Pricing date | 22 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.84 |
| Market capitalization | 4,481.75 |
| 12 Month High price date | 15 SEP 2026 |
| 12 Month Low price date | 17 FEB 2026 |
| Volume - avg. trading volume for the last 3 months | 1.98 |
| Price - 1 Day % Change | -3.44% |
| Price - 13 week price percent change | -11.24% |
| Price - 26 week price percent change | -7.89% |
| Price - 5 Day % Change | -12.53% |
| Price - 52 week price percent change | -21.53% |
| Price - YTD price percent change | 17.77% |
| Price % Change Month To Date | -21.44% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | -0.021 |
| EPS excluding extraordinary items - trailing 12 month | 0.099 |
| EPS Normalized - most recent fiscal year | -0.043 |
| Revenue/share - most recent fiscal year | 2.483 |
| Revenue/share - trailing 12 month | 2.718 |
| Book value per share - most recent fiscal year | 1.226 |
| Book value per share - most recent half-year | 1.079 |
| Book value (tangible) per share - most recent fiscal year | -0.524 |
| Book value (tangible) per share - most recent half-year | -0.285 |
| Cash per share - most recent fiscal year | 0.419 |
| Cash per share - most recent half-year | 0.741 |
| Cash Flow per share - most recent fiscal year | -0.053 |
| Cash Flow per share - trailing 12 month | -0.037 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 0.211 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.021 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.099 |
| EPS including extraordinary items - most recent fiscal year | -0.021 |
| EPS including extraordinary items - trailing 12 month | 0.099 |
| Free Cash Flow per share - trailing 12 month | -0.143 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 93.76 |
| P/E Normalized, most recent fiscal year | 134.75 |
| Price to sales - most recent fiscal year | 3.40 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | — |
| Price to Book - most recent fiscal year | 8.71 |
| P/E excluding extraordinary items high, trailing 12 months | 357.60 |
| P/E excluding extraordinary items low, trailing 12 months | 90.53 |
| Net Debt, LFI | 327.95 |
| Net Debt, LFY | 325.24 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | -61.07 |
| LT debt/equity - most recent fiscal year | 107.96% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 112.45% |
| LT debt/equity - most recent half-year | 115.74% |
| Total debt/total equity - most recent half-year | 118.90% |
| Free Cash Flow - trailing 12 month | -46.79 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 803.79 |
| Revenue - trailing 12 month | 890.79 |
| EBITD - most recent fiscal year | 29.32 |
| EBITD - trailing 12 month | 69.30 |
| Earnings before taxes - most recent fiscal year | -5.27 |
| Earnings before taxes - trailing 12 month | 28.82 |
| Net Income available to common - most recent fiscal year | -7.13 |
| Net Income available to common - trailing 12 months | 33.50 |
| Earnings before taxes Normalized - most recent fiscal year | -15.56 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.07 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | -0.89% |
| Net Profit Margin % - trailing 12 month | 3.76% |
| Operating margin - 1st historical fiscal year | 2.25% |
| Operating margin - trailing 12 month | 5.38% |
| Pretax margin - trailing 12 month | 3.24% |
| Pretax margin - 1st historical fiscal year | -0.66% |
| Operating Margin - 5 year average | -408.00% |
| Pretax Margin - 5 year average | -339.39% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -251.19% |
| Free Operating Cash Flow/Revenue, TTM | -5.25% |
| Net Profit Margin - 5 year average | -340.37% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | -0.65% |
| Return on average assets - trailing 12 month | 2.70% |
| Return on average equity - most recent fiscal year | -1.80% |
| Return on average equity - trailing 12 month | 8.35% |
| Return on average assets - 5 year average | -17.47% |
| Return on average equity - 5 year average | -54.33% |
| Net Income/employee - most recent fiscal year | -6,361.61 |
| Revenue/employee - most recent fiscal year | 717,673.21 |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 201.64% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 188.09% |
| Growth rate% - Revenue, 3 year | 93.54% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | 41.43% |
| Capital Spending growth rate, 5 year | 187.86% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
Telix Pharma Ltd (ASX: TLX) $15.73
Telix caught the markets attention yesterday popping +8% on no major news. However, with a sizeable short position (12.6%) still outstanding and the stock already up around 40% year-to-date, the potential for a sharp short squeeze remains high.
