COMET RIDGE LIMITED (COI)
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COI

COI - COMET RIDGE LIMITED

FNArena Sector : NatGas
Year End: June
GICS Industry Group : Energy
Debt/EBITDA: -2.37
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.12

18 Dec
2025

-0.005

OPEN

$0.13

-4.00%

HIGH

$0.13

7,470,274

LOW

$0.11

TARGET
$0.23 91.7% upside
OTHER COMPANIES IN THE SAME SECTOR
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FNARENA'S MARKET CONSENSUS FORECASTS
COI: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 0.2 - 0.5 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-0.2
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx0.0 M
Book Value Per Share xxxxxxxxxxxxxxx6.7
Net Operating Cash Flow xxxxxxxxxxxxxxx-4.1 M
Net Profit Margin xxxxxxxxxxxxxxx-

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-4.74 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.33 %
Return on Assets xxxxxxxxxxxxxxx-2.95 %
Return on Equity xxxxxxxxxxxxxxx-4.74 %
Return on Total Capital xxxxxxxxxxxxxxx-3.81 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-4.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx7 M
Total Debt xxxxxxxxxxxxxxx7 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx14 M
Price To Book Value xxxxxxxxxxxxxxx2.09

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx16.3 M
Capex % of Sales xxxxxxxxxxxxxxx-
Cost of Goods Sold xxxxxxxxxxxxxxx0 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxxxxxxxxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

18/12/2025

1

Speculative Buy

$0.21

75.00%

Comet Ridge will buy Santos’ ((STO)) 42.86% stake in the Mahalo CSG JV to lift ownership to 100%, Bell Potter notes. It is paying $40m at close plus $20m on production milestones, with completion by FID or 30 Jun 2026.

The deal adds 250PJ of 2P reserves and 2C resources to around 677PJ , and Comet will run FEED in early 2026 while progressing funding for both the acquisition and development capex.

The broker reckons the full ownership simplifies the acreage and funding options, with Mahalo fully permitted, targeting up to 60TJ/day and mid-2026 FID. The company is in discussions with NAIF for debt, and the broker believes it could attract potential partners and gas prepayments.

Speculative Buy and 21c target are unchanged.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.50 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.20 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

05/11/2025

3

Hold

$0.14

16.67%

Canaccord Genuity notes East Coast gas prices rose slightly during the quarter to average $12.62/GJ, up from $12.38/GJ in the June quarter and flat y/y. Domestic demand declined modestly by -3.4PJ, mainly due to lower power generation use.

Key developments included the federal gas market review, XRG withdrawing its bid for Santos, and the start of exploration drilling in the Otway Basin.

For Comet Ridge, the broker highlights continued progress at Mahalo, with FEED work advancing and Jemena conducting geotechnical sampling along the proposed pipeline route.

The company holds 266PJ of 2P reserves, reinforcing Mahalo’s potential as a key East Coast gas supplier. At Mahalo East, 2P reserves were independently certified at 51.8PJ, with 3P reserves at 118PJ.

Comet Ridge closed the period with $13.3m cash and $9.5m debt. Canaccord maintains a Hold rating. Target slips to 14c from 15c.
Access Extra Coverage Research History >

COI STOCK CHART

FNArena News on COI

1
Australian Broker Call *Extra* Edition – Nov 10, 2025

Nov 10 2025 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Aug 13, 2025

Aug 13 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Nov 12, 2024

Nov 12 2024 - Daily Market Reports
4
FNArena Corporate Results Monitor – 01-10-2024

Oct 01 2024 - Australia
5
Australian Broker Call *Extra* Edition – Sep 23, 2024

Sep 23 2024 - Daily Market Reports

Latest NatGas News

1
Compare The Pair: Woodside Versus Santos

Dec 08 2025 - Commodities
2
LGI: ASX’s Most Compelling Decarbonisation Play

Nov 26 2025 - Small Caps
3
Woodside Targets Significant Dividend Increase

Nov 12 2025 - Commodities
4
Santos Setback: Back To Fundamentals

Sep 24 2025 - Commodities
5
Woodside Shares Targeting $30

Aug 12 2025 - Technicals
6
Meet LGI, Alternative Clean Energy Producer

Apr 10 2025 - Small Caps
7
All Eyes On Woodside’s Lousiana LNG Sell Down

Feb 27 2025 - Commodities
8
Is Santos A Re-Rating In Waiting?

Jan 29 2025 - Commodities
9
Better Times Ahead For Woodside Shares

Jan 14 2025 - Technicals
10
Santos Shifts From Growth To Shareholder Return

Nov 25 2024 - Australia