Emerging Companies Portfolio – Amendments
We are selling two holdings in the Emerging Companies Portfolio today
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No consensus estimates are available for this company.
Undervalued
Morningstar Quantitative Rating as of 6 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 0.16 Fair value 0.25 One-star price 0.41
Morningstar Quantitative Rating as of 6 NOV 2026.
Morningstar Quantitative Rating as of 6 NOV 2026. The slider runs from the five-star price (0.16) to the one-star price (0.41).
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4506 |
| Price - closing or last bid | 0.14 |
| Price - 12 month high | 0.49 |
| Price - 12 month low | 0.13 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 4.09 |
| Market capitalization | 248.95 |
| 12 Month High price date | 27 JAN 2026 |
| 12 Month Low price date | 4 NOV 2026 |
| Volume - avg. trading volume for the last 3 months | 4.59 |
| Price - 1 Day % Change | -3.57% |
| Price - 13 week price percent change | -27.03% |
| Price - 26 week price percent change | -48.08% |
| Price - 5 Day % Change | -10.00% |
| Price - 52 week price percent change | -59.09% |
| Price - YTD price percent change | -57.81% |
| Price % Change Month To Date | -20.59% |
| EPS excluding extraordinary items - most recent fiscal year | -0.026 |
| EPS excluding extraordinary items - trailing 12 month | -0.040 |
| EPS Normalized - most recent fiscal year | -0.026 |
| Revenue/share - most recent fiscal year | 0.115 |
| Revenue/share - trailing 12 month | 0.118 |
| Book value per share - most recent fiscal year | 0.388 |
| Book value per share - most recent half-year | 0.136 |
| Book value (tangible) per share - most recent fiscal year | 0.369 |
| Book value (tangible) per share - most recent half-year | 0.118 |
| Cash per share - most recent fiscal year | 0.103 |
| Cash per share - most recent half-year | 0.058 |
| Cash Flow per share - most recent fiscal year | -0.005 |
| Cash Flow per share - trailing 12 month | -0.011 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | -0.021 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.026 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.040 |
| EPS including extraordinary items - most recent fiscal year | -0.026 |
| EPS including extraordinary items - trailing 12 month | -0.040 |
| Free Cash Flow per share - trailing 12 month | -0.019 |
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 0.77 |
| Price to Tangible Book - most fiscal year | 0.79 |
| 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 | 0.68 |
| P/E excluding extraordinary items high, trailing 12 months | — |
| P/E excluding extraordinary items low, trailing 12 months | — |
| Net Debt, LFI | 722.03 |
| Net Debt, LFY | 652.11 |
| Dividend Yield - 5 Year Average | 1.63% |
| 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 | -324.78 |
| LT debt/equity - most recent fiscal year | 121.24% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 126.99% |
| LT debt/equity - most recent half-year | 339.97% |
| Total debt/total equity - most recent half-year | 359.58% |
| Free Cash Flow - trailing 12 month | -323.79 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,920.42 |
| Revenue - trailing 12 month | 1,984.61 |
| EBITD - most recent fiscal year | -158.27 |
| EBITD - trailing 12 month | -353.63 |
| Earnings before taxes - most recent fiscal year | -444.42 |
| Earnings before taxes - trailing 12 month | -673.58 |
| Net Income available to common - most recent fiscal year | -432.06 |
| Net Income available to common - trailing 12 months | -677.67 |
| Earnings before taxes Normalized - most recent fiscal year | -453.23 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -0.03 |
| Net Profit Margin % - 1st historical fiscal year | -22.50% |
| Net Profit Margin % - trailing 12 month | -34.15% |
| Operating margin - 1st historical fiscal year | -19.05% |
| Operating margin - trailing 12 month | -19.26% |
| Pretax margin - trailing 12 month | -33.94% |
| Pretax margin - 1st historical fiscal year | -23.14% |
| Operating Margin - 5 year average | 4.34% |
| Pretax Margin - 5 year average | 3.01% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 1.83% |
| Free Operating Cash Flow/Revenue, TTM | -16.32% |
| Net Profit Margin - 5 year average | 1.88% |
| Return on average assets - most recent fiscal year | -16.79% |
| Return on average assets - trailing 12 month | -26.97% |
| Return on average equity - most recent fiscal year | -49.39% |
| Return on average equity - trailing 12 month | -114.25% |
| Return on average assets - 5 year average | 2.76% |
| Return on average equity - 5 year average | 1.33% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 6.17% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | -68.40% |
| Revenue/share (5 yr growth) | -36.89% |
| Growth rate% - Revenue, 3 year | -18.35% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -7.03% |
| Capital Spending growth rate, 5 year | 15.74% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
No consensus estimates are available for this company.
