ALPHA HPA LIMITED (A4N)
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A4N

A4N - ALPHA HPA LIMITED

FNArena Sector : Aluminium, Bauxite & Alumina
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: -0.68
Index: ASX300 | ALL-ORDS

Alpha HPA produces ultra-high-purity aluminium materials using proprietary low-carbon purification technology for semiconductors, LEDs, batteries and other advanced applications.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.38

09 Nov
2026

0.010

OPEN

$0.37

2.70%

HIGH

$0.39

16,499,547

LOW

$0.36

TARGET
$1.033 171.9% upside
OTHER COMPANIES IN THE SAME SECTOR
AAI . AEM . ALU . CAA . CAY . LIN . RIO .
FNARENA'S MARKET CONSENSUS FORECASTS
A4N: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx - 3.4 - 4.5 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 © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx-3.4
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx0.7 M
Book Value Per Share xxxxxxxxxxxxxxx28.3
Net Operating Cash Flow xxxxxxxxxxxxxxx-34.5 M
Net Profit Margin xxxxxxxxxxxxxxx-5,709.24 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx-13.54 %
Return on Invested Capital xxxxxxxxxxxxxxx-12.98 %
Return on Assets xxxxxxxxxxxxxxx-10.69 %
Return on Equity xxxxxxxxxxxxxxx-13.54 %
Return on Total Capital xxxxxxxxxxxxxxx-14.18 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-200.9 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx1 M
Long Term Debt xxxxxxxxxxxxxxx27 M
Total Debt xxxxxxxxxxxxxxx28 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx161 M
Price To Book Value xxxxxxxxxxxxxxx2.30

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx166.5 M
Capex % of Sales xxxxxxxxxxxxxxx22,278.66 %
Cost of Goods Sold xxxxxxxxxxxxxxx41 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx7 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4 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

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxxxxxxxxxx xxx

$xx.xx

xx.xx%

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Bell Potter

03/11/2026

1

Speculative Buy

$1.20

215.79%

Bell Potter notes Alpha HPA's 1Q27 report showed management has started the drawdown process of $160m in committed debt from the Export Finance Australia managed Critical Minerals facility.

Quarter-end cash was $81m versus $161m previously with -$30m in debt unchanged. The analyst estimates around $320m has been invested to the end of the quarter with around $380m yet to be spent.

Notably, Stage 2 continues to move ahead with the Orica pipe bridge installation and energisation of permanent plant expected in the current quarter.

A South Korean ceramics 1,400tpa letter of intent moves to a MOU of up to 1,700tpa, as well as a semiconductor materials LOI.

No change to Speculative Buy rating with a lower target of $1.20 from $1.50.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -5.90 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -4.50 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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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

30/07/2026

1

Speculative Buy

$1.20

215.79%

Canaccord Genuity maintains a Speculative Buy rating for Alpha HPA with a $1.20 target price following a fourth-quarter update confirming Stage 2 construction and capital expenditure guidance remain on track at $699m.

Stage 2 nameplate capacity increased 17% to 12,230tpa based on Stage 1 performance, driving a 14% lift in steady-state revenue.

Non-binding letters of intent now exceed 12,000 tonnes as semiconductor demand accelerates, lifting long-term steady-state FY32 EBITDA forecasts 13% to $314m.

The analyst views debt accessibility and unchanged capex guidance as key catalysts reducing market concerns while providing operating leverage at full plant run rate.
Access Extra Coverage Research History >

A4N STOCK CHART

FNArena News on A4N

1
Rudi’s View: High Conviction ASX Opportunities

Oct 29 2026 - Rudi's View
2
Rudi’s View: Quality At Home, Value Abroad

Oct 22 2026 - Rudi's View
3
Small Cap Alpha HPA Taps AI Boom

Sep 28 2026 - Small Caps
4
FNArena Corporate Results Monitor – 01-09-2026

Sep 01 2026 - Australia
5
Australian Broker Call *Extra* Edition – Jul 30, 2026

Jul 30 2026 - Daily Market Reports

Latest Aluminium, Bauxite & Alumina News

1
Small Cap Alpha HPA Taps AI Boom

Sep 28 2026 - Small Caps
2
Is Aluminium Pivoting Towards A Structural Bull Market?

Sep 14 2021 - Commodities
3
Weekly Ratings, Targets, Forecast Changes – 17-07-20

Jul 20 2020 - Weekly Reports
4
Treasure Chest: Can Alumina Maintain Dividends?

Jul 11 2019 - Treasure Chest
5
Alumina Strikes Record Earnings, Dividend

Feb 25 2019 - Australia
6
Treasure Chest: More Upside For Alumina?

Apr 19 2018 - Treasure Chest
7
Weekly Ratings, Targets, Forecast Changes

Dec 12 2016 - Weekly Reports
8
Material Matters: US Energy, Coal, Chrome, Steel And Oz Miners

Nov 17 2016 - Commodities
9
Alumina Ltd Cuts A Better Deal From JV

Sep 05 2016 - Australia
10
Alumina Ltd Basks In Higher Margins

Jul 13 2016 - Australia