Comet Ridge Ltd (COI) AI Stock Analysis

• Market Cap: AU$173.48M
• Dividend Yield: N/A
• Average Volume (3M): 850.81K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.37
• Revenue Growth: N/A
• EPS Growth: 72.09%
• Country: AU
• Employees: N/A
• Sector: Utilities
• Sector Strength: 77
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): >-0.01
• Shares Outstanding: 1,196,438,700
• 10 Day Avg. Volume: 774,414
• 30 Day Avg. Volume: 850,808
• PEG Ratio: N/A
• Price to Book (P/B): 1.74
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -24.74K
• 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: AU$0.24
• Price Target Upside: 71.43% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 47 Neutral
• Price Target: ―

The overall score of 47 reflects significant financial challenges faced by Comet Ridge Ltd, primarily due to its lack of revenue and profitability. The technical analysis indicates a neutral to slightly positive market sentiment, but the valuation remains unattractive due to negative earnings and the absence of dividends. The stock's financial performance is the most critical factor, weighing heavily on the overall score.

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, Queensland. It holds 100% interests in the ATP 743, ATP 744, and ATP 1015 projects located in the Galilee Basin, Queensland; and Mahalo North, Mahalo East, and Mahalo Far East projects located in the Southern Bowen Basin, Queensland. The company also holds 29.6% interest in the PEL 6 and 59.09% interest in PEL 427 projects covering an area of 900 square kilometers located in the Gunnedah Basin, New South Wales. Comet Ridge Limited was incorporated in 2003 and is based in Brisbane, Australia.

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 industrial users or through joint ventures and partnerships with other energy companies. Revenue streams are also generated from selling interests in its exploration projects or through production sharing agreements. Significant partnerships with other energy sector players can enhance project development and provide additional revenue opportunities through shared investment and technology transfer.

Comet Ridge Ltd Financial Statement Overview

Summary

Comet Ridge Ltd faces significant financial challenges, primarily due to its inability to generate revenue and achieve profitability. While the balance sheet structure is relatively sound with low debt levels, the persistent negative income and cash flow figures are concerning. The company must focus on improving its revenue generation and operational efficiency to enhance its financial health.

Income Statement

Comet Ridge Ltd has consistently reported zero revenue over the past several years, indicating a lack of operational income generation. The gross profit has been negative, reflecting costs exceeding any revenue achieved. The net profit margin remains negative due to persistent net losses, which is a significant concern for profitability. EBIT and EBITDA margins are also negative, highlighting operational inefficiencies.

Balance Sheet

The company holds a relatively low level of debt compared to equity, with a debt-to-equity ratio that suggests moderate leverage. However, the equity ratio indicates a stable financial structure with a significant portion of assets funded by shareholder equity. The return on equity remains negative, reflecting ongoing losses and raising concerns about shareholder value.

Cash Flow

Operating cash flow has been negative, indicating challenges in generating cash from core operations. There is a negative free cash flow, signaling that capital expenditures exceed cash generated, which could be a concern for future liquidity. The free cash flow to net income ratio is unfavorable, reflecting a lack of profitability.

Breakdown
TTM	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement		Total Revenue
0.00	0.00	0.00	0.00	20.00	0.00
	Gross Profit
-242.00K	-198.00K	-124.00K	-71.00K	-79.98K	-90.00K
	EBIT
-1.83M	-3.38M	-3.37M	-3.50M	-2.76M	-2.84M
	EBITDA
351.00K	-4.92M	-3.52M	-7.45M	-6.88M	-10.30M
	Net Income Common Stockholders
-1.19M	-7.17K	-6.57M	-8.63M	-6.96M	-10.39M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
19.26M	16.78M	12.20M	8.00M	3.97M	5.09M
	Total Assets
129.08M	120.30M	111.36M	109.36M	76.23M	79.61M
	Total Debt
8.51M	7.44M	7.21M	19.44M	0.00	0.00
	Net Debt
-10.74M	-9.33M	-5.00M	11.44M	-3.97M	-5.09M
	Total Liabilities
46.27M	47.80M	47.05M	61.81M	25.82M	22.85M
	Stockholders Equity
82.81M	72.51M	64.31M	47.55M	50.41M	56.76M
Cash Flow		Free Cash Flow
-6.29K	-8.94M	-9.20M	-11.69M	-4.36M	-19.44M
	Operating Cash Flow
-4.73K	-4.22M	-3.80M	-3.36M	-1.98M	-2.31M
	Investing Cash Flow
-9.18K	-4.63M	-6.54M	-20.33M	891.00K	-17.13M
	Financing Cash Flow
14.05M	13.97M	14.62M	27.72M	-2.00	11.09K

