Excelsior Capital Limited (ECL) AI Stock Analysis

• Market Cap: AU$36.82M
• Dividend Yield: 1.84%
• Average Volume (3M): 1.90K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: N/A
• EPS Growth: -98.01%
• Country: AU
• Employees: 72
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.07
• 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: 52 Neutral
• Price Target: AU$1.50 ▼(-65.91% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held back primarily by inconsistent operating performance and weak cash conversion (FY2025 negative operating/free cash flow and a sharp revenue decline). A strong, debt-free balance sheet partially offsets these risks, while technicals remain unfavorable (price well below major moving averages) and valuation support is limited due to a negative P/E and only modest yield.

Positive Factors

Debt-free Balance Sheet

A zero-debt balance sheet and equity nearly equal to total assets provide durable financial flexibility. This conservatism lowers solvency risk, supports investment or opportunistic M&A without immediate refinancing, and gives the firm time to stabilize operations during downturns.

Historical Cash Generation

Multi-year positive free cash flow through FY2024 shows the underlying business can convert profits into cash under normal conditions. That track record suggests operational cash-generation potential remains if revenue volatility abates, reducing long-term refinancing dependence.

Demonstrated High Margins

The company has shown the ability to achieve very high gross and operating margins, indicating structural cost advantages or pricing power. If top-line stability returns, margin leverage could quickly restore profitability and cash flow, supporting sustainable returns.

Negative Factors

Severe Revenue Decline

A nearly 80% revenue drop in one year represents a fundamental loss of scale or contracts and undermines predictability of future sales. Such structural revenue shocks can erode supplier terms, customer relationships and fixed-cost absorption, limiting medium-term recovery prospects.

Negative Operating Cash Flow

Material negative operating and free cash flow despite positive net income signals weak earnings quality and poor cash conversion. If cash outflows persist, the company may need to cut dividends, sell assets or raise financing, constraining strategic options and growth investment.

Volatile Capital Productivity (ROE)

Extreme ROE swings reflect inconsistent ability to generate returns on equity, raising execution and forecasting risk. Volatility complicates capital allocation decisions, suggests reliance on transitory drivers, and reduces confidence in sustainable long-term profitability.

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.

Excelsior Capital Limited Financial Statement Overview

Summary

Balance sheet strength is a clear positive (zero debt and equity nearly equal to total assets), but operating results are volatile. FY2025 revenue fell sharply (-79.4% YoY) and margins/comparability weakened versus FY2024. Most importantly, operating and free cash flow turned materially negative in FY2025 despite positive net income, raising a quality-of-earnings risk.

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	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	5.89M	50.60M	706.00K	93.43M	75.06M
Gross Profit	5.89M	50.60M	28.54M	24.68M	19.30M
EBITDA	4.33M	49.34M	16.28M	13.30M	9.58M
Net Income	1.00M	50.42M	10.25M	8.00M	5.17M
Balance Sheet
Total Assets	113.85M	122.06M	83.72M	79.01M	63.57M
Cash, Cash Equivalents and Short-Term Investments	64.72M	90.55M	22.80M	17.91M	15.39M
Total Debt	0.00	0.00	2.68M	2.28M	1.63M
Total Liabilities	168.00K	5.18M	15.23M	19.14M	10.27M
Stockholders Equity	113.68M	116.88M	68.49M	59.86M	53.30M
Cash Flow
Free Cash Flow	-6.30M	8.08M	9.61M	5.35M	1.41M
Operating Cash Flow	-6.29M	8.60M	10.35M	5.74M	1.83M
Investing Cash Flow	-15.34M	63.09M	-2.26M	-622.00K	-2.77M
Financing Cash Flow	-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: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 1.65, above the 50-day MA of 1.86, and above the 200-day MA of 1.67, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 18.85 is Positive, neither overbought nor oversold. The STOCH value of 17.61 is Positive, 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	5.06	12.32%	4.11%	27.05%	520.93%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ECL	52 Neutral	AU$36.82M	-26.93	0.87%	1.84%	―	-98.01%
LIS	40 Underperform	AU$80.03M	-20.20	-14.26%	―	―	-40.28%
EGY	38 Underperform	AU$8.50M	-0.46	55.70%	―	-37.44%	10.36%

Excelsior Capital Limited Corporate Events

Excelsior Capital Clarifies Size of March Special Interim Dividend

Excelsior Capital Ltd has updated its earlier notice concerning a special interim dividend on its ordinary fully paid shares, clarifying the exact amount shareholders will receive. The company confirmed that investors on the register as of 6 March 2026 will be entitled to a special interim dividend of 241.43 cents per share, payable on 20 March 2026, providing greater transparency around the scale of this capital return and its timing for the market.

