Excelsior Capital Limited (ECL) AI Stock Analysis

• Market Cap: AU$123.23M
• Dividend Yield: 1.84%
• Average Volume (3M): 1.90K
• Price to Earnings (P/E): 122.8
• Beta (1Y): -0.18
• Revenue Growth: N/A
• EPS Growth: -98.01%
• Country: AU
• Employees: 72
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.03
• Shares Outstanding: 28,994,469
• 10 Day Avg. Volume: 3,010
• 30 Day Avg. Volume: 1,895
• PEG Ratio: -0.91
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 15.17
• P/FCF Ratio: -14.18
• 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: 56 Neutral
• Price Target: AU$4.50 ▲(2.27% Upside)

The score is driven primarily by mixed financial performance: a very strong, debt-free balance sheet is offset by volatile earnings, a severe FY2025 revenue drop, and negative operating/free cash flow. Technicals are moderately supportive with price above key longer-term averages and positive MACD. Valuation is a notable headwind due to an extremely high P/E and only modest dividend yield.

Positive Factors

Strong Balance Sheet

A debt-free balance sheet provides financial flexibility, enabling the company to invest in growth opportunities and weather economic downturns without the burden of interest payments.

High Equity Relative to Assets

High equity relative to assets indicates a strong financial foundation, reducing the risk of insolvency and providing a buffer against potential asset devaluations.

Corporate Governance Commitment

A strong commitment to corporate governance enhances transparency and accountability, fostering investor confidence and potentially improving long-term shareholder value.

Negative Factors

Volatile Earnings

Volatile earnings and revenue declines undermine confidence in the company's ability to maintain consistent profitability, impacting long-term financial stability.

Negative Cash Flow

Negative cash flow raises concerns about the company's ability to fund operations and investments without external financing, threatening its financial health.

Potential Delisting

The planned delisting indicates a strategic shift that could limit investor access and liquidity, potentially reducing the company's market presence and attractiveness.

Excelsior Capital Limited Business Overview & Revenue Model

Company Description

Excelsior Capital Limited manufactures and distributes electrical cables, connectors, and related components in Australia. The company operates in two segments, Electronics and Investment Portfolio. It offers electrical cables under the XLPE, Hartland, and Aflex brands. The company also provides cords and cable assemblies for use in medical, technology, lighting and entertainment, and original manufacture equipment markets; and underground couplers and receptacle products for mining and construction industries. In addition, it manages investment portfolio. The company provides electrical solutions to the industrial, mining, infrastructure, commercial, petrochemical, and information technology industries. It also exports its products to Indonesia, Mongolia, Papua New Guinea, and China. The company was formerly known as CMI Limited and changed its name to Excelsior Capital Limited in November 2018. The company was incorporated in 1990 and is headquartered in Sydney, Australia.

How the Company Makes Money

Excelsior Capital Limited Financial Statement Overview

Summary

Strong, low-risk balance sheet with zero debt and high equity, but operating results are volatile. FY2025 saw a sharp revenue decline (down 79.4% YoY) and a meaningful drop in net margin versus FY2024. Cash conversion is a key concern as FY2025 operating cash flow and free cash flow turned materially negative despite positive net income.

Income Statement

Profitability looks optically strong in several years (very high gross and operating margins in FY2024 and FY2025), but the earnings profile is volatile. Revenue fell sharply in FY2025 (down 79.4% YoY) after a very strong FY2024 (up 70.7% YoY), and net margin dropped materially (from ~99.6% in FY2024 to ~17.0% in FY2025). Net income also declined steeply from FY2024 to FY2025, which lowers confidence in the durability of recent profitability despite still-positive earnings.

Balance Sheet

The balance sheet is conservatively positioned with zero debt in FY2024 and FY2025 (and very low leverage in earlier years), providing strong financial flexibility. Equity is large relative to total assets (e.g., FY2025 equity of 113.7M vs. assets of 113.8M), suggesting limited balance-sheet risk. The main weakness is return on equity volatility—very high in FY2024 (~43.1%) but much lower in FY2025 (~0.9%)—indicating inconsistent capital productivity.

Cash Flow

Cash generation deteriorated in FY2025, with operating cash flow and free cash flow turning meaningfully negative (operating cash flow -6.3M; free cash flow -6.3M) despite positive net income, which is a key quality-of-earnings concern. Prior years (FY2020–FY2024) were generally cash generative with positive free cash flow, but the sharp swing to outflows in FY2025 introduces heightened uncertainty around near-term funding needs and earnings conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.89M	5.89M	50.60M	706.00K	93.43M	75.06M
Gross Profit	5.89M	5.89M	50.60M	28.54M	24.68M	19.30M
EBITDA	4.33M	4.33M	49.34M	16.28M	13.30M	9.58M
Net Income	1.00M	1.00M	50.42M	10.25M	8.00M	5.17M
Balance Sheet
Total Assets	113.85M	113.85M	122.06M	83.72M	79.01M	63.57M
Cash, Cash Equivalents and Short-Term Investments	64.72M	64.72M	90.55M	22.80M	17.91M	15.39M
Total Debt	0.00	0.00	0.00	2.68M	2.28M	1.63M
Total Liabilities	168.00K	168.00K	5.18M	15.23M	19.14M	10.27M
Stockholders Equity	113.68M	113.68M	116.88M	68.49M	59.86M	53.30M
Cash Flow
Free Cash Flow	-6.30M	-6.30M	8.08M	9.61M	5.35M	1.41M
Operating Cash Flow	-6.29M	-6.29M	8.60M	10.35M	5.74M	1.83M
Investing Cash Flow	-15.34M	-15.34M	63.09M	-2.26M	-622.00K	-2.77M
Financing Cash Flow	-4.20M	-4.20M	-3.94M	-3.20M	-2.60M	-2.90M

Excelsior Capital Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.40
• 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:ECL, the sentiment is Negative. The current price of 4.4 is above the 20-day moving average (MA) of 4.31, above the 50-day MA of 4.29, and above the 200-day MA of 3.49, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.31 is Neutral, neither overbought nor oversold. The STOCH value of 30.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:ECL.

