Emerging Companies Portfolio – Amendments
We are making several changes to the Emerging Companies Portfolio.
Calix (CXL)
CXL $0.21
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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)
- 0.21
- Change
- ▼ -0.01 (-2.33)
- Bid / Ask
- 0.21 - 0.22
- Volume
- 140,416
- Turnover
- 29,127
- Open
- 0.21
- Day Range
- 0.20 - 0.21
- VWAP
- 0.21
- Prev Close
- 0.22
- Last Trade
- 03/11 1:45pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Basic Materials
- Shares Issued
- 216,024,545
- NTA/Share
- 0.11
- Last Dividend
- —
- Dividend Ex Date
- —
- Dividend Pay Date
- —
Current (AUD) · FY2026
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
- 35.52
- EBITDA
- -44.90
- Profit
- -51.03
- Earnings Per Share (EPS)
- -0.24
- Dividend Per Share (DPS)
- —
- Yield %
- 0.00
- Market Cap
- 45.37
- Price to Earnings Ratio (P/E)
- -0.89
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 44.10
- EBITDA
- -3.50
- Profit
- -12.30
- Earnings Per Share (EPS)
- -0.06
- Dividend Per Share (DPS)
- —
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 30 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 0.21 Fair value 0.34 One-star price 0.56
Morningstar Quantitative Rating as of 30 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
- 0.34
- Price / Fair Value
- 0.59
- Valuation
- Undervalued
- Uncertainty
- High
Morningstar Quantitative Rating as of 30 OCT 2026. The slider runs from the five-star price (0.21) to the one-star price (0.56).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 0.22 |
| Price - 12 month high | 1.77 |
| Price - 12 month low | 0.20 |
| Pricing date | 30 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 0.17 |
| Market capitalization | 46.49 |
| 12 Month High price date | 16 FEB 2026 |
| 12 Month Low price date | 30 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 0.40 |
| Price - 1 Day % Change | 7.50% |
| Price - 13 week price percent change | -39.44% |
| Price - 26 week price percent change | -59.43% |
| Price - 5 Day % Change | 4.88% |
| Price - 52 week price percent change | -49.41% |
| Price - YTD price percent change | -78.06% |
| Price % Change Month To Date | -8.51% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | -0.237 |
| EPS excluding extraordinary items - trailing 12 month | -0.237 |
| EPS Normalized - most recent fiscal year | -0.083 |
| Revenue/share - most recent fiscal year | 0.165 |
| Revenue/share - trailing 12 month | 0.165 |
| Book value per share - most recent fiscal year | 0.178 |
| Book value per share - most recent half-year | 0.178 |
| Book value (tangible) per share - most recent fiscal year | 0.109 |
| Book value (tangible) per share - most recent half-year | 0.109 |
| Cash per share - most recent fiscal year | 0.045 |
| Cash per share - most recent half-year | 0.045 |
| Cash Flow per share - most recent fiscal year | -0.053 |
| Cash Flow per share - trailing 12 month | -0.053 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | -0.208 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.237 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.237 |
| EPS including extraordinary items - most recent fiscal year | -0.237 |
| EPS including extraordinary items - trailing 12 month | -0.237 |
| Free Cash Flow per share - trailing 12 month | -0.094 |
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 | — |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 1.21 |
| Price to Tangible Book - most fiscal year | 1.73 |
| 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 | 1.12 |
| P/E excluding extraordinary items high, trailing 12 months | — |
| P/E excluding extraordinary items low, trailing 12 months | — |
| Net Debt, LFI | -8.57 |
| Net Debt, LFY | -6.36 |
| 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 | -20.22 |
| LT debt/equity - most recent fiscal year | 5.77% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 9.19% |
| LT debt/equity - most recent half-year | 4.49% |
| Total debt/total equity - most recent half-year | 7.04% |
| Free Cash Flow - trailing 12 month | -20.22 |
| 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 | 35.52 |
| Revenue - trailing 12 month | 35.52 |
| EBITD - most recent fiscal year | -44.90 |
| EBITD - trailing 12 month | -44.90 |
| Earnings before taxes - most recent fiscal year | -51.69 |
| Earnings before taxes - trailing 12 month | -51.69 |
| Net Income available to common - most recent fiscal year | -51.03 |
| Net Income available to common - trailing 12 months | -51.03 |
| Earnings before taxes Normalized - most recent fiscal year | -18.55 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -0.08 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | -145.30% |
| Net Profit Margin % - trailing 12 month | -145.30% |
| Operating margin - 1st historical fiscal year | -69.45% |
| Operating margin - trailing 12 month | -69.45% |
| Pretax margin - trailing 12 month | -145.53% |
| Pretax margin - 1st historical fiscal year | -145.53% |
| Operating Margin - 5 year average | -126.87% |
| Pretax Margin - 5 year average | -104.97% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -112.65% |
| Free Operating Cash Flow/Revenue, TTM | -56.93% |
| Net Profit Margin - 5 year average | -104.44% |
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 | -63.57% |
| Return on average assets - trailing 12 month | -63.57% |
| Return on average equity - most recent fiscal year | -89.13% |
| Return on average equity - trailing 12 month | -89.13% |
| Return on average assets - 5 year average | -29.68% |
| Return on average equity - 5 year average | -38.79% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 13.08% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 5.26% |
| Growth rate% - Revenue, 3 year | 24.06% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -5.86% |
| Capital Spending growth rate, 5 year | 4.98% |
| 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 | |||||||
| 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 (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| 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
Calix Ltd (CXL) 89c
The weakest position in the Emerging Companies Portfolio is environmental technology company, Calix, which is working hard on industrial decarbonisation and sustainability projects to improve the environmental impact of manufacturing essential industrial items like bricks. This was previously a high flyer; however, persistent cash burn has been a problem and continues to be.
