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BSA Limited
(Sydney:BSA)
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Rating:59Neutral
Price Target:
AU$0.32
▼(-0.31% Downside)
Action:Reiterated
Date:07/23/26
The score is driven mainly by improving operations and strong cash flow generation, but is held back by very thin profitability and balance-sheet stability concerns tied to low equity. Technicals are only mildly supportive with subdued near-term momentum, while valuation appears reasonable based on the P/E.
Positive Factors
Very strong free cash flow growth
A 676.77% increase in free cash flow and near-1 free cash flow-to-net-income ratio indicate durable cash generation. Strong cash conversion supports capex, working capital needs, and reduces reliance on external financing, improving resilience across cyclical construction cycles.
Negative Factors
Very thin net and compressed gross margins
A steep drop in gross margin to 15.25% and a net margin near 1.3% indicate persistent cost pressures and limited pricing power. Thin margins reduce buffers against project overruns and commodity inflation, constraining reinvestment and long-term profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong free cash flow growth
A 676.77% increase in free cash flow and near-1 free cash flow-to-net-income ratio indicate durable cash generation. Strong cash conversion supports capex, working capital needs, and reduces reliance on external financing, improving resilience across cyclical construction cycles.
Read all positive factors
BSA Limited (BSA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$21.08M
Dividend YieldN/A
Average Volume (3M)192.24K
Price to Earnings (P/E)9.9
Beta (1Y)2.55
Revenue Growth-42.83%
EPS Growth-87.23%
CountryAU
Employees234
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.03
Shares Outstanding75,300,260
10 Day Avg. Volume179,227
30 Day Avg. Volume192,244
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.83
Price to Sales (P/S)0.02
P/FCF Ratio0.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BSA Limited Business Overview & Revenue Model
Company Description
BSA Limited, together with its subsidiaries, provides communications and utilities infrastructure, and property solutions in Australia. It engages in the design, building, installation, operation, and maintenance of communications networks; delive...
How the Company Makes Money
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BSA Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
50
Neutral
Cash Flow
70
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 161.44M | 286.98M | 255.46M | 239.67M | 244.10M | 418.35M |
| Gross Profit | 29.34M | 43.77M | 69.34M | 23.55M | 5.80M | 18.90M |
| EBITDA | 24.40M | 30.95M | 22.21M | 16.25M | -38.98M | 12.75M |
| Net Income | 2.20M | 3.73M | 10.63M | -2.96M | -42.24M | 9.00K |
Balance Sheet | ||||||
| Total Assets | 26.81M | 46.60M | 59.28M | 62.52M | 127.63M | 125.20M |
| Cash, Cash Equivalents and Short-Term Investments | 18.82M | 23.97M | 1.57M | 1.96M | 13.44M | 12.82M |
| Total Debt | 998.00K | 1.57M | 10.78M | 9.94M | 22.30M | 9.22M |
| Total Liabilities | 13.40M | 39.65M | 57.67M | 72.12M | 134.72M | 101.09M |
| Stockholders Equity | 13.41M | 6.95M | 1.60M | -9.61M | -7.09M | 24.11M |
Cash Flow | ||||||
| Free Cash Flow | 17.75M | 30.43M | -1.60M | -20.02M | -16.06M | -11.32M |
| Operating Cash Flow | 17.75M | 30.48M | -1.05M | -17.93M | -13.77M | -7.58M |
| Investing Cash Flow | -354.00K | -404.00K | -1.46M | 17.72M | -2.32M | -2.34M |
| Financing Cash Flow | -787.00K | -7.67M | 2.12M | -11.27M | 16.71M | -15.00M |
BSA Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$212.59M | 11.65 | 11.28% | 10.12% | -0.15% | 307.55% | |
69 Neutral | AU$325.09M | 20.14 | 9.11% | 5.59% | 25.68% | -11.47% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | AU$139.68M | -18.23 | -12.62% | 2.78% | -2.60% | -168.93% | |
59 Neutral | AU$21.08M | 9.89 | 21.63% | ― | -42.83% | -87.23% | |
58 Neutral | AU$55.11M | 10.53 | 17.89% | 1.02% | 3.21% | 82.98% | |
43 Neutral | AU$7.47M | -4.87 | -5.43% | ― | -25.24% | -46.91% |
* Industrials Sector Average
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BSA Limited Corporate Events
BSA Director David Geraghty Increases Indirect Shareholding via On-Market Purchase
Jul 26, 2026
BSA Limited has reported a change in director-related interests, detailing the indirect holdings of director David Geraghty through Roologic Pty Ltd and Mandarin Rock Pty Ltd. The filing outlines his existing stake in fully paid ordinary shares, a...