The dividend relates to the six‑month period ended 31 December 2025, signalling a substantial distribution in the context of the company’s recent performance. By refining the disclosure ahead of the ex‑dividend date on 5 March 2026, Excelsior Capital aims to ensure accurate investor expectations and orderly trading in its securities around this significant payout.

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 Announces Major Half‑Year Dividend for Shareholders

Excelsior Capital Ltd has declared a dividend of AUD 241.43 per ordinary fully paid share for the six‑month period ended 31 December 2025, with an ex‑dividend date of 5 March 2026 and a record date of 6 March 2026. The dividend is scheduled to be paid on 20 March 2026, providing a substantial cash return to shareholders and signalling the company’s capacity to generate distributable earnings over the half‑year period.

The payout timetable gives investors clarity on eligibility and cash‑flow timing, which may influence trading activity in the lead‑up to the ex‑dividend date. The size and structure of the declared distribution also highlight Excelsior Capital’s ongoing focus on capital returns, which is likely to be closely watched by income‑focused investors and could shape market perceptions of its financial strength and shareholder‑return policy.

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 Posts Half-Year Loss as It Advances Wind-Up and Capital Return Plan

Excelsior Capital Limited reported a half-year net loss after tax of $2.1 million for the period to 31 December 2025, reversing a profit in the prior comparable period, with a $0.5 million portfolio loss and net tangible assets of $110.4 million, or $3.81 per share. Despite the weaker performance, the board declared a fully franked special interim dividend of 241.43 cents per share, payable on 20 March 2026, reflecting the company’s transition towards winding up.

The company is progressing an orderly wind-up, having already realised about 55% of its investment portfolio into cash and planning a two-tranche series of fully franked special dividends, followed by a substantial return of capital of up to approximately $28 million, subject to shareholder approval. ECL intends to delist from the ASX and subsequently enter voluntary liquidation by around 30 June 2026, with any remaining value from harder-to-redeem investments to be distributed to shareholders during the winding-up process, underscoring a full exit and capital return strategy for investors.

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 Deepens Half-Year Loss but Lifts Dividend Payout Sharply

Excelsior Capital Limited reported a revenue loss from continuing ordinary activities of $523,000 for the half-year ended 31 December 2025, reflecting a 15% improvement on the prior corresponding period. However, the loss from ordinary activities after tax widened sharply to $2.08 million, marking a 224% deterioration year on year and signalling increased pressure on the company’s underlying performance.

Despite the deeper loss, the board declared a substantial interim FY26 dividend of 241.43 cents per share, alongside confirmation of a previously paid FY25 final dividend of 4.00 cents. The total of 245.43 cents per share contrasts strongly with the 6.50 cents distributed in the prior comparable period, raising questions about the sustainability of such payouts given the company’s ongoing losses and their implications for capital management and future financial flexibility.

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 Calls February 2026 Meeting to Vote on Board Re‑elections

Excelsior Capital Limited has called a general meeting of shareholders to be held in Sydney on 16 February 2026. The meeting will consider three resolutions concerning the re‑election of directors Danny Herceg, Leanne Catelan and Ryan Mount, with shareholders invited to attend in person or vote by proxy in line with the company’s governance procedures.

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 Calls Board Spill Meeting After Second Strike on Pay Report

Excelsior Capital Limited, an ASX-listed investment company managing a diversified portfolio, has called a general meeting of shareholders to be held in Sydney on 16 February 2026. The meeting, designated as a spill meeting under the Corporations Act, follows a second consecutive strike against the company’s remuneration report at its 2025 annual general meeting, triggering a mandatory vote on the re-election of the board. All spill directors have agreed to stand for re-election, and shareholders have been advised on how to lodge direct votes or appoint proxies ahead of the meeting, underscoring the heightened focus on governance and executive pay structures within the company.

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 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.