Central Asia Metals plc (CAML.L) valuation at a glance
- Price
- $2.18
- Forward P/E
- 5.7×
- Market cap
- $389M
CompaniesCAML.L
CAML.L
Central Asia Metals plc
Basic MaterialsCopperKazakhstanNorth MacedoniaAIM
Overview
$2.18-0.3%
Market Cap
$389M
Interim results RNS 1352S 2026-08-26 (six months to
P/E (TTM)
–
Interim results RNS 1352S 2026-08-26 (six months to
Rev Growth YoY
–
Interim results RNS 1352S 2026-08-26 (six months to
Gross Margin
50.7%
Interim results RNS 1352S 2026-08-26 (six months to
FCF Yield
11.5%
Calculated from Interim results RNS 1352S 2026-08-26 (six months to
Fair Value
Not established
Yahoo v8 chart CAML
Conviction
3/5Debt-free AIM copper and zinc producer with 96.3M USD net cash at 2026-06-30, now offering all-scrip for Cygnus at roughly 44.5% dilution.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 92/100
Value2/2
Futuren/a
Past3/3
Health4/4
Dividend2/3
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Central Asia Metals operates two producing assets, the Kounrad SX-EW copper dump-leach operation in Kazakhstan and the Sasa underground zinc-lead mine in North Macedonia. H1 2026 revenue was 145.507M USD, up 46.3% from 99.452M USD in H1 2025, on an average realised copper price of 13,171 USD/t, and profit for the period was 38.134M USD with EPS of 22.12 US cents on a 172,895,098 weighted-average share count. The balance sheet carried 97.211M USD of cash against 0.894M USD of borrowings, a current unsecured bank overdraft, leaving net cash of 96.3M USD against equity of 297.4M USD. Operating cash flow of 51.501M USD less 9.490M USD of PP&E capex gives clean free cash flow of about 42.0M USD; management's adjusted 46.773M USD figure includes a 5.058M USD Kazakh withholding-tax timing add-back, and the clean number is used here. The interim dividend was raised to 8.0p from 4.5p. Against that, the pending all-scrip Cygnus Metals acquisition would issue 79,189,582 new shares, about 44.5% of the 177,904,281 shares in issue, and remains conditional on Kazakh regulatory consent.
Bull Case
Balance sheetAt 2026-06-30 the group reported 97.211M USD of cash against 0.894M USD of borrowings, an unsecured bank overdraft, for net cash of 96.3M USD versus 297.4M USD of equity.
Cash generationH1 2026 operating cash flow of 51.501M USD against 9.490M USD of PP&E capex left roughly 42.0M USD of clean free cash flow, funding an interim dividend raised to 8.0p from 4.5p.
Operating leverageH1 2026 revenue of 145.507M USD was 46.3% above the 99.452M USD of H1 2025, driven by an average realised copper price of 13,171 USD/t.
Bear Case
DilutionThe Cygnus offer of 0.06 New CAML shares per Cygnus share implies 79,189,582 new shares, about 44.5% of the 177,904,281 shares in issue at 2026-06-30, with incoming holders at roughly 30.8% of the enlarged capital.
Commodity priceThe H1 2026 step-up rested on a realised copper price of 13,171 USD/t, a level that is not contracted and that the company does not control.
Asset concentrationAll current production comes from two assets, Kounrad in Kazakhstan and Sasa in North Macedonia, and the Cygnus target is a development-stage project at Chibougamau in Quebec rather than added output.
Key Metrics
Market Cap
$389M
Interim results RNS 1352S 2026-08-26 (six months to
Enterprise Value
$276M
Calculated from Interim results RNS 1352S 2026-08-26 (six months to
Revenue (TTM)
–
Interim results RNS 1352S 2026-08-26 (six months to
P/E (TTM)
–
Interim results RNS 1352S 2026-08-26 (six months to
Forward P/E
5.7×
Yahoo v8 chart CAML
P/S (TTM)
–
Interim results RNS 1352S 2026-08-26 (six months to
P/B
0.9×
Interim results RNS 1352S 2026-08-26 (six months to
EV/EBITDA
1.4×
Calculated from Interim results RNS 1352S 2026-08-26 (six months to
PEG
–
Calculated from Interim results RNS 1352S 2026-08-26 (six months to
Revenue Growth
–
Interim results RNS 1352S 2026-08-26 (six months to
Gross Margin
50.7%
Interim results RNS 1352S 2026-08-26 (six months to
Operating Margin
42.5%
Interim results RNS 1352S 2026-08-26 (six months to
Net Margin
–
Interim results RNS 1352S 2026-08-26 (six months to
Free Cash Flow
$43M
Interim results RNS 1352S 2026-08-26 (six months to
FCF Yield
11.5%
Calculated from Interim results RNS 1352S 2026-08-26 (six months to
Debt / Equity
0.0×
Interim results RNS 1352S 2026-08-26 (six months to
Current Ratio
3.4×
Interim results RNS 1352S 2026-08-26 (six months to
Short Interest
–
Interim results RNS 1352S 2026-08-26 (six months to
Institutional Own.
