Emerging Companies Portfolio – Amendment
MM is taking profit on a Gold holding in the Emerging Companies Portfolio.
Vault Minerals (VAU)
VAU $5.84
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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)
- 5.84
- Change
- ▼ -0.21 (-3.47)
- Bid / Ask
- 5.84 - 5.85
- Volume
- 6,362,169
- Turnover
- 36,420,818
- Open
- 5.95
- Day Range
- 5.76 - 5.95
- VWAP
- 5.85
- Prev Close
- 6.05
- Last Trade
- 06/11 4:13pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Basic Materials
- Shares Issued
- 1,034,565,895
- NTA/Share
- 2.07
- Last Dividend
- 0.07
- Dividend Ex Date
- 10 MAR 2026
- Dividend Pay Date
- 8 APR 2026
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
- 1,926.61
- EBITDA
- 999.76
- Profit
- 278.41
- Earnings Per Share (EPS)
- 0.26
- Dividend Per Share (DPS)
- 0.07
- Yield %
- 1.20
- Market Cap
- 6,041.86
- Price to Earnings Ratio (P/E)
- 22.09
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 2,162.00
- EBITDA
- 1,141.00
- Profit
- 545.00
- Earnings Per Share (EPS)
- 0.48
- 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.
Overvalued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- Very High
Morningstar Quantitative Rating as of 5 NOV 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 2.26 Fair value 3.80 One-star price 6.37
Morningstar Quantitative Rating as of 5 NOV 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
- 3.80
- Price / Fair Value
- 1.59
- Valuation
- Overvalued
- Uncertainty
- Very High
Morningstar Quantitative Rating as of 5 NOV 2026. The slider runs from the five-star price (2.26) to the one-star price (6.37).
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 | 5.84 |
| Price - 12 month high | 7.17 |
| Price - 12 month low | 3.59 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 5.43 |
| Market capitalization | 6,041.86 |
| 12 Month High price date | 26 AUG 2026 |
| 12 Month Low price date | 23 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 5.30 |
| Price - 1 Day % Change | -3.47% |
| Price - 13 week price percent change | 10.19% |
| Price - 26 week price percent change | 25.86% |
| Price - 5 Day % Change | 4.47% |
| Price - 52 week price percent change | 29.28% |
| Price - YTD price percent change | 6.96% |
| Price % Change Month To Date | -2.83% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.264 |
| EPS excluding extraordinary items - trailing 12 month | 0.264 |
| EPS Normalized - most recent fiscal year | 0.270 |
| Revenue/share - most recent fiscal year | 1.827 |
| Revenue/share - trailing 12 month | 1.827 |
| Book value per share - most recent fiscal year | 2.067 |
| Book value per share - most recent half-year | 2.067 |
| Book value (tangible) per share - most recent fiscal year | 2.067 |
| Book value (tangible) per share - most recent half-year | 2.067 |
| Cash per share - most recent fiscal year | 0.798 |
| Cash per share - most recent half-year | 0.798 |
| Cash Flow per share - most recent fiscal year | 0.842 |
| Cash Flow per share - trailing 12 month | 0.842 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.070 |
| EBITD per share - trailing 12 month | 0.948 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.267 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.267 |
| EPS including extraordinary items - most recent fiscal year | 0.267 |
| EPS including extraordinary items - trailing 12 month | 0.267 |
| Free Cash Flow per share - trailing 12 month | 0.496 |
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 | 22.12 |
| P/E Normalized, most recent fiscal year | 21.65 |
| Price to sales - most recent fiscal year | 3.20 |
| Price to Tangible Book - most fiscal year | 2.83 |
| Price to Free Cash Flow per Share - most recent fiscal year | 11.76 |
| Price to Cash Flow per share - trailing 12 month | 6.94 |
| Price to Book - most recent fiscal year | 2.83 |
| P/E excluding extraordinary items high, trailing 12 months | 79.15 |
| P/E excluding extraordinary items low, trailing 12 months | 19.56 |
| Net Debt, LFI | -455.87 |
| Net Debt, LFY | -751.44 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | 1.32% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 1.20% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 523.49 |
| LT debt/equity - most recent fiscal year | 2.27% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 3.48% |
| LT debt/equity - most recent half-year | 2.02% |
| Total debt/total equity - most recent half-year | 3.80% |
| Free Cash Flow - trailing 12 month | 523.49 |
| 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 | 1,926.61 |
| Revenue - trailing 12 month | 1,926.61 |
| EBITD - most recent fiscal year | 999.76 |
| EBITD - trailing 12 month | 999.76 |
| Earnings before taxes - most recent fiscal year | 415.12 |
| Earnings before taxes - trailing 12 month | 415.12 |
