Cokal (CKA) AI Stock Analysis

• Market Cap: AU$74.45M
• Dividend Yield: N/A
• Average Volume (3M): 838.37K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.41
• 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: 39 Underperform
• Price Target: AU$0.07 ▲(70.00% Upside)
• Action: Downgraded Date: 02/07/26
• Date: Action: Downgraded 02/07/26

The score is driven primarily by weak financial performance—ongoing unprofitability, negative cash flows, and a balance sheet with negative equity and elevated solvency risk. Technical indicators add caution with the stock trading below its short-term average and sub-50 RSI, while valuation is constrained by losses (negative P/E) and no dividend support.

Positive Factors

Metallurgical coal focus

Cokal's focus on metallurgical (coking) coal ties its asset base to steelmaking demand, a structural industrial market. Holding assets in Indonesia provides geographic proximity to Asian steel consumers and long‑term optionality to progress resources toward production and offtake opportunities.

Improving free cash flow trend

A 16.21% improvement in free cash flow growth, while starting from negative levels, shows progress in cash generation efficiency. Sustained improvement can reduce reliance on external funding and extend project development runway, important for a developer over the next several months.

Lean corporate overhead

Very low headcount keeps G&A and fixed operating costs minimal, preserving capital for exploration and project development. For a resource developer, a lean corporate structure can prolong runway and allow more capital to be directed to asset advancement versus internal costs.

Negative Factors

Negative equity and high leverage

Negative shareholders' equity and a debt/equity ratio of -1.99 indicate material solvency strain. This structural balance‑sheet weakness constrains access to capital, increases refinancing risk, and elevates dilution or asset‑sale likelihood, hampering project financing over months.

Persistent negative cash flows

Ongoing negative operating and free cash flows create structural funding pressure for a development company. Without consistent positive cash generation or committed financing, project schedules and permitting may be delayed and the company may need dilutive or costly external funding.

Unprofitable operations and declining revenue

Negative gross and net margins alongside a revenue decline signal weak operational economics and potential market or execution issues. Sustained unprofitability undermines margin recovery and makes it harder to self‑fund development, increasing strategic risk over the next 2–6 months.

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

Financials indicate material weakness: unprofitable operations (negative gross/net and EBIT/EBITDA margins), declining revenue (-5.53% latest year), negative operating and free cash flow, and a stressed balance sheet with negative equity and high leverage/solvency risk. Modest positive free cash flow growth (+16.21%) is a limited offset versus overall negative cash generation.

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

Cokal Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.04
• 50DMA: Negative
• 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 Neutral. The current price of 0.04 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.07, and below the 200-day MA of 0.04, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.10 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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%
JAL	46 Neutral	AU$51.76M	-43.75	-2.71%	―	―	40.74%
CKA	39 Underperform	AU$74.45M	-6.70	―	―	-8.59%	25.90%
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 Ramps Up BBM Operations as Coking Coal Markets Firm

Cokal reported that the December 2025 quarter marked a transition phase at its BBM project, with the commencement of contractor-led mining at Pit 3, the resumption of coal sales, and the completion of a 7,500-tonne shipment to PT Krakatau Posco at improved prices amid firmer coking coal markets. The company also completed trial shipments to Indonesian steel and coking customers, confirmed a 2026 production target of about 420,000 tonnes with scope to lift output, and advanced key infrastructure and haul-road upgrades, moves that position it to ramp up production in 2026 as tightening seaborne coking coal supply, particularly from weather-affected Australia, underpins pricing and supports Cokal’s efforts to strengthen its operational footing and market presence.

The most recent analyst rating on (AU:CKA) stock is a Sell with a A$0.08 price target. To see the full list of analyst forecasts on Cokal stock, see the AU:CKA Stock Forecast page.

Cokal Secures Magazine Approval as BBM Mine Nears First Blasting Operations

Cokal Limited has completed construction of its Magazine Warehouse at the BBM mine and secured regulatory approval from Indonesia’s Dirjen Minerba, marking a key step in establishing the site’s explosives and blasting infrastructure. Additional permits for P2, P3 and a mixing plant are expected by mid-February, while workers’ camp and office facilities for drill-and-blast contractor Sun Mining Services are on track for completion by the end of January 2026.

Sun Mining Services is mobilising its operational team from Brisbane and coordinating with BBM mining contractor PT Harapan Mitra Lestari to finalise responsibilities, reporting and performance metrics ahead of first blast activities. Drill-and-blast equipment and initial Wala chemical supplies sufficient for around three months have been imported and secured, with Ammonium Nitrate procurement to be managed by Sun Mining Services, positioning the BBM operation to commence blasting by the end of February 2026 and enhance mining efficiency in high strip-ratio areas.

The most recent analyst rating on (AU:CKA) stock is a Sell with a A$0.08 price target. To see the full list of analyst forecasts on Cokal stock, see the AU:CKA Stock Forecast page.

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.