Ceramic Fuel Cells Limited (CFU)
Views and News
Australia's Global Contender in Fuel Cells
A leader in the development of fuel cells to generate electricity and heating from natural gas, CFU is at an exciting flex point - it appears to be moving into an increasing sales volume of its main product, BlueGen, with the assistance of favourable tariffs and support for its low carbon footprint and its value as a distributed and base load supplier in Europe, notably the UK and Germany.
Continuation of the rising revenue growth in recent quarters not only reduces its cash outflows but generates a market presence, more reference sites and opportunity to reduce unit costs and enhance scale production plans. Growth will involve capital raising and may offer opportunities for early investors.
Half-year Performance & Estimates - CFU
| Year-end June | 1H12A | FY12A | 1H13A | FY13A | 1H14A | FY14E | FY15E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 3.4 | 6.8 | 2.6 | 4.3 | 3.4 | 10.0 | 22.0 |
| EBITDA, $m | -12.6 | -24.6 | -12.7 | -22.8 | -11.4 | -14.6 | -4.8 |
| EBIT, $m | -12.6 | -27.9 | -12.7 | -24.9 | -11.4 | -21.0 | -13.0 |
| Report NPAT, $m | -12.5 | -27.7 | -12.7 | -19.8 | -7.8 | ||
| Adj. NPAT, $m | -7.8 | 0.00 | 0.00 | ||||
| Reported EPS, ¢ | -1.00 | -2.00 | -1.00 | -1.00 | 0.00 | ||
| Adjusted EPS, ¢ | 0.00 | -1.42 | -4.86 | ||||
| EPS %FY/Growth | 50% | 100% | -50% | -100% | 42% | 242% | |
| Dividend, ¢ | 0 | 0 | 0 | 0 | 0 | 2.00 | 3.00 |
| Franking, % | - | - | - | - | - | - | - |
| EBITDA Margin | 0 | -3.65 | -4.9 | -5.32 | -3% | -146.0% | -21.8% |
| NPAT Margin | 0 | -4.11 | -4.87 | -4.64 | -2% | 0.0% | 0.0% |
| ROE, % | 0 | -1.32 | -62% | -1.26 | -52% | ||
| EBIT/Interest | 0.0 | 150.6 | 177.2 | -167.0 | -27.79 | ||
| Net Debt / Equity | 0 | -0.36 | -0.48 | -0.19 | -0.08 | ||
| CashFlow/Sh, ¢ | -1250 | -2470 | -910.0 | -1680 | -730.0 | -80.0 | -110 |
| Y/E Shares, m | 1,366 | 1,366 | 1,559 | 1,592 | 1,752 |
| Notes |
| Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns except the first half years which show their percentage of full year EPS. In a handful of cases, unadjusted share splits, or changes between positive and negative values, may give strange changes in ratios. |
Recent News Highlights
As at 24/01/2012 : see details at www.cfcl.com.au
| 22/12/2011 |
Company Overview
Ceramic Fuel Cells is a world leader in developing fuel cell technology to generate highly efficient and low emission electricity from widely available natural gas. Ceramic Fuel Cells has sold its BlueGen gas-to-electricity generator to major utilities and other foundation customers in Germany, the United Kingdom, Switzerland, The Netherlands, Italy, Japan, Australia, and the USA. Ceramic Fuel Cells is now focusing on markets in Germany, the United Kingdom and Benelux and is developing fully integrated power and heating products with leading energy companies E.ON UK in the United Kingdom and EWE in Germany.
CFU is listed on the London Stock Exchange AIM market and the ASX.
Profile
Ceramic Fuel Cells
Rating:
Category: Spec Stock ;
Action:
Website: www.cfcl.com.au
| ASX code: | CFU |
| Closing Price, 20/06/14: | $ 0.013 |
| Market Capitalisation: | $ 32 million |
| 52 Week High: | $ 0.052 |
| 52 Week Low: | $ 0.012 |
| Sector: | Capital Goods |
| Index: | S&P/ASX Index |
Summary of Fundamentals
| Year-end June | FY12A | FY13A | FY14E | FY15E |
|---|---|---|---|---|
| NPAT, $m | -27.7 | -19.8 | 0.0 | 0.0 |
| Reported EPS, ¢ | -2.00 | -1.00 | ||
| Adjusted EPS, ¢ | -1.00 | -1.42 | -4.86 | |
| EPS Growth, % | -50% | 42% | 242% | |
| P/E Ratio, x | -0.65 | -1.30 | -0.92 | -0.27 |
| Dividend, ¢ | 0 | 0 | 2.00 | 3.00 |
| Franking, % | - | - | - | - |
| Div. Yield, % | 0.00 | 0.00 | 153.85 | 230.77 |
Notes
| Our Adjusted EPS is used for the last year and forward estimates and as basis for EPS Growth and P/E Ratio. We currently use Reported data for all historic NPAT, for the prior year EPS and as base for last year EPS growth. |
| Data & Chart sourced from IRESS Market Technology Ltd. |
One Year Chart
As at 23 June 2014
Other Highlights
| Sector: | Capital Goods |
| Return on Equity, FY13 : | -126 |
| Net Debt to Equity, FY13 : | -19 % |
| EBIT / Interest Cover, FY13 : | -167 x |
| Gicscode: | 20104010 |
| First Listed: | 05-Jul-04 |
Business Activities
Ceramic Fuel Cells Limited (CFU) is an Australian-based company engaging in the development of solid oxide fuel cell (SOFC) technology to provide electricity from natural gas. CFU develops SOFC products for small-scale on-site micro combined heat and pow
Glossary:
| ♠ | "A Core Stock" - reliable long-term yield & growth |
| ♥ | "We like it" - a seasoned performer, growth & yield |
| ♦ | "A tough scout" - creating a potential breakthrough |
| ♣ | "A steady performer" - giving reliable yield or growth |
| Best Stocks | Portfolio of selected attractive investments |
| Potential | Stocks that may have good improvement prospects |
| Speculative | More risky usually smaller stocks with spec. upside |
| Midcaps | In RR Midcap Index, $ 70m to 1,500m market cap. |
| Large Stocks | Larger Stocks upwards of $ 1,500m market cap |