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Carnaby Resources Ltd (CNB) fair value: what the stock is really worth

As of Oct 30, 2026: fair value (intrinsic value) of Carnaby Resources Ltd stock A$0.39, price A$0.79, that is 51.1% below the price, quality 26 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Basic Materials AU · ISIN AU0000046203

CR Carnaby Resources Ltd logo Thin data Nov 10, 2026

Carnaby Resources Ltd

CNB · AU
Very expensive, weak quality

Our calculation puts a fair price 51% below what the stock costs today.

Revenue last quarter 15% below a year ago.
Fair value A$0.3866 · Strongly overvalued
Quality 26/100
Weak Growth (revenue YoY −35.7 %/yr in AUD)
Negative free cash flow
Trails peers (0/6)
Narrow moat 10/100 · thin data
Thin data
⟳ CyclicalEstimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

A$2.03 A$0.2300 Fair Value A$0.3866 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range A$0.2300 – A$2.03 · fair‑value band A$0.2900 – A$0.4833 · the A$0.7900 price screens above the A$0.3866 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Carnaby Resources Limited, together with its subsidiaries, engages in the exploration and development of mineral properties in Australia. The company explores for gold, lithium, copper, nickel, platinum group elements, and base metal deposits.

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Its flagship property is the Greater Duchess Copper Gold Project covering an area of approximately 1,924 square kilometers located in Queensland. The company was formerly known as Berkut Minerals Limited and changed its name to Carnaby Resources Limited in May 2019.

Carnaby Resources Limited was incorporated in 2016 and is based in Subiaco, Australia.

Stock analysis

Carnaby Resources Ltd (CNB) currently trades at A$0.7900, while our estimate is A$0.3866, 51% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: A$0.2900 (bear) to A$0.4833 (bull), the price of A$0.7900 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 26/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Carnaby Resources Ltd reported revenue of A$535K in FY2025 versus A$4.4M in FY2021, a compound −40.9%/yr. Reported net income was −A$9.5M in FY2026.

Key figures

Market cap A$218M (≈ $150M) Micro · EPS (TTM) A$−0.0400 · Return on equity −23.6% · Return on assets (EBIT) −29.7% (5-year average) · Operating margin −1,144% · Revenue (TTM) A$456K · Revenue growth (YoY) −14.7% · Free cash flow −A$17.4M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 24% below its 52-week high and 132% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at −51%, CNB screens richer than that median.

Fair Value

Bear A$0.2900 Fair Value A$0.3866 Bull A$0.4833
Price A$0.7900 · Downside -51.1%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 26/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 11
Are margins and returns getting better?
Cashflow 10
Do the profits arrive as real cash?
Financial strength 92
Debt, balance sheet and risk of trouble
Investment 29
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 76
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 82
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue growth is weak, negative or inconsistent.
Revenue growth 1 year
−35.7%
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+37.7%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−10,097.7% (2020) → −1,559.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

CNB screens overvalued: fair value 51% below the price. Compare with PT Amman Mineral Internasional Tbk →

Compare Carnaby Resources Ltd with another stock

Price, fair value, quality and upside side by side.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Precious Metals & Mining · 150 stocks

Beats the industry median on 0/5 measures
Overall it trails its industry peers.
Valuation
Quality Score 26 · Bottom 25%
Fair Value upside −51.1% · Bottom 25%
Profitability
Return on assets −20.1% · Below median
Growth and dividend
Revenue growth (quarter YoY) −14.7% · Bottom 25%

Valuation Multiplesvs Other Precious Metals & Mining median · lower = cheaper

P/B 4.92× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Other Precious Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Sibanye Stillwater Limited SBSW $9.36 $12.73 +36% vs CNB
Hecla Mining Company HL $14.29 $16.21 +13% vs CNB
Triple Flag Precious Metals Corp TFPM $32.15 $32.54 +1% vs CNB
Compañía de Minas Buenaventura S.A. BVN $27.08 $26.98 +0% vs CNB
International Gemological Institute Limited IGIL ₹426.80 ₹338.90 −21% vs CNB
Perpetua Resources Corp PPTA $19.33 $15.34 −21% vs CNB
Sino-Platinum Metals Co 600459 ¥16.98 ¥13.23 −22% vs CNB
China Gold International Resources Corp CGG C$32.07 C$15.00 −53% vs CNB
Artemis Gold Inc ARTG C$40.87 C$15.63 −62% vs CNB
PT Amman Mineral Internasional Tbk AMMN 3,730 IDR 881.70 IDR −76% vs CNB

