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Undervalued
Morningstar Quantitative Rating as of 30 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 5.68 Fair value 8.19 One-star price 11.82
Morningstar Quantitative Rating as of 30 OCT 2026.
Morningstar Quantitative Rating as of 30 OCT 2026. The slider runs from the five-star price (5.68) to the one-star price (11.82).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 7.12 |
| Price - 12 month high | 10.13 |
| Price - 12 month low | 5.18 |
| Pricing date | 29 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 0.41 |
| Market capitalization | 831.14 |
| 12 Month High price date | 27 FEB 2026 |
| 12 Month Low price date | 21 JUL 2026 |
| Volume - avg. trading volume for the last 3 months | 0.34 |
| Price - 1 Day % Change | -2.47% |
| Price - 13 week price percent change | 23.83% |
| Price - 26 week price percent change | -2.73% |
| Price - 5 Day % Change | -2.20% |
| Price - 52 week price percent change | -13.06% |
| Price - YTD price percent change | -3.39% |
| Price % Change Month To Date | 8.21% |
| EPS excluding extraordinary items - most recent fiscal year | 0.015 |
| EPS excluding extraordinary items - trailing 12 month | 0.015 |
| EPS Normalized - most recent fiscal year | 0.021 |
| Revenue/share - most recent fiscal year | 0.748 |
| Revenue/share - trailing 12 month | 0.748 |
| Book value per share - most recent fiscal year | 1.697 |
| Book value per share - most recent half-year | 1.697 |
| Book value (tangible) per share - most recent fiscal year | 1.628 |
| Book value (tangible) per share - most recent half-year | 1.628 |
| Cash per share - most recent fiscal year | 0.222 |
| Cash per share - most recent half-year | 0.222 |
| Cash Flow per share - most recent fiscal year | 0.115 |
| Cash Flow per share - trailing 12 month | 0.115 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 0.230 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.015 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.015 |
| EPS including extraordinary items - most recent fiscal year | 0.015 |
| EPS including extraordinary items - trailing 12 month | 0.015 |
| Free Cash Flow per share - trailing 12 month | -0.233 |
| P/E excluding extraordinary items, most recent fiscal year | 468.42 |
| P/E Normalized, most recent fiscal year | 345.88 |
| Price to sales - most recent fiscal year | 9.52 |
| Price to Tangible Book - most fiscal year | 4.37 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | 61.89 |
| Price to Book - most recent fiscal year | 4.20 |
| P/E excluding extraordinary items high, trailing 12 months | 511.84 |
| P/E excluding extraordinary items low, trailing 12 months | 416.45 |
| Net Debt, LFI | 31.24 |
| Net Debt, LFY | 40.36 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | -27.46 |
| LT debt/equity - most recent fiscal year | 33.09% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 33.51% |
| LT debt/equity - most recent half-year | 22.83% |
| Total debt/total equity - most recent half-year | 26.62% |
| Free Cash Flow - trailing 12 month | -27.46 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 88.11 |
| Revenue - trailing 12 month | 88.11 |
| EBITD - most recent fiscal year | 27.06 |
| EBITD - trailing 12 month | 27.06 |
| Earnings before taxes - most recent fiscal year | -1.80 |
| Earnings before taxes - trailing 12 month | -1.80 |
| Net Income available to common - most recent fiscal year | 1.79 |
| Net Income available to common - trailing 12 months | 1.79 |
| Earnings before taxes Normalized - most recent fiscal year | -0.89 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.02 |
| Net Profit Margin % - 1st historical fiscal year | 2.03% |
| Net Profit Margin % - trailing 12 month | 2.03% |
| Operating margin - 1st historical fiscal year | 6.46% |
| Operating margin - trailing 12 month | 6.46% |
| Pretax margin - trailing 12 month | -2.04% |
| Pretax margin - 1st historical fiscal year | -2.04% |
| Operating Margin - 5 year average | -504.35% |
| Pretax Margin - 5 year average | -93.55% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -980.58% |
| Free Operating Cash Flow/Revenue, TTM | -31.17% |
| Net Profit Margin - 5 year average | -139.99% |
| Return on average assets - most recent fiscal year | 0.63% |
| Return on average assets - trailing 12 month | 0.63% |
| Return on average equity - most recent fiscal year | 0.90% |
| Return on average equity - trailing 12 month | 0.90% |
| Return on average assets - 5 year average | -1.09% |
| Return on average equity - 5 year average | -1.30% |
| 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 | 48.66% |
| Growth rate% - EPS, 3 year | 53.53% |
| Book value per share growth rate, 5 year | — |
| 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 (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 |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Chrysos delivered an FY26 result that was broadly in line with expectations, but importantly, it avoided the deterioration in machine uptake that the market had become increasingly nervous about. Management was upbeat on the conference call, and the stock continued to trade well through the session, finishing ~17% higher, albeit off a low base.