Shawn’s Trade Idea: Telix Pharma Ltd (ASX: TLX) $14.50
Similar to the retailers, healthcare has performed strongly this month and after a tough 12-moints we can see some bargain hunting entering TLX which has been hurt by regulatory setbacks rather than operational performance, i.e. FDA delays, an SEC investigation into pipeline disclosures and elevated investor expectations combined to trigger a sharp de-rating, despite continued strong growth from its flagship imaging franchise.
Telix Pharmaceuticals (TLX) $10.43
TLX +14.24%: Delivered a materially better FY25 result than expected today and guided revenue higher for FY26. Topline growth is coming through which has allayed short-term earnings pressure.
Telix Pharma Ltd (TLX) $11.73
TLX fell a more muted 6.6%, outperforming the other four stocks looked at today, as class actions captured headlines: The lawsuit alleges that Telix and certain executives made false or misleading statements, or failed to disclose material information about its business, including the progress of its prostate cancer therapeutic programs and the quality of its supply chain and partners.
Telix Ltd (TLX) $13.17
Biopharma TLX has fallen over 46% in 2025, it operates in a space rarely touched by MM due to its volatility and often binary outcomes. TLX is a high value/growth stock that’s struggled through 2025 after a few less favourable updates dovetailed with a very well owned and expensive share price, leading to a big re-rate lower.
Telix Pharma Ltd (TLX) $16.70
TLX has been a hot biopharmaceutical stock focused on radiopharmaceuticals, which combine diagnostics and therapeutics (i.e. theranostics) using molecularly targeted radiation (MTR) – a bit of a mouthful. They also have a manufacturing arm (Telix Manufacturing Solutions) to produce radiopharmaceuticals at scale.
Telix Pharmaceuticals (TLX) $21.32
TLX -15.13%: Released a decent 2Q25 update with a modest revenue beat, however this was overshadowed by news of a Securities Exchange Commission (SEC) subpoena request related to development of the company’s prostate cancer therapies, specifically therapeutic candidates.
Telix Pharma Ltd (TLX) $24.05
We discussed TLX in our Q&A report a few weeks ago, while it may be on hold for a while as the FDA reviews its promising imaging tool for brain cancer, Pixclara, this could afford an ideal opportunity for patient investors to accumulate TLX.
Telix Ltd TLX) $22.78
The oncology success story TLX has ~20 clinical trials underway, which raises questions about how the “new” US health system will deal with such progress. However, their focus is on rare diseases, which seem likely to be more insulated than weight loss or even flu drugs.
Action
Updated
25/06/2026
10:34
TLX
Updated 25/06/2026 10:34
MM is bullish towards TLX as a “Trade”
Updated
22/06/2026
09:45
TLX
Updated 22/06/2026 09:45
Trade Idea: Buy Telix Pharma (TLX) at $14.55 with stops at $12.70, around 12% risk
Updated
20/02/2026
17:09
TLX
Updated 20/02/2026 17:09
MM is cautiously bullish TLX ~$10
Updated
18/12/2025
09:43
TLX
Updated 18/12/2025 09:43
MM likes TLX as an aggressive buy
Updated
17/12/2025
10:16
TLX
Updated 17/12/2025 10:16
MM is bullish towards TLX ~$13
Updated
16/10/2025
08:54
TLX
Updated 16/10/2025 08:54
MM is cautiously bullish towards TLX
Updated
25/07/2025
09:56
TLX
Updated 25/07/2025 09:56
MM is neutral to cautiously bullish TLX
Updated
10/07/2025
10:08
TLX
Updated 10/07/2025 10:08
MM is cautiously bullish on TLX in the $21-24 region
Updated
19/11/2024
09:54
TLX
Updated 19/11/2024 09:54
MM likes TLX below $20
Updated
28/09/2022
17:10
TLX
Updated 28/09/2022 17:10
MM is bearish TLX around $4.50
Business Summary
Telix is a developer of radiopharmaceuticals. Radiopharmaceuticals are specialized drugs containing radioactive isotopes, which are used in both diagnosing and treating cancer. At low doses, these drugs bind to a specific cancer cell and can be visualized through PET imaging. With high doses, they can deliver targeted treatment. Telix has a pipeline of both diagnostics and therapeutics in development. Its pipeline is focused on urologic oncology (prostate, kidney and bladder), neuro-oncology (glioma), musculoskeletal oncology and hematology. Currently, most of the firm's revenue comes from its Illuccix prostate cancer imaging/diagnostic agent.
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