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 » 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): 21
Equiv. Shares (M): 2,582

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.008 $ 0.008 $ 0.008 $ 0.008 $ 0.007 6,336,375 $ 0.001  14.286 %

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) $18 M -- -- -- -- -- -- 0.00 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CFU -- -- 2.67 -- 2.42
Market 0.94 15.8 1.24 1.88 1.55
Sector 1.03 10.86 0.97 1.95 0.42

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 Estate Planning

Everyone wants their financial affairs to be in the best possible state when they die so that their loved ones can enjoy the benefits of their legacy without dispute or conflict.

More details...

News

Prices slashed - everything must go!

Nick Swales, Regional Director, Newcastle Office, Rathbones 27/10/2014 | “If you want to have a better performance than the crowd, you must do things differently from the crowd.” Sir John Templeton.

Aussie share market bulls now have company

Ric Spooner (Chief Market Analyst, CMC Markets) 20/10/2014 | Today, Australian investors will not have to go it alone buying stocks as they did for much of last week. Bargain hunters this morning will be supported by the morale boosting encouragement of a 3% turnaround in the German Dax and a 264 point rally in the Dow Jones.

The Importance of Ignoring the Noise of the Market

Carl Richards, director of investor education at the BAM Alliance 17/10/2014 | “As odd as it may sound, the sooner you start treating your investments like you treat life, the happier you’ll be with the outcome.”

You only dance twice

William H. Gross, Janus Capital Group 16/10/2014 | “Financial markets are artificially priced. In the bond market, there is nothing normal about a three year German Bund yielding “minus” 10 basis points.”

The Big Picture - Australia 200 Index

CMC Markets 8/10/2014 | Share market indices around the globe are breaking down. While analysts cast around for reasons, it’s clear that a time factor is in play. Simply put, many investors “feel” a correction is overdue. How low could it go?

Billionaires bankroll Ten's new direction Media Network sees digital future

The Age 19/12/2013 | Ten Network's programming ambitions will be funded by a $200 million loan guaranteed by three of its billionaire owners, as the free-to-air broadcaster declared digital was the future and pointed to early signs that its switch to an older market demographic was working.

More...


Sponsored Links