Mindax Ltd (MDX) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Mindax Ltd stock A$0.03, price A$0.04, that is 20.0% below the price, quality 32 out of 100. Rating: overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.
Mindax Limited engages in the exploration and development of mineral properties in Australia.
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The company operates in two segments, Gold and Iron Ore. Its flagship property is the 65% owned Mt Forrest Iron project, including seven mining leases covering an area of approximately 53 square kilometers situated in the Yilgarn province of Western Australia's Mid-West region.
The company was incorporated in 2003 and is based in West Perth, Australia.
Stock analysis
Mindax Ltd (MDX) currently trades at A$0.0350, while our model-based Fair Value estimate is A$0.0280, 20% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 80/100, which puts the data coverage at low.
Quality & growth
The Quality Score stands at 32/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Mindax Ltd reported revenue of A$52.6K in FY2025 versus A$9 in FY2020, a compound +466.7%/yr. Reported net income was −A$2.9M in FY2025.
Key figures
Market cap A$95.8M (≈ $66.0M) Micro · Return on equity −11.7% · Return on assets (EBIT) −15.7% (5-year average) · Revenue growth (YoY) −25.6% · Free cash flow −A$1.9M · Net cash A$1.3M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 106% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −12% fair-value upside, at −20%, MDX screens richer than that median.
Fair Value models
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
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 inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+1,656.5%
Revenue growth 3 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.
−4.3%
Revenue growth 21 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.
+11.9%
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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.
−6,512,455.6% (2020) → −5,081.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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.Gold · 206 stocks
Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−20.0% · Above median
Profitability
Return on assets−8.4% · Bottom 25%
Operating margin (12 months)0.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)−25.6% · Bottom 25%
Balance sheet
Debt / equity0.00× · Below median
Valuation Multiplesvs Gold median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Mindax Ltd Fair Value". https://www.fairvalue-calculator.com/stock/MDX
Frequently asked questions
Is Mindax Ltd (MDX) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of A$0.0280 versus a price of A$0.0350, about 20% lower (overvalued).
What is the fair value of MDX?
Our model-based fair value for Mindax Ltd is A$0.0280 (as of Nov 9, 2026), built from audited fundamentals. The current price: A$0.0350.
What is the quality score of MDX?
Mindax Ltd has a Quality Score of 32/100. 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 Mindax Ltd (MDX)?
Our model-based price target is the fair value of A$0.0280 (as of Nov 9, 2026) from 1 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Mindax Ltd stock forecast for 2026?
Our models put fair value at A$0.0280, about 20% lower versus a price of A$0.0350 (overvalued). The calculation is refreshed regularly with new filings.
What is the intrinsic value of Mindax Ltd (MDX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mindax Ltd it is A$0.0280 per share (as of Nov 9, 2026), against a price of A$0.0350. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Mindax Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, MDX trades above its calculated fair value: price A$0.0350, fair value A$0.0280, a gap of about −20% (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 MDX?
No. The price is what the market pays today (A$0.0350); the fair value is what the company's own numbers justify (A$0.0280). For Mindax Ltd the two are A$0.0070 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mindax Ltd worth?
The market values Mindax Ltd at about A$95.8M (market capitalisation, as of Nov 9, 2026). Per share that is A$0.0350; our models calculate a fair value of A$0.0280 per share.
How solid is the balance sheet of Mindax Ltd (MDX)?
Balance-sheet figures for Mindax Ltd (as of Nov 9, 2026): return on equity −11.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is MDX from its 52-week high?
Mindax Ltd trades at A$0.0350, about 30% below its 52-week high of A$0.0500 and 106% above the low of A$0.0170 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.0280 is for.
Which stocks are comparable to Mindax Ltd?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, 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 Mindax Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price A$0.0350, calculated fair value A$0.0280 (−20%), Quality Score 32/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MDX calculated?
We run Mindax Ltd through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of A$0.0280 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Mindax 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 Mindax Ltd (MDX)?
The closing price on Nov 9, 2026 was A$0.0350. Our model-based fair value is A$0.0280, about 20% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mindax Ltd right now?
Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Mindax Ltd
How large is the market capitalisation of Mindax Ltd (MDX)?
The market capitalisation of Mindax Ltd is A$95.8M (≈ $66.0M). 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 is the return on equity of Mindax Ltd (MDX)?
The return on equity (ROE) of Mindax Ltd is −11.7% (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 Mindax Ltd (MDX)?
On an EBIT basis the return on assets of Mindax Ltd is −15.7% (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.
How fast is revenue growing at Mindax Ltd (MDX)?
Revenue at Mindax Ltd is growing −25.6% versus a year earlier (3y avg −4.3%). 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 Mindax Ltd (MDX) generate?
The free cash flow of Mindax Ltd is −A$1.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Mindax Ltd (MDX) hold?
Mindax Ltd holds more cash than debt, A$1.3M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 9, 2026