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 |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
We are selling two holdings in the Emerging Companies Portfolio today
CRN -6.64% disappointed the market today on patchy quarterly results. The business has stumbled operationally and also mentioned a short term dip in steel demand which weighed on metallurgical coal prices during the period.
Coal producer CRN reported earlier this month, although it was largely pre-released, with a couple of takeouts: Earnings before interest tax depreciation and amortisation (EBITDA) of US$135m with a US0.5c dividend. They removed “inorganic growth as part of their capital management plans”, i.e. they’re not planning on making acquisitions.
CRN -0.78%: The Coal producer had pre-released a lot of today’s 1H24 , so not a lot of new news, with earnings before interest tax depreciation and amortisation (EBITDA) of US$135m with a US 0.5/sh dividend – both inline with expectations. Interestingly, they removed what they term inorganic growth as part of their capital management plans, i.e. they’re not planning on making acquisitions, with the focus on balance sheet and delivery of its current growth pipeline.
We are making several changes to the Emerging Companies Portfolio today, repositioning towards stocks we believe offer a better mix of quality and leverage to the themes we remain confident in
CRN disappointed the market in late April primarily due to a lower-than-expected average realised price for its coal. However, CRN is positioned for a better CY24 driven by higher volumes and lower costs at Curragh. Cash is key for CRN, and free cash flow yield is set to lift significantly in CY25.
Coal miner CRN has fallen 32% so far this year as the stock underperforms in a relatively tough space year-to-date. In late April, CRN reported March Quarter production that was broadly in line with expectations but realised prices were weaker
Coal miner CRN tested 7-month highs yesterday following the news on Tuesday that private equity firm Energy and Minerals Group (EMG) sold its 51% stake to Czech-based Sev.en Global Investments, which is looking to expand its Australian footprint towards our “unloved assets”.
CRN -11.55%: the US & Australian coal miner was out with first-half numbers today with a low-quality beat treated harshly by investors. They missed on Revenue ($US1.49b vs $US1.54b expected) and EBITDA ($US352m vs $US372m expected) though NPAT of $US199m was in line with expectations with the uplift coming from a lower tax rate.
We’ve had questions on CRN over recent months but for subscribers that missed our thoughts, we see excellent medium-term value with $2.5bn CRN which is trading on an Est. 4.4x earnings for FY23. Following comments in Q2 MM believes the miner is looking for acquisitions with some of BHP’s coal assets likely to be under consideration.
MM are selling CRN in the Emerging Companies Portfolio, taking a loss around 14.5c
MM remains long and bullish CRN
MM is bullish toward CRN
MM is long & bullish CRN
MM are buying CRN in the Emerging Companies Portfolio, allocating 3% around $1.31
MM is now bullish toward CRN
MM is neutral CRN
MM likes CRN and the coal sector into 2024
MM prefers WHC/NHC to CRN in the coal space
MM is bullish toward CRN around $1.50
Coronado Global Resources Inc is a producer, marketer, and exporter of a full range of metallurgical coals, an essential element in the production of steel. The Company has a portfolio of operating mines and development projects in Queensland, Australia and in the states of Pennsylvania, Virginia and West Virginia in the United States. It has two reportable segments being Australia and USA.
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