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Carnaby Resources Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Carnaby Resources Ltd Fair Value". https://www.fairvalue-calculator.com/stock/CNB

Frequently asked questions

Is Carnaby Resources Ltd (CNB) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is A$0.3866 versus the last price from Oct 30, 2026 of A$0.7900, about 51% lower (overvalued).
What is the fair value of CNB?
Our estimate for Carnaby Resources Ltd is A$0.3866 (as of Nov 10, 2026), built from audited fundamentals. Last price (from Oct 30, 2026): A$0.7900.
What is the quality score of CNB?
Carnaby Resources Ltd has a Quality Score of 26/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Carnaby Resources Ltd (CNB)?
Our calculated price target is the estimate of A$0.3866 (as of Nov 10, 2026). Cautious scenario A$0.2900, optimistic scenario A$0.4833. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Carnaby Resources Ltd stock forecast for 2026?
Our estimate puts fair value at A$0.3866, about 51% lower versus the last price from Oct 30, 2026 of A$0.7900 (overvalued). Cautious scenario A$0.2900, optimistic scenario A$0.4833. The calculation is refreshed regularly with new filings.
What is the revenue of Carnaby Resources Ltd (CNB)?
Carnaby Resources Ltd reported trailing-twelve-month revenue of about A$456K (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Carnaby Resources Ltd (CNB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Carnaby Resources Ltd it is A$0.3866 per share (as of Nov 10, 2026), against a price of A$0.7900.
Is Carnaby Resources Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, CNB trades above its calculated fair value: price A$0.7900, fair value A$0.3866, a gap of about −51% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CNB?
No. The price is what the market pays today (A$0.7900); the fair value is what the company's own numbers justify (A$0.3866). For Carnaby Resources Ltd the two are A$0.4034 per share apart. That gap is exactly why we show both numbers side by side.
How much is Carnaby Resources Ltd worth?
The market values Carnaby Resources Ltd at about A$218M (market capitalisation, as of Nov 10, 2026). Per share that is A$0.7900; our models calculate a fair value of A$0.3866 per share.
What do the bullish and bearish scenarios say about CNB?
Our models span a range for Carnaby Resources Ltd: cautious scenario A$0.2900, base A$0.3866, optimistic A$0.4833 per share (as of Nov 10, 2026, price A$0.7900). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Carnaby Resources Ltd (CNB)?
Balance-sheet figures for Carnaby Resources Ltd (as of Nov 10, 2026): return on equity −23.6%. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is CNB from its 52-week high?
Carnaby Resources Ltd trades at A$0.7900, about 24% below its 52-week high of A$1.04 and 132% above the low of A$0.3400 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.3866 is for.
Which stocks are comparable to Carnaby Resources Ltd?
From the same area (Basic Materials) we also value PT Amman Mineral Internasional Tbk, Hecla Mining Company, China Gold International Resources Corp, Compañía de Minas Buenaventura S.A., among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Carnaby Resources Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price A$0.7900, calculated fair value A$0.3866 (−51%), Quality Score 26/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Carnaby Resources Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Carnaby Resources Ltd (CNB)?
The latest price we hold is from Oct 30, 2026 and stands at A$0.7900. Our estimate is A$0.3866, about 51% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Carnaby Resources Ltd right now?
The price sits above even our optimistic bull case (A$0.4833). The favourable scenario is already priced in. Weak quality (26/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Carnaby Resources Ltd

How large is the market capitalisation of Carnaby Resources Ltd (CNB)?
The market capitalisation of Carnaby Resources Ltd is A$218M (≈ $150M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Carnaby Resources Ltd (CNB)?
Earnings per share at Carnaby Resources Ltd are A$−0.0400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Carnaby Resources Ltd (CNB)?
The return on equity (ROE) of Carnaby Resources Ltd is −23.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Carnaby Resources Ltd (CNB)?
On an EBIT basis the return on assets of Carnaby Resources Ltd is −29.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Carnaby Resources Ltd (CNB)?
The operating margin of Carnaby Resources Ltd is −1,144% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Carnaby Resources Ltd (CNB)?
Revenue at Carnaby Resources Ltd is growing −14.7% versus a year earlier (3y avg +125%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Carnaby Resources Ltd (CNB) generate?
The free cash flow of Carnaby Resources Ltd is −A$17.4M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Carnaby Resources Ltd (CNB) hold?
Carnaby Resources Ltd holds more cash than debt, A$9.3M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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