69.6%
Interim results RNS 1352S 2026-08-26 (six months to
Insider Own.
1.6%
Interim results RNS 1352S 2026-08-26 (six months to
Shares Out.
177.9M
Interim results RNS 1352S 2026-08-26 (six months to
Float
159.8M
Interim results RNS 1352S 2026-08-26 (six months to
Valuation
Price vs Fair Value
Now $2.18
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CAML.L | $279M | – | 1.0× | 1.4× | +46.0% | 51.0% | -17.0% |
| ATYM.L | $1.50B | 16.3× | 3.0× | 6.5× | +19.0% | 45.0% | 22.0% |
| ANTO.L | $36.24B | 29.4× | 3.9× | 8.1× | +18.0% | 54.0% | 18.0% |
| HOC.L | $3.10B | 14.0× | 2.1× | 3.7× | +62.0% | 53.0% | 20.0% |
| CS.TO | $10.76B | 16.4× | 4.0× | 12.2× | +36.0% | 49.0% | 18.0% |
| ERO.TO | $4.83B | 11.3× | 4.6× | 10.0× | +74.0% | 43.0% | 30.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 220.9 | 203.5 | 214.4 | 229.9 |
| Cost of Revenue | 89.4 | 103.9 | 110.4 | 126.3 |
| Gross Profit | 131.4 | 99.5 | 104.0 | 103.6 |
| Operating Income | 104.4 | 68.0 | 71.3 | 63.5 |
| EBITDA | 83.9 | 94.9 | 106.5 | (25.5) |
| Net Income | 33.8 | 37.1 | 51.4 | (75.1) |
| Diluted EPS | 0.18 | 0.20 | 0.27 | -0.43 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 60.3 | 56.8 | 67.3 | 79.7 |
| Total Assets | 443.0 | 465.2 | 443.9 | 384.8 |
| Total Debt | 1.7 | 1.8 | 1.7 | 2.2 |
| Total Liabilities | 74.9 | 94.6 | 88.6 | 100.6 |
| Shareholders' Equity | 369.4 | 371.9 | 356.8 | 284.6 |
| Shares Out. (M) | 173.7 | 174.0 | 174.6 | 172.1 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 99.8 | 65.0 | 74.3 | 63.7 |
| Capital Expenditure | (17.5) | (27.9) | (21.2) | (20.7) |
| Free Cash Flow | 82.4 | 37.2 | 53.0 | 42.9 |
| Investing Cash Flow | (13.7) | (26.0) | (22.7) | (14.8) |
| Financing Cash Flow | (81.5) | (42.6) | (41.0) | (36.5) |
Figures normalized from CENTRAL ASIA METALS PLC ORD USD's most recent annual report and exchange data. USD millions; EPS and share count per their units. Annual periods. Source: Interim results ↗
Catalysts
by 2026-10-01 statutory deadline
Regulatoryhigh relevance
Kazakh regulatory consent for the Cygnus scheme
The RNS of 2026-09-14 recorded Kazakhstan regulatory consent as still outstanding, with a statutory decision deadline of 2026-10-01; completion in early October is the optimistic case.
September 2026
Corporatehigh relevance
Cygnus scheme meeting and Second Court Date
The Cygnus Scheme Meeting was set for 2026-09-18 and the Second Court Date for 2026-09-23, following the EGM of 2026-09-04 that approved the authority to allot New CAML Shares.