Calix (CXL) $1.825
CXL -22.01%: the green industrial technology company fell to 3-year lows today following news a project partner had halted progress on the implementation of Calix’s kiln technology. One of the world’s largest cement companies, Heidelberg, is shutting down its Hanover facility that was also planned as the site of Leilac-2.
Calix (CXL) $2.49
CXL -11.7%: the green industrial technology company announced a licencing agreement with Bill Gates-backed Heirloom today, shares opened higher on the news however balance sheet concerns were only amplified by another deal which could drag the cash balance in the near term.
Calix (CXL) $2.95
CXL +10.07%: the second consecutive day of strong gains for Calix has put a swift halt to the rout of the last ~2 months. The MD & CEO presented to the Bell Potter conference today with the notes from the presentation largely showing no new news, however, it did restore some confidence for the story.
Calix (CXL) $2.88
The green industrial technology company has been struggling over the last few weeks with a largely uninterrupted fall since mid-August. There is no one reason for this ~40% drop – no broker downgrades or company news flow at least, so we have put this down to two reasons:
Calix (CXL) $5.57
CXL +6.1%: 1H numbers from the environmental industrial technology company helped drive shares higher today. Revenue beat, jumping 20%, while gross profit fell marginally to $2.6m.
Calix (CXL) $4.93
This is a stock that could do anything, and the loss of government grants has it down ~11% since we flagged it as a conviction buy. At the cutting edge of carbon reduction technology for industrial applications like cement production, Calix ‘should’ have a huge future, however, we are always cognisant that left-field events can hit companies that...
Calix (CXL) $4.85
CXL -0.82%: the green industrial solutions company hosted their AGM today with shares slightly lower on the day. There was little new news from the company today, more so highlighting progress in their technology across cement & lime, mineral processing, water purification and biotech applications. They recently completed a $60m raise, and upside...
Calix (CXL) $4.24
CXL +0.95%: today announced a relatively small $947,035 grant by the Australian Renewable Energy Agency (ARENA) to help fund a Basis of Design (BOD) and Front-End Engineering and Design (FEED) study for a renewably powered demonstration plant for its Zero Emissions Steel Technology (ZESTY). While that is clearly a mouthful, and the amount...
Action
Updated
05/03/2025
11:09
CXL
Updated 05/03/2025 11:09
MM are selling CXL in the Emerging Companies Portfolio, taking a loss around $0.53
Updated
28/08/2024
17:24
CXL
Updated 28/08/2024 17:24
MM is neutral CXL, awaiting further commercial progress
Updated
30/01/2024
09:03
CXL
Updated 30/01/2024 09:03
MM remains neutral CXL
Updated
31/10/2023
08:28
CXL
Updated 31/10/2023 08:28
MM remains neutral CXL
Updated
12/10/2023
08:42
CXL
Updated 12/10/2023 08:42
MM remains neutral CXL
Updated
27/09/2023
09:29
CXL
Updated 27/09/2023 09:29
MM has turned more neutral on CXL given cash burn
Updated
24/08/2023
17:13
CXL
Updated 24/08/2023 17:13
MM is long and staying patient with CXL
Updated
22/02/2023
09:01
CXL
Updated 22/02/2023 09:01
MM is bullish and long CXL in the Emerging Companies Portfolio
Updated
07/12/2022
10:19
CXL
Updated 07/12/2022 10:19
MM remains bullish CXL <$5.00, although we have no intention of increasing our ~4% weighting
Updated
17/11/2022
09:41
CXL
Updated 17/11/2022 09:41
MM is bullish & long CXL in the Emerging Companies Portfolio
Business Summary
Calix Ltd is an Australian technology company. The company's patented core platform technology delivers efficient indirect heating of minerals to enable the electrification of industries, efficient capture of unavoidable CO2 emissions, andgreen industrial processing solutions. Its core technology platform includes the Calix Flash Calciner (CFC). The group operates in three business segments, namely: Leilac (CO2 mitigation), Sustainable Processing, and Magnesia. It has operations in Australia, New Zealand, Asia, Europe, and the United States of America. The company generates the key share of it's revenue from Magnesia segment.
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