Cokal (CKA) AI Stock Analysis

• Market Cap: AU$69.05M
• Dividend Yield: N/A
• Average Volume (3M): 838.37K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.13
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: AU$0.06 ▲(47.50% Upside)
• Action: Upgraded Date: 03/10/26
• Date: Action: Upgraded 03/10/26

The score is driven down primarily by poor financial performance (unprofitability, negative cash flows, and negative equity/leverage concerns). Technicals are also weak with bearish momentum and price below key moving averages. Valuation is not supportive because the negative P/E reflects losses and no dividend data offsets the risk.

Positive Factors

Metallurgical coal focus

Cokal's product focus on metallurgical coal targets structural demand from steelmaking and related industries. Being asset-focused in Indonesia provides geographic access to major Asian steel markets and supports a long-term route-to-market if resources are progressed toward production.

Free cash flow improvement

A 16.21% improvement in free cash flow growth signals improving cash conversion trends even from a negative base. If sustained, this reduces liquidity pressure, supports project funding choices, and improves the company's ability to invest in development without immediate heavy external financing.

Earnings growth trend

Reported EPS growth of ~60% indicates meaningful improvement in earnings metrics versus prior periods. While starting from a low base, persistent EPS recovery suggests operational leverage or cost actions that, if maintained, can materially strengthen profitability and cash generation over the medium term.

Negative Factors

Negative equity and high leverage

Negative shareholders' equity and a debt-to-equity of -1.99 reflect a distressed capital structure. This materially constrains financing options, increases insolvency risk, and can impede the company's ability to fund project development or refinance debt without dilution or onerous terms over the next several months.

Negative operating and free cash flows

Persistent negative operating and free cash flows limit the company's internal funding for exploration and development, increasing reliance on external capital. This raises execution risk for advancing assets, and heightens probability of dilution or costly debt if cash flow deficits continue.

Unprofitable operations and revenue decline

Negative gross and net margins alongside a 5.53% revenue decline show structural operational weakness. Without margin recovery or stable revenue growth, profitability and free cash flow will remain under pressure, threatening the firm's ability to progress projects and reach sustainable production.

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

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Cokal Financial Statement Overview

Summary

Financials are very weak: negative gross/net margins and negative EBIT/EBITDA indicate ongoing unprofitability, revenue declined 5.53% in the latest year, operating and free cash flow are negative, and the balance sheet shows negative equity and high leverage/solvency risk.

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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	5.40M	5.16M	5.61M	24.58K	39.61K	4.53K
Gross Profit	-2.06M	-3.17M	908.00K	-616.59K	-220.58K	-213.01K
EBITDA	-3.53M	-8.73M	-8.96M	-13.13M	-9.52M	-3.32M
Net Income	-6.32M	-11.24M	-14.73M	-13.78M	-9.83M	-3.62M
Balance Sheet
Total Assets	75.58M	73.96M	67.42M	64.78M	44.24M	35.17M
Cash, Cash Equivalents and Short-Term Investments	2.41M	2.59M	2.27M	2.23M	724.29K	414.46K
Total Debt	53.75M	47.91M	38.23M	30.83M	23.47M	5.28M
Total Liabilities	103.65M	97.99M	80.12M	62.74M	44.28M	26.50M
Stockholders Equity	-28.07M	-24.03M	-12.70M	2.04M	-40.85K	8.67M
Cash Flow
Free Cash Flow	-13.03M	-8.56M	-7.42M	-19.87M	-17.15M	-2.90M
Operating Cash Flow	-9.85M	-2.55M	-1.44M	-8.60M	-11.63M	-2.36M
Investing Cash Flow	-3.18M	-6.01M	-7.33M	-11.27M	-5.52M	-545.00K
Financing Cash Flow	13.50M	8.79M	7.47M	21.34M	17.41M	2.08M

Cokal Technical Analysis

• Technical Analysis Sentiment: Positive
• 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 Positive. The current price of 0.04 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.07, and below the 200-day MA of 0.05, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.22 is Neutral, neither overbought nor oversold. The STOCH value of 48.15 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%
JAL	46 Neutral	AU$51.76M	-22.48	-2.51%	―	―	40.74%
CKA	41 Neutral	AU$69.05M	-3.33	24.31%	―	-8.59%	25.90%
BCB	38 Underperform	AU$8.08M	-0.07	-425.94%	―	-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 flags Q1 production shortfall as it navigates Indonesian regulatory delays

Cokal reported ongoing coal mining and hauling at its Indonesian metallurgical coal operations, but said equipment availability issues in February will leave first-quarter production below plan, with corrective measures underway and a ramp-up targeted in the second quarter. The company is also close to securing a blasting permit, which is expected to boost productivity and stripping efficiency once blasting begins in mid-April.

Hauling continues at a moderate pace due to road conditions, with maintenance works in progress to improve access and efficiency. Cokal completed a coal shipment to a domestic smelter on 16 March and is negotiating another for late March, but warned that sector-wide delays in RKAB approvals may affect near-term sales volumes and timing, even as it remains confident in strong domestic demand and supportive regulation over the longer term.

The most recent analyst rating on (AU:CKA) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Cokal stock, see the AU:CKA Stock Forecast page.

Cokal Highlights Sustainable Focus in 2025 Half-Year Update

Cokal Limited has released its 2025 half-year report, reiterating its strategic focus on producing high-quality metallurgical coal. The update underscores the company’s commitment to sustainable mining practices and responsible stakeholder engagement, signaling an ongoing effort to balance operational growth with environmental and social responsibilities.

The most recent analyst rating on (AU:CKA) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Cokal stock, see the AU:CKA Stock Forecast page.

Cokal Advances Key Haul Road Infrastructure at Indonesian BBM Coal Project

Cokal Limited has engaged Indonesian contractor PT Petrosea Tbk to build key infrastructure at its Bumi Barito Mineral project in Central Kalimantan, including Segment B of the main haul road and associated logistics facilities. The works, encompassing 1.7 kilometres of haul road, drainage, slope stabilisation and camp construction, aim to create a reliable heavy-haul corridor that supports equipment, personnel and eventual coal transport as the project moves toward operational ramp-up.

By progressing these infrastructure works, Cokal is taking a critical step toward operational readiness at BBM and strengthening the project’s logistical backbone. The development is expected to enhance access to the mine, de-risk coal hauling and support future production scaling, underscoring the company’s ongoing transition from project development toward active operations.

The most recent analyst rating on (AU:CKA) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Cokal stock, see the AU:CKA Stock Forecast page.

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.