ADVANCED ENGINEERED MATERIALS LIMITED (AEM)
Share Price Analysis and Chart

02/09/2026

1

Speculative Buy

$0.90

181.25%

Advanced Engineered Materials' June-half sales of just 13t were below Ord Minnett's expectation due to delays at a key customer. A significant ramp-up in sales is expected through 2027.

The broker highlights improving sales visibility from four binding framework agreements and three nearing completion. Management is targeting a 2,000tpa production run-rate by the end of 2027.

The analysts forecast free cash flow (FCF) turning positive in the December half of 2027 and cash bottoming at $7.7m in June 2027, potentially avoiding the need for additional funding.

Speculative Buy and a 90c target price retained.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.80 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.40 cents.

27/08/2026

1

Speculative Buy

$1.15

259.38%

Canaccord Genuity maintains its Speculative Buy rating for Advanced Engineered Materials with its target price maintained at $1.15 following a commercial update covering first-half sales, order books, and tightening high-purity alumina market conditions.

Operational performance featured first-half sales of 12.5t of high-purity alumina generating revenue of $460k (US$317k), up 85% on the prior corresponding period.

The broker observes the unrisked customer pipeline reached US$190m at the end of July, supported by rising project counts and higher average pricing.

The analyst highlights that production of commercial quantities remains highly significant while shares trade at a material discount to replacement cost.