Comet Ridge Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 above the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.13, and below the 200-day MA of 0.14, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 61.81 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	64 Neutral	$8.54B	10.30	4.24%	4.37%	4.14%	-13.04%
COI	47 Neutral	AU$173.48M	―	-3.68%	―	―	72.09%
CVONF		$128.17M	20.79	3.89%	―	―	―
EEGUF		$139.59M	―	-16.84%	―	―	―
HZNFF		$190.52M	14.94	17.20%	15.22%	―	―
STX	45 Neutral	AU$487.37M	57.35	-4.01%	―	801.92%	-985.71%
TBN	35 Underperform	AU$378.75M	―	-10.88%	―	―	56.73%

Comet Ridge Ltd Corporate Events

Comet Ridge Advances Mahalo Gas Project with Strategic Developments

Comet Ridge Ltd has made significant progress in its Mahalo Joint Venture Gas Project, with Santos advancing the Front End Engineering Design (FEED) for key facilities and Jemena working on pipeline connections to domestic and LNG markets. The company is also seeing strong performance in its Mahalo East pilot test, with increasing gas flows and a comprehensive data package being prepared for independent auditing. These developments, along with ongoing engagement with third parties for potential transactions, position Comet Ridge strategically within the gas market, enhancing its operational capabilities and market presence.

Comet Ridge Ltd Highlights Strategic Gas Exploration Focus at Queensland Energy Conference

Comet Ridge Ltd’s recent presentation at the Queensland Energy Conference 2025 highlights its strategic focus on gas exploration and production on Australia’s east coast. The company emphasizes its potential to meet domestic energy demands, though it acknowledges the risks and uncertainties inherent in the industry, including market fluctuations and regulatory developments.

Comet Ridge Advances Mahalo Gas Hub Pipeline with Jemena Partnership

Comet Ridge Limited has announced that the Mahalo Joint Venture, in which it holds a 57.14% stake, has appointed Jemena to undertake Front End Engineering Design (FEED) for the Mahalo Gas Hub Pipeline (MGHP). This pipeline will connect the Mahalo JV Project to key gas market hubs in Queensland, aiming to address the looming gas supply gap in Australia’s east coast energy market. Jemena, a well-established energy asset operator, will fund the FEED cost and may proceed with constructing the pipeline on a build, own, and operate basis, pending a final investment decision. This development marks a significant milestone for Comet Ridge, enhancing its strategic position in the regional gas market.

Comet Ridge Ltd Releases Half-Year Financial Statements

Comet Ridge Ltd has released its consolidated financial statements for the half-year ending December 31, 2024. This financial disclosure provides insights into the company’s financial health, showcasing its profit and loss, financial position, and cash flow. The release is significant for stakeholders as it highlights the company’s operational performance and financial stability, which are critical for strategic decision-making and assessing future growth potential.

Comet Ridge’s Mahalo East Pilot Exceeds Gas Production Expectations

Comet Ridge Limited announced that the Mahalo East Pilot Production Scheme has exceeded expectations by producing natural gas continuously for over two weeks, with initial gas flow occurring sooner than anticipated. The success of this pilot, supported by the Queensland Government’s Frontier Gas Exploration Grants Program, indicates potential for expanding development within the Mahalo Gas Hub, enhancing the company’s resource base and positioning in the energy market.