Comet Ridge Ltd (AU:COI)
ASX:COI
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Comet Ridge Ltd
(Sydney:COI)
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Rating:50Neutral
Price Target:
AU$0.15
▲(3.57% Upside)
Action:ReiteratedDate:03/06/26
The score is held back primarily by ongoing unprofitability and heavy cash burn, despite improving FY2025 revenue and reduced losses. Technicals are mildly positive with the price above key longer-term moving averages and neutral RSI, but valuation remains challenged due to a negative P/E and no dividend yield data.
Positive Factors
Low leverage / balance sheet resilience
Very low debt and an improving debt-to-equity ratio provide durable financial flexibility for an exploration company. This reduces refinancing and interest risk, supports funding of appraisal programs via equity or modest borrowings, and preserves optionality over the next 2–6 months.
Negative Factors
Persistent negative cash flow
Deep and ongoing free cash flow deficits are a structural risk for an explorer: they necessitate external funding to sustain drilling and appraisal, dilute shareholders or increase leverage, and limit ability to self-fund projects over the coming months without new financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / balance sheet resilience
Very low debt and an improving debt-to-equity ratio provide durable financial flexibility for an exploration company. This reduces refinancing and interest risk, supports funding of appraisal programs via equity or modest borrowings, and preserves optionality over the next 2–6 months.
Read all positive factors
Comet Ridge Ltd (COI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$167.50M
Dividend YieldN/A
Average Volume (3M)337.20K
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue GrowthN/A
EPS Growth70.00%
CountryAU
EmployeesN/A
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,196,438,700
10 Day Avg. Volume505,534
30 Day Avg. Volume337,198
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.40
Price to Sales (P/S)40.29
P/FCF Ratio-5.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.25Price Target Upside78.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)N/A
Comet Ridge Ltd Business Overview & Revenue Model
Company Description
Comet Ridge Limited, together with its subsidiaries, engages in the oil and gas exploration activities in Australia. The company's flagship asset includes Mahalo gas project covering an area of 989 square kilometers located in the Bowen Basin, Que...
How the Company Makes Money
Comet Ridge Ltd generates revenue primarily through the exploration and development of coal seam gas projects. The company earns money by identifying and developing gas resources, which are then either sold directly to energy utilities and industr...
Comet Ridge Ltd Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 2.79M | 0.00 | 0.00 | 0.00 | 20.00K |
| Gross Profit | -281.00K | 2.79M | -198.00K | -124.00K | -71.00K | -79.98K |
| EBITDA | -2.41M | -17.00K | -4.92M | -3.52M | -7.45M | -6.88M |
| Net Income | -3.38M | -2.47M | -7.17M | -6.57M | -8.63M | -6.96M |
Balance Sheet | ||||||
| Total Assets | 125.28M | 125.00M | 120.30M | 111.36M | 109.36M | 76.23M |
| Cash, Cash Equivalents and Short-Term Investments | 7.05M | 13.30M | 16.78M | 11.65M | 8.00M | 3.97M |
| Total Debt | 229.00K | 6.95M | 7.44M | 7.21M | 19.44M | 0.00 |
| Total Liabilities | 47.06M | 44.68M | 47.80M | 47.05M | 61.81M | 25.82M |
| Stockholders Equity | 78.22M | 80.32M | 72.51M | 64.31M | 47.55M | 50.41M |
Cash Flow | ||||||
| Free Cash Flow | -5.94M | -20.43M | -8.94M | -9.20M | -11.69M | -4.36M |
| Operating Cash Flow | -5.92M | -4.12M | -4.22M | -3.80M | -3.36M | -1.98M |
| Investing Cash Flow | -14.83M | -10.61M | -4.63M | -6.54M | -20.33M | 891.00K |
| Financing Cash Flow | 11.18M | 11.25M | 13.97M | 14.62M | 27.72M | -2.00K |
Comet Ridge Ltd Technical Analysis
Positive
0.14
Price Trends
0.14
Positive
0.13
Positive
0.13
Positive
Market Momentum
<0.01
Positive
50.72
Neutral
100.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:COI, the sentiment is Positive. The current price of 0.14 is below the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.14, and above the 200-day MA of 0.13, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 50.72 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:COI.
Comet Ridge Ltd Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$455.72M | 23.18 | 17.50% | 14.63% | -4.57% | -52.65% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
50 Neutral | AU$167.50M | -19.23 | -4.74% | ― | ― | 70.00% | |
50 Neutral | AU$1.48B | -30.28 | -21.66% | ― | ― | ― | |
49 Neutral | AU$178.91M | -21.28 | -0.67% | ― | ― | ― | |
49 Neutral | AU$417.50M | -6.11 | -14.19% | ― | ― | ― | |
48 Neutral | AU$377.94M | -7.29 | -46.22% | ― | 59.48% | -1714.71% |
* Energy Sector Average
AU:COI
Comet Ridge Ltd
0.14
<0.01
3.70%
AU:CVN
Carnarvon Energy Limited
0.10
-0.02
-13.04%
AU:BTL
Empire Energy Group Limited
0.34
0.16
86.11%
AU:HZN
Horizon Oil Limited
0.28
0.10
51.35%
AU:STX
Strike Energy Limited
0.11
-0.06
-36.36%
AU:TBN
Tamboran Resources Limited
0.34
0.17
97.06%
Comet Ridge Ltd Corporate Events
Comet Ridge Issues Half-Year 2025 Financial Statements
Mar 5, 2026
Comet Ridge Ltd has released its consolidated financial statements for the half-year ended 31 December 2025, providing investors with updated information on its financial performance and position. The report package includes the directors’ r...
Comet Ridge to Take Full Control of Mahalo Gas Hub as Key Approvals and FEED Advance
Jan 29, 2026
Comet Ridge has moved to consolidate full control of its flagship Mahalo Gas Hub in Queensland, signing a binding agreement to acquire Santos QNT’s 42.86% stake in the Mahalo Gas Project, which will give it 100% ownership and operatorship ov...
Comet Ridge Clears ASX Hurdle for Full Mahalo Gas Project Acquisition
Dec 30, 2025
Comet Ridge Limited has received confirmation from the ASX that its proposed acquisition of Santos QNT’s 42.86% stake in the Mahalo Gas Project, which will increase Comet Ridge’s ownership of the project to 100%, will not trigger the n...
Comet Ridge Wins Key Federal Environmental Approval for Mahalo North Gas Project
Dec 22, 2025
Comet Ridge has secured key federal environmental approval under the Environment Protection and Biodiversity Conservation Act for its 100%-owned Mahalo North natural gas development in Queensland’s Bowen Basin, complementing an existing Quee...
Santos Limited Divests Non-Core Assets to Focus on Key Projects
Dec 17, 2025
Santos Limited, a prominent player in the energy sector, has announced the divestment of its 42.86% interest in the Mahalo Joint Venture to Comet Ridge Limited for A$40 million upfront and up to A$20 million in contingent payments. This move, alon...
Comet Ridge Acquires Full Ownership of Mahalo Gas Project
Dec 16, 2025
Comet Ridge Limited has announced its acquisition of Santos QNT Pty Ltd’s 42.86% interest in the Mahalo Gas Project, resulting in Comet Ridge holding 100% ownership of the Mahalo Gas Hub. This strategic move allows Comet Ridge to optimize th...
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.