Ceramic Fuel Cells Limited (CFU)



Welcome to InvestSMART

You are currently viewing our site as a guest, which gives you limited access to our site features. By signing up for a free membership, you will receive our Investment Opportunity newsletters and have access to additional features for finding and comparing managed funds and shares. Registration is fast and simple, so please:

Sign Up Today Ľ it's FREE! Already a member? Login now!


General Information
Company Name: Ceramic Fuel Cells Limited
Stock Code: CFU
Website: www.cfcl.com.au
GICS Sub-Industry: Electrical Components & Equipment
Market Cap ($M): 20
Equiv. Shares (M): 2,800

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.007 $ 0.000 $ 0.000 $ 0.000 $ 0.007 0 0%

Company Overview

Business Description:
Ceramic Fuel Cells Limited (CFU) is engaged in the commercial development and demonstration of power generating products based on the company’s ceramic (solid oxide) fuel cell technology. CFU is also developing fully integrated power and heating products with energy companies E.ON UK in the United Kingdom and EWE in Germany.

Strategy Analysis:
CFU is developing SOFC products for small scale on-site micro combined heat and power (m-CHP) and distributed generation units that co-generate electricity and heat for domestic use. The Company's strategy is to become the supplier of choice for reliable and high electrically efficient solid oxide fuel cell products, which manufacturers can easily integrate into micro generation appliances for the European market. CFU is targeting distributed generation, being the micro combined heat and power and auxiliary power markets. Initial target markets are residential houses in Australia and Western Europe, with the company continuing to invest in improvements to its core technology. Collaboration has been announced with FZ Julich, a leading European research institution, which will play a leading role in solid oxide full cell development and commercialisation. Another validation to this strategy was a number of development agreements being signed with leading energy and heating companies over France, Germany, UK and the Benelux. As part of a long term business strategy, a ceramic powder plant was built in the UK for ceramic powders used in proprietary technology. Future opportunities will be explored to make high quality powder for other applications. It is hoped that the company can successfully and efficiently scale up Australian laboratory processes into a successful European plant. The company believes that Asian markets hold significant future potential for their microgeneration technologies and will be seeking prospective collaboration opportunities in this area. Ceramic Fuel Cells reported a net loss of $12.61m for the half-year ended 31 December 2012. Revenues from ordinary activities were $2.59m, down 21.8% from last year. Basic and Diluted EPS was (0.86) cents compared to (1.01) cents last year. The net operating cash outflow was $9.08m compared to an outflow of $12.43m in the pcp. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A -22.2 -1.2 -- 0.0 0.0 0.0 --
2013  A -19.8 -1.3 -- 0.0 0.0 0.0 --
2012  A -32.8 -2.4 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Ceramic Fuel Cells (CFU) $20 M -- -- -- -- -- -- 0.00 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CFU -- -- 2.33 -- 2.12
Market 0.91 15.2 1.19 2.02 1.50
Sector 0.74 10.35 0.91 6.62 0.39

Directors
Name Position Start Date
Mr Clifford Walter Ashby Executive Director 08 October 2013
Mr Robert(Bob) Kennett Managing Director,Chief Executive Officer 24 August 2006
Mr Alasdair Locke Non-Executive Chairman 24 September 2012
Dr Karl Foger Non-Executive Director 01 August 2014

Management
Name Position
Richard Payne Chief Operations Officer
Karl Foger Chief Technology Officer
Glenn Raines Company Secretary
Paddy Thompson General Manager - Business Development
Frank Obernitz Managing Director,CFC GmbH & CFC B.V.

Substantial Shareholders
Holding Name
100,000,000 (6.28%) Hong Kong Three Circle Electronic Company Limited
90,966,090 (5.71%) HSBC Clientholdingsnominee (Uk) Limited

Calendar of Events
Date Event
25 September 2015 Report (Annual)
18 August 2015 Report (Prelim)
02 March 2015 Report (Interim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

Advertisement

Trade Shares Online from $19.95^
Free Guides

The SMH Guide to Investing in Property through Super

An educational booklet on running your own superannuation fund and investing in property.

More details...

News

Markets melt up

By Michael McCarthy (chief market strategist, CMC Markets) 19/12/2014 | Traders and investors caught short heading into the FOMC scrambled for cover in Europe and the US, in many cases driving indices to their best one day performance for 2015.

Aussie Investors take their foot off the accelerator

By Betty Lam (Sales Trader, CMC Markets) 18/12/2014 | Lead by the Fed-fervour offshore, Australians shares jumped on the Yellen cheer wagon. The material and energy stocks were back in vogue as both sectors gained over 3% in morning trade.

Fed Feeds Frenzy

By Michael McCarthy (chief market strategist, CMC Markets) 18/12/2014 | In spite of a frenzied pre-mortem, a benign statement from the US Federal Reserve‚Äôs Open Market Committee and steadying commodity markets drove investors back into share markets overnight. A calmer, stronger ruble helped offset European growth fears, highlighted in the overnight session by further declines in inflation.

Household brands Woolworths and Telstra Heavy Lifting

By Betty Lam (Sales Trader, CMC Markets) 11/12/2014 | Offshore jitters sent ripples through to Australian stocks. The open saw the local equities take 65 points off the index, catalysed by a mass-exit in energy stocks, yet again.

Steady open as Woodside investors wait on details of possible Wheatstone acquisition

By Ric Spooner (Chief Market Analyst, CMC Markets) 10/12/2014 | Yesterday‚Äôs news on Greek politics and China‚Äôs bond market came at a time when US and European stock markets have extended rallies and pushed valuations higher. This makes those markets vulnerable to downward corrections as profit takers act to avoid missing out.

MYEFO and Lima - December could be nasty.

BR Securities Australia Pty Ltd 2/12/2014 | December 2014 could go down as a nasty moment in Australian finance. MYEFO will reveal a deteriorating budget deficit and the UNFCCC meeting in Lima, Peru will provide the agreement, to be ratified in Paris in 2015, on how much (or little) CO2 is to be allowed into the atmosphere from 2020.

More...


Sponsored Links