C79 -4.49%: Provided a trading update today where guidance was mildly below current consensus, sending shares lower.
As discussed in the AM note this morning (here), the risk/reward has improved for Chrysos Corp (C79), and we are using recent weakness to establish a position.
While we have not pulled the trigger & bought C79 (yet), we continue to think it is one of the more compelling industrial technology names on the ASX, combining genuine IP, a recurring revenue model and direct leverage to activity levels across the gold industry. The company’s PhotonAssay technology is clearly solving a real problem for miners and labs. Faster turnaround, improved accuracy and a safer alternative to traditional fire assay, and the commercial traction now shows this is well beyond the “promising concept” phase.
Gold miners are currently generating exceptional margins, driven by elevated gold prices and good capital discipline. With balance sheets in good shape, capital is increasingly being redeployed into mine life extensions, infill drilling and the development of assets that were previously marginal or uneconomic. This shift is supportive for service providers leveraged to development intensity rather than production volumes, including Chrysos.
C79 reported preliminary results yesterday (i.e. unaudited) that were very strong and point to accelerating momentum in the business. As a refresher, C79 has proprietary technology called PhotonAssay™, developed originally by the CSIRO, which Chrysos now exclusively commercialises.
We are making several changes to the Emerging Companies Portfolio Today
The August FY24 result from Gold testing company Chrysos was solid and slightly beat market expectations, sending the stock higher. As they continue to roll out new testing units, this will drive earnings growth over time. However, the level of growth will be heavily influenced by the deployment schedule, and there are risks to this, particularly in FY25 before FY26 should be a more robust period for them.
C79 +5.13%: Reported FY24 results on the 27th August that were a slight beat to expectations and the revised guidance they had recently issued.
C79 -9.11% was weak today, although recovered some of the early (sharp) declines after the pace of deployment of new units slowed. Revenue guidance for FY25 of between $60-70m was ~9% below expectations and implies a lower number of units being deployed. While there was some reason for optimism, with 2 new contracted units post quarter with new customers, the overall run-rates have dropped.
MM remains long & bullish C79
MM remains long & bullish C79
MM is buying C79 in the Emerging Companies Portfolio, allocating 4% around ~$7.50
MM is bullish C79 ~$7.50
MM is bullish C79 ~$7.60, and likely buyers
MM is now bullish C79
MM are selling C79 in the Emerging Companies Portfolio, taking a loss around $5.52
MM is likely to sell C79 from the Emerging Companies Portfolio
MM remains bullish & long C79 in the Emerging Companies Portfolio
MM has turned neutral C79 post todays update
Chrysos Corp Ltd is an Australian-based provider of novel assay services to the international mining industry through its proprietary PhotonAssay technology. The company's flagship product, PhotonAssay, delivers accurate and environmentally friendly analysis of gold, silver, and complementary elements. The Group has three reportable segments, namely, EMEA, APAC, and the Americas, where the majority of revenue is generated from Australia. The Group generates revenue mainly from the deployment of PhotonAssay units with its customers.
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