BSA Director David Geraghty Lifts Stake with $896,000 Share Purchase
Jul 22, 2026
BSA Limited has disclosed a change in director interests for David Geraghty, with an increase in his indirect shareholding through Roologic Pty Ltd, a company controlled by his spouse. The transaction involves the acquisition of 2,800,000 fully pa...
BSA Director David Geraghty Increases Indirect Shareholding via On‑Market Trades
Jul 12, 2026
BSA Limited has disclosed a change in the indirect securities holding of director David Geraghty, in line with ASX rules on director interest notifications. The update details his interests held through entities controlled by him and his spouse, r...
BSA Director Geraghty Increases Indirect Shareholding Via On-Market Trade
Jul 9, 2026
BSA Limited has disclosed a change in director David Geraghty’s indirect interest in the company’s fully paid ordinary shares, in line with ASX listing rules. The update details his holdings through entities associated with him and his...
BSA Limited Director Nicholas Yates Resigns, Stays On as Consultant
Jun 19, 2026
BSA Limited has announced that Non-Executive Director Nicholas Yates has resigned from the board, effective 19 June 2026, with the company expressing its gratitude for his contribution and confirming that his departure is not due to any disagreeme...
BSA Limited Cancels 369,670 Performance Rights in Capital Management Move
Jun 17, 2026
BSA Limited has announced the cessation of 369,670 performance rights (ASX code BSAAF), which were cancelled by mutual agreement between the company and the holder on 17 June 2026. The move slightly reduces the company’s issued capital base ...
BSA Grants $2m Loan Facility to Chair-Linked Entity for Share Purchases
Jun 8, 2026
BSA Limited has entered into a loan agreement of up to A$2 million with Mandarin Rock Pty Ltd, an entity associated with Non-Executive Chair David Geraghty, to finance the acquisition of BSA shares on-market or via off-market transfers. The unsecu...
BSA director Daniel Raihani granted new options and performance rights
May 5, 2026
BSA Limited has disclosed a change in the indirect interests of director Daniel Raihani, held through 7 Enterprises Pty Ltd, in accordance with ASX listing rule 3.19A.2. The notice records that Raihani’s entity already held 14,921,000 fully ...
BSA Director Piers Lewis Granted Additional Options and Performance Rights
May 5, 2026
BSA Limited has disclosed a change in director Piers Lewis’s interests, with his indirect holding through Cranley Consulting Pty Ltd increasing via the issue of new unlisted options and performance rights. The additional 3,750,000 unlisted o...
BSA Issues 11.7 Million Unquoted Performance Rights Under Employee Incentive Scheme
May 1, 2026
BSA Limited has notified the market that it will issue 11,725,000 unquoted performance rights under its employee incentive scheme, effective 1 May 2026. The move underscores the company’s continued use of equity-based remuneration to align e...
BSA Limited Issues 12.5 Million Unquoted Options Under Employee Incentive Scheme
May 1, 2026
BSA Limited has notified the market of the issuance of a total of 12.5 million unquoted options under an employee incentive scheme, divided into three new unlisted option classes to be issued on May 1, 2026. The move signals the company’s on...
BSA Limited posts break-even quarter as revenue plunges but cash remains solid
Apr 30, 2026
BSA Limited reported that its performance for the March quarter was broadly break-even, marking a transitional period as it repositions for future growth after losing key contracts. Revenue for the year to date fell 88% to $26.7 million and EBITDA...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.