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$0.410
Average Intrinsic Value
43.6%
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##H1FY21 Results 23/2/21
Added 7 days ago

Key Highlights

- Sales Revenue of $15m

- Statutory Net Profit After Tax up 47% to $2.4m from $1.6m

- Adjusted Profit Before Tax* up 4% to $2.4m from $2.3m

*Adjusted Profit Before Tax is after adding back/deducting items related to COVID-19. A full break-down of these items is available in the Half-Year Report.

 

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#Broker/Analyst Views
Last edited 7 months ago

21-July-2020:  CCZ Equities Research:  XRF Scientific (XRF): Niche manufacturer with global potential

CCZ has a "Buy" call on XRF and a TP (target price) of 31 cps (cents per share).

Excerpt:

  • Initiating Coverage: XRF Scientific (XRF) is a niche manufacturer and marketer of equipment, chemicals and instruments within the X-ray Fluorescence testing supply chain, an essential testing process used to determine the chemical composition of mineral assays for Australia’s resource exports. XRF’s products create samples used for testing of minerals when drilling, during production and before export.
  • Significant earnings growth that is protected from COVID-19: Strong profit growth forecast in FY20 (circa 36% statutory & 17% underlying) as demand ramps up for XRF’s flux and precious metals products. Third quarter results to March were strong with PBT up 40%, and with base metals and iron prices increasing since March, XRF will benefit from higher demand for testing services. With a dominant market position, we believe the short-term earnings trajectory remains well protected from the effects of COVID-19.
  • Precious Metals (PM) Division poised to rerate: This division deserves to trade at a material premium to the consumables and equipment divisions. Although the German office demonstrated organic revenue growth of 45% over HY20, the earnings potential of this division is not factored into the current share price. The appointment of two highly experienced sales directors to PM from a global competitor, Heraeus (a major platinum manufacturer), will support strong revenue growth as the German sales office crosses an inflection point and executes earnings growth after an extended period of capital expenditure.
  • Excess franking credits: XRF held $5.7m in excess franking credits at FY19 end, and this will increase in FY20. Management have indicated they are considering options to distribute excess franking credits back to shareholders.
  • Investment summary: We initiate coverage with a blended valuation of $0.31. With a strong trading update expected for FY20 and well protected from COVID-19, XRF’s long-term global growth opportunity and valuation makes this stock a highly attractive investment at the current share price.

--- click on link at the top for the full report ---

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#Quarterly Reports
Added 11 months ago

17-Apr-2020:  XRF Scientific March 2020 Quarterly Trading Report

Market like!  XRF were up to as high as 22 cps (+33%) earlier today, and they're still up at 19.5 cps (up 3c or +18.2%) on the back of this report.  They had peaked at 26.5c on Feb 21, then dropped -47% in 4 weeks to close at 14c on March 24.  So far, they've climbed about half way back up.

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