ASX:MX1

Stock Analysis Report

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Executive Summary

Micro-X Limited designs, develops, and manufactures ultra-lightweight carbon nano tube based X-ray products for the healthcare and improvised explosive device imaging security markets in Australia.


Snowflake Analysis

Excellent balance sheet with limited growth.

Share Price & News

How has Micro-X's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MX1's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-3.6%

MX1

0.03%

AU Medical Equipment

4.0%

AU Market


1 Year Return

-44.9%

MX1

11.4%

AU Medical Equipment

-7.0%

AU Market

Return vs Industry: MX1 underperformed the Australian Medical Equipment industry which returned 12.9% over the past year.

Return vs Market: MX1 underperformed the Australian Market which returned -6.6% over the past year.


Shareholder returns

MX1IndustryMarket
7 Day-3.6%0.03%4.0%
30 Day-3.6%9.5%12.2%
90 Day-35.7%2.8%-2.5%
1 Year-43.8%-44.9%13.3%11.4%-3.1%-7.0%
3 Year-68.0%-68.6%43.1%36.4%19.0%3.3%
5 Yearn/a95.9%80.7%33.9%5.0%

Price Volatility Vs. Market

How volatile is Micro-X's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Micro-X undervalued compared to its fair value and its price relative to the market?

4.75x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate MX1's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate MX1's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: MX1 is unprofitable, so we can't compare its PE Ratio to the Medical Equipment industry average.

PE vs Market: MX1 is unprofitable, so we can't compare its PE Ratio to the Australian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MX1's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MX1 is overvalued based on its PB Ratio (4.8x) compared to the AU Medical Equipment industry average (4.5x).


Next Steps

Future Growth

How is Micro-X forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

67.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MX1 is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: MX1 is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: MX1 is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: MX1's revenue (104% per year) is forecast to grow faster than the Australian market (4.2% per year).

High Growth Revenue: MX1's revenue (104% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MX1 is forecast to be unprofitable in 3 years.


Next Steps

Past Performance

How has Micro-X performed over the past 5 years?

-1.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MX1 is currently unprofitable.

Growing Profit Margin: MX1 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: MX1 is unprofitable, and losses have increased over the past 5 years at a rate of -1% per year.

Accelerating Growth: Unable to compare MX1's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MX1 is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (14.7%).


Return on Equity

High ROE: MX1 has a negative Return on Equity (-107.8%), as it is currently unprofitable.


Next Steps

Financial Health

How is Micro-X's financial position?


Financial Position Analysis

Short Term Liabilities: MX1's short term assets (A$16.1M) exceed its short term liabilities (A$7.7M).

Long Term Liabilities: MX1's short term assets (A$16.1M) exceed its long term liabilities (A$10.3M).


Debt to Equity History and Analysis

Debt Level: MX1's debt to equity ratio (107.3%) is considered high.

Reducing Debt: MX1 had negative shareholder equity 5 years ago, but is now positive and has therefore improved.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MX1 has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: MX1 has sufficient cash runway for 1.3 years if free cash flow continues to reduce at historical rates of 8% each year.


Next Steps

Dividend

What is Micro-X's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate MX1's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MX1's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MX1's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MX1's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MX1's dividend in 3 years as they are not forecast to pay a notable one for the Australian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.3yrs

Average management tenure


CEO

Peter Rowland

5.75yrs

Tenure

AU$303,863

Compensation

Mr. Peter Robin Rowland, BSc., MBA, MIET, CEng, FAICD, serves as Managing Director, Executive Director and Chief Executive Officer of Micro-X Limited. Mr. Rowland is a laser industry veteran with experienc ...


CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD210.84K) is about average for companies of similar size in the Australian market ($USD261.38K).

Compensation vs Earnings: Peter's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Peter Rowland
MD, CEO & Director5.75yrsAU$303.86k3.63% A$1.7m
Georgina Carpendale
Head of Strategy & Transformation0.083yrAU$183.20k0.0053% A$2.6k
Kingsley Hall
CFO & Company Secretary0.33yrno datano data
Brian Gonzales
Chief Imaging Scientistno datano datano data

0.3yrs

Average Tenure

Experienced Management: MX1's management team is not considered experienced ( 0.3 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Peter Rowland
MD, CEO & Director5.75yrsAU$303.86k3.63% A$1.7m
Yasmin King
Independent Non-Executive Director3.5yrsAU$50.81k0.018% A$8.6k
David John Knox
Non-Executive Director0.17yrno data0.070% A$33.8k
Patrick O'Brien
Independent Non Executive Chairman4.83yrsAU$64.35k2.17% A$1.0m
Alexander Gosling
Independent Non-Executive Director4.83yrsAU$42.90k0.13% A$61.6k

4.8yrs

Average Tenure

Experienced Board: MX1's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MX1 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 135.4%.


Top Shareholders

Company Information

Micro-X Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Micro-X Limited
  • Ticker: MX1
  • Exchange: ASX
  • Founded: 2011
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Market Cap: AU$48.218m
  • Shares outstanding: 357.17m
  • Website: https://www.micro-x.com

Location

  • Micro-X Limited
  • A14, 6 MAB Eastern Promenade
  • 1284 South Road
  • Tonsley
  • South Australia
  • 5042
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MX1ASX (Australian Securities Exchange)YesOrdinary SharesAUAUDDec 2015
MX1CHIA (Chi-X Australia)YesOrdinary SharesAUAUDDec 2015

Biography

Micro-X Limited designs, develops, and manufactures ultra-lightweight carbon nano tube based X-ray products for the healthcare and improvised explosive device imaging security markets in Australia. The company offers Carestream DRX Revolution Nano, an ultra-lightweight digital mobile X-ray system for use in hospital wards and intensive care units. It is also developing Mobile Backscatter Imager, a small lightweight system for stand-off imaging of improvised explosive devices, as well as Rover for use in military medical facilities. The company was founded in 2011 and is based in Tonsley, Australia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/05 06:15
End of Day Share Price2020/06/04 00:00
Earnings2019/12/31
Annual Earnings2019/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.