Cokal (CKA) AI Stock Analysis

• Market Cap: AU$83.08M
• Dividend Yield: N/A
• Average Volume (3M): 838.37K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.12
• Revenue Growth: -8.59%
• EPS Growth: 25.90%
• Country: AU
• Employees: 2
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Coal
• EPS (TTM): >-0.01
• Shares Outstanding: 1,078,949,000
• 10 Day Avg. Volume: 722,007
• 30 Day Avg. Volume: 838,365
• PEG Ratio: 0.12
• Price to Book (P/B): -1.39
• Price to Sales (P/S): 6.48
• P/FCF Ratio: -3.91
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.04
• Revenue Forecast (FY): AU$335.53M

• Rating: 48 Neutral
• Price Target: AU$0.08 ▲(102.50% Upside)

The score is primarily held down by weak financial performance (loss-making, negative equity, and negative cash flows). Technicals provide a meaningful offset with strong trend/momentum versus moving averages and positive MACD, while valuation support is limited due to a negative P/E and no dividend yield data.

Positive Factors

Metallurgical coal focus

Cokal's strategic focus on metallurgical coal ties the business to steelmaking supply chains, a structural market with persistent demand. Owning and developing met-coal assets provides long-term commercial relevance if projects reach production and capture contract sales to steel mills.

Development pipeline aimed at production

Management’s stated objective to progress resources toward production indicates tangible project development intent. If executed, advancing resources to production can convert exploration value into cash-generating operations, creating durable revenue streams and unlocking asset value over months to years.

Improving free cash flow growth

Despite negative absolute cash flows, a 16.21% free cash flow growth rate signals operational improvement trends. Sustained FCF growth can lengthen runway, reduce reliance on dilutive financing, and indicate management progress toward cash-generative operations if improvements continue.

Negative Factors

Distressed balance sheet

Negative equity and very high leverage point to solvency vulnerability and limited financial flexibility. This structural weakness raises refinancing and covenant risk, increases cost of capital, and constrains the company's ability to fund development without material recapitalisation or asset disposals.

Negative operating and free cash flows

Persistent negative operating and free cash flows indicate the company is burning cash to sustain activities. Over the medium term this forces reliance on external financing, increases dilution risk or debt burden, and undermines the firm's ability to self-fund project development or respond to shocks.

Unprofitable operations and falling revenue

Negative margins and declining revenue reflect structural operational inefficiency and weak commercial traction. Without margin recovery or revenue stabilization, the company will struggle to reach sustainable profitability, limiting free cash flow potential and impairing long-term viability.

Cokal Business Overview & Revenue Model

Company Description

Cokal Limited (CKA) is an Australian-based mining company focused on the exploration and development of coal projects in Indonesia. The company operates primarily in the coal sector, aiming to produce high-quality metallurgical coal for the global market. Cokal holds significant interests in various coal mining licenses and projects, including the Bumi Barito Mineral project, which is designed to exploit the rich coal deposits found in the region.

How the Company Makes Money

Cokal generates revenue primarily through the sale of coal, particularly metallurgical coal used in steel production. The company monetizes its assets by extracting and selling coal to international markets, leveraging its strategic location in Indonesia, which is a major producer of coal. Key revenue streams include direct sales of coal to buyers, long-term supply contracts, and potential joint ventures with larger mining or trading companies. Additionally, Cokal may benefit from partnerships with local and international stakeholders, enhancing its operational capabilities and market reach, which collectively contribute to its overall earnings.

Cokal Financial Statement Overview

Summary

Financial statements show severe weakness: unprofitable operations with negative margins and declining revenue, a distressed balance sheet with negative equity and high leverage, and negative operating/free cash flow despite some improvement in free cash flow growth.

Income Statement

Cokal's income statement reveals significant challenges, with negative gross and net profit margins indicating unprofitability. The company has experienced declining revenue growth, with a notable drop of 5.53% in the latest year. EBIT and EBITDA margins are also negative, reflecting operational inefficiencies. Overall, the income statement suggests financial instability and a need for strategic improvements.

