- After a rough start following its IPO, the stock price of Chrysos Corporation has soared.
- The company’s latest Quarterly results showed revenue increases of 57% year over year.
- The stock price reversed its upward trend, falling 16.6% over the last month.
The Chrysos Corporation debuted on the ASX on 5 May of 2022, heralded as a disruptor in the field of mining assaying technology with its revolutionary PhotonAssay™ technology, used to assay gold, silver, and copper. Following an initial drop, the share price has climbed 32.3% since listing and 63.8% year over year.
The company’s PhotonAssay™ technology was developed by the CSIRO (Commonwealth Scientific and Industrial Research Organisation) for gold analysis with forecasted growth of a rise of 20 units deployed in FY 2023 to 38 in FY 2024.
Top Australian Brokers
The company turned profitable in FY 2023, achieving all of its IPO prospectus targets and exceeding its EBITDA (earnings before interest taxes depreciation and amortisation). Revenues rose 89% with a net profit after tax of $433 million dollars, up from an FY 2022 loss of 3,938 million dollars.
Chrysos Corporation Financial Performance
FY 2024 guidance calls for revenues between $48 million dollars and $58 million.
An analyst at Shaw and Partners has a BUY recommendation Chrysos Corporation (C79), calling the share price reaction “overdone” following the results release and delays in installations of Photon Assay™ units as a timing, not a demand issue. Entry levels for investors are “attractive.”
Marketscreener.com has a consensus BUY recommendation on C79 shares, with all three analysts reporting at BUY.
The Wall Street Journal has a consensus BUY recommendation with two analysts at BUY and one at OVERWEIGHT.
Don’t Buy Just Yet
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