Excelsior Capital Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CUP	76 Outperform	AU$189.37M	21.25	8.06%	4.11%	27.05%	520.93%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ECL	56 Neutral	AU$123.23M	122.83	0.87%	1.84%	―	-98.01%
LIS	52 Neutral	AU$96.03M	-14.85	-16.49%	―	―	-40.28%
EGY	38 Underperform	AU$10.00M	-0.80	―	―	-37.44%	10.36%

Excelsior Capital Limited Corporate Events

Excelsior Capital Reports Estimated December 2025 NTA Backing Per Share

Excelsior Capital Limited has reported its estimated net tangible asset (NTA) backing per share as at 31 December 2025, with NTA before all taxes at 375.12 cents and NTA after providing for estimated income tax and deferred taxes at 376.68 cents. The figures are based on unaudited financial reports and may be revised following final investment valuations and the release of audited half-year financial statements, providing investors with an updated reference point for assessing the value of the company’s underlying investment portfolio.

The most recent analyst rating on (AU:ECL) stock is a Hold with a A$4.50 price target. To see the full list of analyst forecasts on Excelsior Capital Limited stock, see the AU:ECL Stock Forecast page.

Excelsior Capital Reports November 2025 NTA Backing

Excelsior Capital Limited announced its net tangible asset (NTA) backing per share as of November 30, 2025, with figures reported before and after taxes. The NTA before all taxes was 378.74 cents per share, while after accounting for estimated income and deferred taxes, it was 380.29 cents per share. This announcement provides stakeholders with insights into the company’s financial health and investment portfolio performance.

Excelsior Capital Faces Board Re-Election After AGM Resolutions

Excelsior Capital Limited announced the results of its 2025 Annual General Meeting, highlighting that the resolution on the Remuneration Report was not carried for the second consecutive year. Additionally, a Conditional Spill resolution was carried, necessitating a General Meeting within 90 days where all directors must stand for re-election. This development indicates potential changes in the company’s board structure, which could impact its strategic direction and governance.

Excelsior Capital Limited’s 2025 AGM Highlights Investment Caution

Excelsior Capital Limited held its Annual General Meeting on 18 November 2025, providing a presentation that included forecast financial information and emphasized the inherent uncertainties and risks associated with forward-looking statements. The company advised investors to seek independent professional advice before making investment decisions, highlighting the unpredictability of future performance and the potential for actual results to differ significantly from forecasts.

Excelsior Capital to Undergo Company-Managed Liquidation Following Legal Agreement

Excelsior Capital Limited has reached an agreement with London City Equities Limited to withdraw its legal action in the Federal Court of Australia. As part of the agreement, Excelsior will undergo a company-managed liquidation process, which includes asset realization, liability payment, and a fully franked dividend distribution, culminating in its delisting from the ASX by June 2026. This resolution allows London City to save on legal expenses and focus on its investment portfolio, although the exact financial impact on London City remains uncertain.

Excelsior Capital Announces Settlement and Strategic Delisting Plan

Excelsior Capital Limited has reached a settlement with London City Equities Limited regarding ongoing litigation, agreeing to realize all investments, pay out liabilities, and distribute net proceeds to shareholders through dividends and capital returns. This strategic move, subject to regulatory and shareholder approvals, will culminate in the company’s delisting from the ASX, with shareholder meetings expected in early 2026 and transactions likely between February and April 2026.

Excelsior Capital Reports NTA Backing Per Share for October 2025

Excelsior Capital Limited announced its net tangible asset (NTA) backing per share as of October 31, 2025, with figures showing 379.68 cents before taxes and 381.24 cents after accounting for estimated taxes. This announcement reflects the company’s financial position and provides stakeholders with insights into its asset management performance, potentially impacting investor perceptions and market positioning.

Excelsior Capital Faces Board Restructuring Proposals

Excelsior Capital Limited has announced its upcoming Annual General Meeting, which will address significant proposed changes to its board of directors. The meeting will consider resolutions to remove current directors, Mr. Danny Herceg and Mr. Ryan Mount, and appoint Mr. Luke Cummings and Mr. David Prescott as new directors. Additionally, there is a proposal to appoint liquidators to manage the company’s property distribution. The board recommends shareholders vote against these resolutions, indicating potential internal conflicts and strategic disagreements within the company.

Excelsior Capital Limited Announces 2025 AGM Details

Excelsior Capital Limited has announced its Annual General Meeting (AGM) for 2025, scheduled to be held on November 18 in Sydney. Shareholders are encouraged to participate either in person or by proxy, with voting options available online. This meeting is an opportunity for stakeholders to engage with the company’s management and discuss future strategies, reflecting the company’s commitment to transparency and shareholder engagement.