Balance Sheet

The balance sheet shows a concerning financial structure, with negative stockholders' equity and a high debt-to-equity ratio of -1.99, indicating high leverage. Return on equity is positive but misleading due to negative equity. The equity ratio is also negative, highlighting financial distress. The balance sheet suggests significant financial risk and potential solvency issues.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, indicating liquidity challenges. However, there is a positive free cash flow growth rate of 16.21%, suggesting some improvement. The operating cash flow to net income ratio is negative, reflecting cash flow inefficiencies. Overall, cash flow management remains a critical area for improvement.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.46M	5.16M	5.61M	24.58K	39.61K	4.53K
Gross Profit	-2.95M	-3.17M	908.00K	-616.59K	-220.58K	-213.01K
EBITDA	-5.77M	-8.73M	-8.96M	-13.13M	-9.52M	-3.32M
Net Income	-14.56M	-11.24M	-14.73M	-13.78M	-9.83M	-3.62M
Balance Sheet
Total Assets	44.97M	73.96M	67.42M	64.78M	44.24M	35.17M
Cash, Cash Equivalents and Short-Term Investments	481.81K	2.59M	2.27M	2.23M	724.29K	414.46K
Total Debt	25.50M	47.91M	38.23M	30.83M	23.47M	5.28M
Total Liabilities	53.44M	97.99M	80.12M	62.74M	44.28M	26.50M
Stockholders Equity	-8.47M	-24.03M	-12.70M	2.04M	-40.85K	8.67M
Cash Flow
Free Cash Flow	-7.37M	-8.56M	-7.42M	-19.87M	-17.15M	-2.90M
Operating Cash Flow	-1.44M	-2.55M	-1.44M	-8.60M	-11.63M	-2.36M
Investing Cash Flow	-7.43M	-6.01M	-7.33M	-11.27M	-5.52M	-545.00K
Financing Cash Flow	7.57M	8.79M	7.47M	21.34M	17.41M	2.08M

Cokal Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.04
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CKA, the sentiment is Positive. The current price of 0.04 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.06, and below the 200-day MA of 0.04, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 56.62 is Neutral, neither overbought nor oversold. The STOCH value of 35.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CKA.

Cokal Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CKA	48 Neutral	AU$83.08M	-7.38	―	―	-8.59%	25.90%
JAL	46 Neutral	AU$53.98M	-45.63	-2.71%	―	―	40.74%
BCB	38 Underperform	AU$8.08M	-0.07	―	―	-4.19%	84.70%
NCR	38 Underperform	AU$768.61K	-33.33	―	―	―	57.14%
AQC	16 Underperform	AU$4.55M	-0.10	―	―	―	-487.06%

Cokal Corporate Events

Cokal Limited Addresses ASX Inquiry Amidst Strategic Developments

Cokal Limited has responded to an ASX inquiry regarding a significant increase in the price and volume of its securities, stating that there is no undisclosed information that could explain the trading activity. The company highlighted recent operational announcements, including a strategic partnership with PT Petrindo Jaya Kreasi Tbk for infrastructure development, a market update on coal prices, the appointment of a new mining contractor, and a recent coal shipment at improved pricing. These developments are aimed at supporting Cokal’s growth objectives and enhancing its operational capabilities.

The most recent analyst rating on (AU:CKA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Cokal stock, see the AU:CKA Stock Forecast page.

Cokal Secures Higher Pricing in Latest Coal Shipment to Krakatau Posco

Cokal Limited has completed a 7,000 MT coal shipment to Krakatau Posco, benefiting from improved market conditions that allowed for higher pricing compared to previous deliveries. This shipment, facilitated by M Resources, reflects market recovery and increased acceptance of Cokal’s BBM coal. The company is in discussions for an additional delivery in December, aiming to maintain sales momentum and capitalize on favorable market trends into 2026.

The most recent analyst rating on (AU:CKA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Cokal stock, see the AU:CKA Stock Forecast page.

Cokal Limited Successfully Passes All AGM Resolutions

Cokal Limited announced that all resolutions proposed at its Annual General Meeting were passed by the required majority, as confirmed by a poll. This outcome supports the company’s strategic objectives and governance, reinforcing its position in the metallurgical coal industry and potentially impacting its stakeholders positively.

Cokal Limited Advances BBM Project with Updated Resource and Operational Metrics

Cokal Limited has announced updates regarding its Bumi Barito Mineral (BBM) Project, highlighting the completion of technical studies and agreements that support the project’s operational metrics. The company has reported a total of 23.01 million tonnes in declared Ore Reserves, with a forecasted life-of-mine production of 18.7 million tonnes. These developments are expected to reduce operating and capital costs, thereby enhancing Cokal’s market positioning and operational efficiency in the coal industry.

Cokal Initiates Contractor-Led Mining Operations at BBM Project

Cokal Limited has announced the commencement of contractor-led mining operations at its BBM Project in Central Kalimantan, Indonesia, with PT Harapan Mitra Lestari initiating the first overburden cut in Pit 3. This marks a significant step in Cokal’s strategy for progressive production growth, as two mining fleets are now operational, with two more set to start by early December 2025, reflecting a phased ramp-up plan designed to enhance efficiency and meet improving market conditions.

Cokal Limited Advances BBM Project with Contractor Mobilization

Cokal Limited has announced the mobilization of PT Harapan Mitra Lestari as the mining contractor for its BBM Project, marking a significant step towards full-scale operations. The deployment of equipment and personnel to the site is a crucial milestone in the company’s strategy to increase production in response to improving market conditions for metallurgical coal.

Cokal Limited Resumes Domestic Coal Sales Amid Market Recovery

Cokal Limited has resumed coal sales to domestic end users, marking a significant step in strengthening its operational foundation amid a recovering metallurgical coal market. The company has advanced several key initiatives, including appointing PT Petrosea Tbk for road development and progressing infrastructure projects, positioning itself for a strong operational ramp-up in the coming quarters.