Noronex Limited (NRX) fair value: what the stock is really worth
As of Nov 3, 2026: fair value (intrinsic value) of Noronex Limited stock A$0.01, price A$0.01, upside +40.0%, quality 66 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range A$0.0080 – A$0.1481 · fair‑value band A$0.0100 – A$0.0160 · the A$0.0100 price screens below the A$0.0140 fair value. As of Nov 4, 2026.
Follow Noronex in your weekly email
Every Wednesday you see whether Noronex is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Noronex Limited engages in the mineral exploration in Australia, Namibia, Botswana, and Canada. It primarily explores uranium and copper deposits. The company's flagship project is the Witvlei Copper project in Namibia.
Show moreShow less
The company was formerly known as Lustrum Minerals Limited and changed its name to Noronex Limited in November 2020. Noronex Limited was incorporated in 2015 and is based in Subiaco, Australia.
Stock analysis
Noronex Limited (NRX) currently trades at A$0.0100, while our model-based Fair Value estimate is A$0.0140, implying the stock looks roughly 28.6% undervalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of A$0.0700 per share, and 9 of the 13 models we run sit above the A$0.0100 price.
Bear case: the Multiples group reads lowest at A$0.0100, and 4 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: A$0.0100 (bear) to A$0.0160 (bull), the price of A$0.0100 sits inside 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 66/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Noronex Limited reported revenue of A$2.3M in FY2026 versus A$8.4K in FY2022, a compound +307.5%/yr. Reported net income was A$1.1M in FY2026.
Key figures
Market cap A$7.4M (≈ $5.2M) Micro · P/S ratio 2.59 · Net margin 49.6% · Return on equity 57.4% · Return on assets (EBIT) −60.8% · Operating margin 76.9% · Revenue (TTM) A$2.9M · Revenue growth (YoY) +18.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (medium confidence).
What moves the price
The share trades about 41% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −13% fair-value upside, at 40%, NRX screens cheaper than that median.
Fair Value models
BearA$0.0100Fair Value A$0.0140BullA$0.0160
Price A$0.0100 · Upside +40.0%
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.57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+527.8%
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.
+404.4%
Revenue growth 5 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.
+619.3%
Start year 2021 (pandemic)
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.
+100.5%
’18
’19
’21
’22
’23
’24
’25
’26
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.
−1,811,822.5% (2021) → 25.9% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Copper · 57 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+40.0% · Top 25%
Profitability
Return on equity (12 months)57.4% · Top 25%
Return on assets35.9% · Top 25%
Net margin (12 months)40.1% · Top 25%
Operating margin (12 months)76.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)18.0% · Below median
Valuation Multiplesvs Copper 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). "Noronex Limited Fair Value". https://www.fairvalue-calculator.com/stock/NRX
Frequently asked questions
Is Noronex Limited (NRX) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of A$0.0140 versus a price of A$0.0100, about +40% upside (undervalued).
What is the fair value of NRX?
Our model-based fair value for Noronex Limited is A$0.0140 (as of Nov 4, 2026), built from audited fundamentals. The current price: A$0.0100.
What is the quality score of NRX?
Noronex Limited has a Quality Score of 66/100. 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 Noronex Limited (NRX)?
Our model-based price target is the fair value of A$0.0140 (as of Nov 4, 2026) from 14 valuation models. Cautious scenario A$0.0100, optimistic scenario A$0.0160. It is a calculation from audited fundamentals, not an analyst target.
What is the Noronex Limited stock forecast for 2026?
Our models put fair value at A$0.0140, about +40% upside versus a price of A$0.0100 (undervalued). Cautious scenario A$0.0100, optimistic scenario A$0.0160. The calculation is refreshed regularly with new filings.
What is the revenue of Noronex Limited (NRX)?
Noronex Limited reported trailing-twelve-month revenue of about A$2.9M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Noronex Limited (NRX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Noronex Limited it is A$0.0140 per share (as of Nov 4, 2026), against a price of A$0.0100. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Noronex Limited stock overvalued or undervalued in 2026?
As of Nov 4, 2026, NRX trades below its calculated fair value: price A$0.0100, fair value A$0.0140, a gap of about +40% (undervalued). 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 NRX?
No. The price is what the market pays today (A$0.0100); the fair value is what the company's own numbers justify (A$0.0140). For Noronex Limited the two are A$0.0040 per share apart. That gap is exactly why we show both numbers side by side.
How much is Noronex Limited worth?
The market values Noronex Limited at about A$7.4M (market capitalisation, as of Nov 4, 2026). Per share that is A$0.0100; our models calculate a fair value of A$0.0140 per share.
What do the bullish and bearish scenarios say about NRX?
Our models span a range for Noronex Limited: cautious scenario A$0.0100, base A$0.0140, optimistic A$0.0160 per share (as of Nov 4, 2026, price A$0.0100). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Noronex Limited (NRX)?
Balance-sheet figures for Noronex Limited (as of Nov 4, 2026): return on equity 57.4%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is NRX from its 52-week high?
Noronex Limited trades at A$0.0100, about 41% below its 52-week high of A$0.0170 and 25% above the low of A$0.0080 (as of Nov 3, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.0140 is for.
Which stocks are comparable to Noronex Limited?
From the same area (Basic Materials) we also value Southern Copper Corporation, Freeport-McMoRan Inc, Lundin Mining Corporation, First Quantum Minerals Ltd, 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 Noronex Limited stock attractive at the current price?
The data as of Nov 4, 2026: price A$0.0100, calculated fair value A$0.0140 (+40%), Quality Score 66/100, from 14 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 NRX calculated?
We run Noronex Limited through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$0.0140, 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 14.5 % above its aggregate fair value. Noronex Limited currently trades 29 % below its own fair value, and the market average says nothing about that. 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 Noronex Limited (NRX)?
The closing price on Nov 3, 2026 was A$0.0100. Our model-based fair value is A$0.0140, about +40% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Noronex Limited right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Noronex Limited
How large is the market capitalisation of Noronex Limited (NRX)?
The market capitalisation of Noronex Limited is A$7.4M (≈ $5.2M). 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 P/S ratio of Noronex Limited (NRX)?
The price-to-sales ratio of Noronex Limited is 2.59 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Noronex Limited (NRX)?
The net margin of Noronex Limited is 49.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Noronex Limited (NRX)?
The return on equity (ROE) of Noronex Limited is 57.4% (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 Noronex Limited (NRX)?
On an EBIT basis the return on assets of Noronex Limited is −60.8% (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 Noronex Limited (NRX)?
The operating margin of Noronex Limited is 76.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Noronex Limited (NRX)?
Revenue at Noronex Limited is growing +18.0% versus a year earlier (3y avg +404%). 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 Noronex Limited (NRX) generate?
The free cash flow of Noronex Limited is −A$5.9M (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 Noronex Limited (NRX) hold?
Noronex Limited holds more cash than debt, A$1.4M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Noronex Limited in the live analysis
One click puts Noronex Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Thin data
Nov 4, 2026