CI Resources Limited (PRG) AI Stock Analysis

• Market Cap: AU$161.70M
• Dividend Yield: 1.46%
• Average Volume (3M): 52.31K
• Price to Earnings (P/E): 15.4
• Beta (1Y): -0.07
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 0.03
• Shares Outstanding: 110,750,190
• 10 Day Avg. Volume: 419
• 30 Day Avg. Volume: 52,310
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: 45 Neutral
• Price Target: AU$1.50 ▲(18.11% Upside)

The score is mainly held back by weak financial quality—especially persistent negative free cash flow (with operating cash flow reported as zero) alongside shrinking margins and lower net income. Technicals also detract, with the stock below key moving averages and bearish momentum despite oversold readings. Valuation is relatively supportive with a moderate P/E and modest yield, but not enough to outweigh the cash flow and trend risks.

Positive Factors

Strong multi-year revenue growth

Sustained top-line growth across three years signals growing market traction for the company’s mineral products and project progression. Durable revenue momentum improves the odds of reaching commercial scale, attracting offtake or JV partners, and supports longer-term investment in assets and capacity.

Moderate leverage and rising equity base

Relatively moderate and stable leverage with modest equity growth provides a firmer capital foundation for multi-stage mining projects. This reduces immediate refinancing pressure, preserves flexibility to fund development or secure partner financing, and supports resilience against commodity cycles over months.

Flexible monetisation pathways

A business model that can monetise via production, offtakes, asset sales or farm-outs spreads execution risk and shortens pathways to cash. Structural flexibility lets management choose the least dilutive or fastest route to funding project advancement, which is valuable during multi‑period development cycles.

Negative Factors

Very weak cash generation

Zero operating cash flow and persistent negative free cash flow indicate earnings are not converting to cash, elevating funding and execution risk. Over 2–6 months this can force reliance on external financing or asset sales, potentially delaying projects, increasing dilution, or constraining capital for development.

Material margin compression

Declining gross and net margins over multiple years suggest structural cost pressures or weaker pricing that reduce long-term profitability. Margin erosion undermines the company’s ability to self-fund capex and lowers buffer against commodity swings, increasing dependence on external capital or strategic cost fixes.

Falling return on equity

A sharp ROE decline reflects weakening capital efficiency and diminished shareholder returns, consistent with margin and income deterioration. Persistently lower ROE over months can erode investor confidence, limit access to favourable financing, and indicate the need for strategic realignment to restore project economics.

CI Resources Limited Business Overview & Revenue Model

Company Description

PRL Global Ltd., together with its subsidiaries, engages in the mining, processing, and sale of phosphate rock, phosphate dust, and chalk in Africa, Asia, Europe, Australia, the United States, and Oceania. The company operates in Fertiliser and Logistics segments. It provides earthmoving, fuel pilotage maintenance, and stevedoring services; and manufactures, stores, and sells various fertiliser products. The company also offers shipping, investment, and marketing services, as well as engages in the trade, import, and export of commodities. The company was formerly known as CI Resources Limited and changed its name to PRL Global Ltd. in December 2023. PRL Global Ltd. was incorporated in 1987 and is headquartered in Burswood, Australia.

How the Company Makes Money

CI Resources Limited Financial Statement Overview

Summary

Strong revenue growth is offset by material margin compression and declining net income. Cash generation is a major concern: operating cash flow is reported as 0 and free cash flow is negative across all periods, indicating weak cash conversion and higher funding/execution risk despite moderate leverage.

Income Statement

Revenue has grown strongly over the last three annual periods (up ~114% in 2023, then ~10% in 2024 and ~17% in 2025), showing solid top-line momentum. However, profitability has weakened materially: gross margin fell from ~7.8% (2023) to ~4.0% (2025) and net margin dropped from ~2.2% (2023) to ~0.7% (2025). Net income also declined from ~A$25.3m (2023) to ~A$10.9m (2025), indicating that cost pressures and/or pricing dynamics are overpowering revenue growth.

Balance Sheet

Leverage appears moderate and fairly stable, with debt-to-equity around ~0.50–0.52 in 2023–2025 (improved versus ~0.30 in 2022). Equity has grown modestly (from ~A$200.9m in 2022 to ~A$228.8m in 2025), supporting the capital base. The key offset is weaker shareholder returns recently, with return on equity declining from ~11.5% (2023) to ~4.8% (2025), consistent with the profitability compression seen in the income statement.

Cash Flow

Cash generation is a clear weak spot in the provided data: operating cash flow is reported as 0 across all periods, while free cash flow is negative every year (ranging from about -A$3.5m to -A$77.4m). Free cash flow has also been deteriorating most recently (down ~36% in 2025 vs. 2024). With negative free cash flow alongside positive net income, reported earnings are not translating into cash in the data provided, which elevates funding and execution risk.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.48B	1.27B	1.15B	537.74M
Gross Profit	59.07M	55.12M	89.81M	31.07M
EBITDA	37.56M	32.13M	61.35M	21.59M
Net Income	10.89M	21.88M	25.27M	8.50M
Balance Sheet
Total Assets	505.18M	483.54M	468.99M	401.06M
Cash, Cash Equivalents and Short-Term Investments	66.63M	53.21M	71.80M	43.03M
Total Debt	114.97M	117.41M	112.72M	60.61M
Total Liabilities	256.05M	246.54M	234.69M	197.78M
Stockholders Equity	228.76M	225.57M	219.31M	200.87M
Cash Flow
Free Cash Flow	-4.72M	-3.48M	-13.79M	-77.37M
Operating Cash Flow	0.00	0.00	0.00	0.00
Investing Cash Flow	7.11M	2.29M	-30.39M	18.74M
Financing Cash Flow	-10.65M	-34.72M	46.92M	39.68M

CI Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
PTN	51 Neutral	AU$109.47M	-3.38	-44.41%	―	―	―
ASL	50 Neutral	AU$455.34M	-18.10	-78.03%	―	―	20.69%
TNC	49 Neutral	AU$72.61M	-0.23	-47.55%	―	―	―
WTM	47 Neutral	AU$170.09M	-4.10	-135.79%	―	―	―
PRG	45 Neutral	AU$161.70M	15.37	4.79%	1.46%	―	―

CI Resources Limited Corporate Events

PRL Global Limited Successfully Passes All Resolutions at 2025 AGM

PRL Global Limited, a company listed on the Australian Stock Exchange, held its 2025 Annual General Meeting where all proposed resolutions were successfully passed. The resolutions included the adoption of the Remuneration Report, re-election of board members Dato’ Sri Tee Lip Sin and Mr. Ong Keng Siew, and the adoption of an amended constitution, indicating strong shareholder support and potential stability in the company’s governance structure.

PRL Global Limited Holds Annual General Meeting

PRL Global Limited, listed on the ASX under the ticker PRG, held its Annual General Meeting on November 26, 2025. The meeting included a chairman’s address, presentation, and resolutions, followed by a Q&A session, providing stakeholders with updates on the company’s operations and strategic direction.

PRL Global Limited Announces Strategic Expansion and Leadership Transition

PRL Global Limited’s 2025 Annual General Meeting highlighted a year of strategic expansion, marked by a transformational acquisition that strengthens its position in the global fertilizer market. The company has undergone significant changes, including a name change, divestment of plantation assets, and a management restructure. The retirement of founding Managing Director Lai Ah Hong was announced, who will remain as a Non-executive Director. His leadership and vision have been pivotal in the company’s growth and success, ensuring its survival and prosperity against the odds.