October 2026
Corporate
Interim dividend payment
An interim dividend of 8.0p per share, up from 4.5p in H1 2025 and worth about 18.8M USD, carries a record date of 2026-09-25 and a payment date of 2026-10-22.
on or after completion
Corporate
TSX listing of New CAML Shares
CAML received conditional TSX listing approval on 2026-09-01, and New CAML Shares are to be electable as either TSX- or AIM-tradable.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| All-scrip issuance for Cygnus dilutes existing holders by roughly 44.5% of shares in issue | Financial | High | High | Per-share earnings, cash and dividend cover are all spread across a materially larger share count while the acquired asset is pre-production. |
| Kazakh regulatory consent for the scheme remains outstanding | Regulatory | Medium | Medium | The transaction cannot complete without it; a break fee of A$2.3M applies each way and the timetable slips past the stated early October case. |
| Country and asset concentration across Kazakhstan and North Macedonia | Operational | High | Medium | Two producing assets carry the whole revenue line, so a permitting, tailings or political event at either one removes a large share of group cash flow. |
| Realised metal prices set the result | Market/Macro | High | High | H1 2026 revenue growth of 46.3% tracked an average realised copper price of 13,171 USD/t; a reversion compresses revenue and the free cash flow that funds the dividend. |
| No buyback support is currently in place | Market/Macro | Low | High | The 10M USD programme announced 2025-09-10 completed on 2026-03-04, with 4.76M USD and 1,681,181 shares falling in H1 2026 at a 2.07 GBP VWAP; no programme is running now. |
Technical Snapshot
52-Week Range
–$2.18–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: Interim results RNS 1352S 2026-08-26 (six months to . See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
UNVERIFIED. Insider and substantial shareholder percentages were not confirmed from a primary document in this research pass. The company's AIM Rule 26 page at https://www.centralasiametals.com/investors/aim-rule-26/ and the latest annual report carry the significant shareholder table and directors' interests. Separately, if the Cygnus scheme completes, incoming Cygnus holders would hold about 30.8% of the enlarged share capital.
Detailed insider transactions unavailable
This research record does not include a transaction-level table.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CAML.L | $279M | – | 1.0× | 1.4× | +46.0% | 51.0% | -17.0% |
| ATYM.L | $1.50B | 16.3× | 3.0× | 6.5× | +19.0% | 45.0% | 22.0% |
| ANTO.L | $36.24B | 29.4× | 3.9× | 8.1× | +18.0% | 54.0% | 18.0% |
| HOC.L | $3.10B | 14.0× | 2.1× | 3.7× | +62.0% | 53.0% | 20.0% |
| CS.TO | $10.76B | 16.4× | 4.0× | 12.2× | +36.0% | 49.0% | 18.0% |
| ERO.TO | $4.83B | 11.3× | 4.6× | 10.0× | +74.0% | 43.0% | 30.0% |
Recognizable sector comparables. Source basis: Interim results RNS 1352S 2026-08-26 (six months to ; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17RNS
H1 2026 interim results show record revenue and net cash
The interim results RNS of 2026-08-26 reported revenue of 145.507M USD for the six months to 2026-06-30, up 46.3% year on year, and profit for the period of 38.134M USD with EPS of 22.12 US cents. Cash stood at 97.211M USD against 0.894M USD of borrowings, and the interim dividend was raised to 8.0p from 4.5p. Clean free cash flow, operating cash flow of 51.501M USD less 9.490M USD of PP&E capex, was about 42.0M USD, below the 46.773M USD adjusted figure that includes a 5.058M USD Kazakh withholding-tax timing add-back.
2026-09-17RNS
Cygnus acquisition is all-scrip and materially dilutive
The 2026-06-02 announcement set terms of 0.06 New CAML shares per Cygnus share, with no cash, no placing and no debt facility, valuing Cygnus at about A$232.3M at A$0.176. The 1,319,826,366 Cygnus shares imply 79,189,582 new CAML shares, about 44.5% of the 177,904,281 shares in issue at 2026-06-30. As of the 2026-09-14 update, Kazakh regulatory consent was still outstanding against a statutory deadline of 2026-10-01.
2026-09-17Research
Valuation and price context
The 2026-09-17 close was 163.19 GBp, which against 177,904,281 shares gives a market capitalisation of about 290.3M GBP, or roughly 388.5M USD, placing the company in the Small cap tier. The Yahoo v8 chart for CAML.L, currency GBp on the LSE, shows a 52-week range of about 125.27 GBp to 244.00 GBp, so the price sits well below the 52-week high. Note that 172,895,098 is the weighted-average EPS denominator, not the share count in issue.
Sources
Central Asia Metals plc valuation questions
What is Central Asia Metals plc's forward P/E ratio?
Central Asia Metals plc (CAML.L) trades at a forward P/E of 5.7×.
What is Central Asia Metals plc's market cap?
Central Asia Metals plc (CAML.L) has a market capitalization (its market value, often searched as "net worth") of $389M, and an enterprise value of $276M.