| Net Income available to common - most recent fiscal year | 278.41 |
| Net Income available to common - trailing 12 months | 278.41 |
| Earnings before taxes Normalized - most recent fiscal year | 424.22 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.27 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 14.45% |
| Net Profit Margin % - trailing 12 month | 14.45% |
| Operating margin - 1st historical fiscal year | 33.72% |
| Operating margin - trailing 12 month | 33.72% |
| Pretax margin - trailing 12 month | 21.55% |
| Pretax margin - 1st historical fiscal year | 21.55% |
| Operating Margin - 5 year average | 6.85% |
| Pretax Margin - 5 year average | 1.54% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -22.51% |
| Free Operating Cash Flow/Revenue, TTM | 27.17% |
| Net Profit Margin - 5 year average | -0.36% |
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 | 11.18% |
| Return on average assets - trailing 12 month | 11.18% |
| Return on average equity - most recent fiscal year | 13.72% |
| Return on average equity - trailing 12 month | 13.72% |
| Return on average assets - 5 year average | 0.52% |
| Return on average equity - 5 year average | -1.51% |
| 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 | 58.98% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 25.02% |
| Growth rate% - Revenue, 3 year | 65.80% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | 26.02% |
| Capital Spending growth rate, 5 year | 25.46% |
| 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
Vault Minerals Ltd (VAU) 42c
VAU has struggled since May when its FY24 result and forecast AISC of $A2,250-2450, wasn’t good enough, but fortunately gold has surged to new all-time highs. VAU was the markets 3rd best major yesterday, advancing +3.7%, a laggard outperforming on the sector and index level.
Vault Minerals Ltd (VAU) 38.5c
Vault (VAU) is Red5 (RED) renamed, a $2.6bn WA based gold miner that has lagged some of the majors. The stock struggled after last years FY24 result and forecast AISC of $A2,250-2450, n
Vault Minerals (VAU) 39.5c
Vault Minerals (VAU) is Red 5 (RED) reincarnated on the ASX; it’s the same $2.7bn gold producer and explorer based in WA. In August, the company's FY24 results were solid, but the stock has lagged its peers through 2024
Red 5 Ltd (RED) 42c
On Wednesday, RED was the best-performing stock on the main board, gaining 6.4% in a falling market - this $2.8bn gold miner is often at the pointy end of the sector's performance in both directions. RED has enjoyed some upgrades of late, including one by Macquarie with a 55c price target; we like RED’s merger with SLR, as it leaves the business with a strong balance sheet and is expected to bring forward cost savings and improve mining rates.
Silver Lake Resources (SLR) $1.565 & Red 5 (RED) $0.44
Gold company Silver Lake Resources went into a trading half yesterday ahead of the implementation of their merger with fellow WA miner Red 5 (RED) this week. Silver Lake shareholders, which includes Market Matters, will be issued 3.434 RED shares for each SLR share held, currently worth $1.51/sh as at yesterday’s close price. While we think the Silver Lake board left some meat on the bone with this transaction, we view the deal as a positive and are happy shareholders of Red 5 in the Emerging Companies Portfolio for a few reasons, while we remain bullish gold medium term.
Action
Updated
31/08/2026
09:45
VAU
Updated 31/08/2026 09:45
Trade Idea: Buy Vault Minerals (VAU) using a limit of $6.46, with stops at $5.90, around 8% risk.
Updated
01/04/2025
08:54
VAU
Updated 01/04/2025 08:54
MM are selling VAU in the Emerging Companies Portfolio, taking profit around 46c
Updated
19/02/2025
17:31
VAU
Updated 19/02/2025 17:31
MM are trimming VAU in the Emerging Companies Portfolio, targeting a 4% portfolio weight around $0.40
Updated
07/02/2025
10:06
VAU
Updated 07/02/2025 10:06
MM is long and bullish VAU
Updated
23/01/2025
10:13
VAU
Updated 23/01/2025 10:13
MM is long and bullish VAU
Updated
01/11/2024
09:54
VAU
Updated 01/11/2024 09:54
MM is cautiously bullish VAU
Updated
25/07/2024
11:00
VAU
Updated 25/07/2024 11:00
MM is bullish towards RED
Updated
12/06/2024
10:05
VAU
Updated 12/06/2024 10:05
MM is bullish RED
Updated
25/03/2024
08:59
VAU
Updated 25/03/2024 08:59
MM is bullish toward RED medium-term.
Business Summary
Vault Minerals Ltd is engaged in gold production, development, and mineral exploration assets in Australia. The company's operating segment includes King of the Hills, Mount Monger, Deflector, and Sugar Zone. The company generates the majority of its revenue from the King of the Hills project, which produces gold bullion. The Deflector operation produces gold bullion and gold-copper concentrate.
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