Fluence Valuation

Q: What is the Fair Price of FLC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

FLC (A$0.08) is trading below our estimate of [[fair value]] (A$0.75)

Is FLC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FLC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FLC (A$0.08) is trading below our estimate of fair value (A$0.75)

Significantly Below Fair Value: FLC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FLC?

Key metric: As FLC is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for FLC. This is calculated by dividing FLC's market cap by their current revenue.
What is FLC's PS Ratio?
PS Ratio	0.9x
Sales	US$59.59m
Market Cap	US$56.20m

FLC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1x
Enterprise Value/EBITDA	-8.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does FLC's PS Ratio compare to its peers?

The above table shows the PS ratio for FLC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2.7x
D2O Duxton Water	7.1x	-6.2%	AU$222.5m
DEM De.mem	1.7x	n/a	AU$41.0m
DEL Delorean	1.4x	n/a	AU$39.7m
TPC TPC Consolidated	0.7x	n/a	AU$109.2m
FLC Fluence	0.9x	25.0%	AU$86.5m

Price-To-Sales vs Peers: FLC is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (2.7x).

Price to Sales Ratio vs Industry

How does FLC's PS Ratio compare vs other companies in the Global Water Utilities Industry?

13 Companies	Price / Sales	Estimated Growth	Market Cap

13 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: FLC is good value based on its Price-To-Sales Ratio (0.9x) compared to the Global Water Utilities industry average (1.9x).

Price to Sales Ratio vs Fair Ratio

What is FLC's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FLC PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.9x
Fair PS Ratio	1.1x

Price-To-Sales vs Fair Ratio: FLC is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (1.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FLC forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	AU$0.08	AU$0.0015 -98.1%	34.0%	AU$0.002	AU$0.001	n/a	2
Nov ’25	AU$0.072	AU$0.0017 -97.7%	39.4%	AU$0.0023	AU$0.001	n/a	2
Oct ’25	AU$0.091	AU$0.0018 -98.0%	28.8%	AU$0.0023	AU$0.0013	n/a	2
Sep ’25	AU$0.098	AU$0.0018 -98.2%	28.8%	AU$0.0023	AU$0.0013	n/a	2

Analyst Forecast: Target price is lower than the current share price.

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