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Vulcan Energy Resources Limited (VUL) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Vulcan Energy Resources Limited stock A$1.22, price A$1.12, upside +9.0%, quality 26 out of 100. Rating: fairly valued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials AU · ISIN AU0000066086

VE Vulcan Energy Resources Limited logo Thin data Nov 3, 2026

Vulcan Energy Resources Limited

VUL · AU
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Low debt
Fair value A$1.22 · Fairly valued (+9.0%)
Mixed Growth (revenue 5y +138.2 %/yr in EUR)
Revenue last quarter 26% below a year ago.
Quality 26/100
Negative free cash flow
Trails peers (3/8)
Narrow moat 10/100 · thin data
Thin data
⟳ Cyclical⚠ Dilution
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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$15.90 A$1.04 Fair Value A$1.22 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

60‑month range A$1.04 – A$15.90 · fair‑value band A$0.7990 – A$1.52 · the A$1.12 price screens below the A$1.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

Vulcan Energy Resources Limited engages in the geothermal energy, and lithium exploration and production activities in Europe, Germany, and Australia. The company is involved in exploration and development of battery materials and geothermal lithium; and provision of engineering services.

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It holds interests in the Phase One Lionheart Project. The company was formerly known as Koppar Resources Limited and changed its name to Vulcan Energy Resources Limited in September 2019. Vulcan Energy Resources Limited was incorporated in 2018 and is based in Perth, Australia.

Stock analysis

Vulcan Energy Resources Limited (VUL) currently trades at A$1.12, while our model-based Fair Value estimate is A$1.22, so the stock looks roughly fairly valued today (gap 8.3%).

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: A$0.7990 (bear) to A$1.52 (bull), the price of A$1.12 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 26/100 (below-average quality), in the Basic Materials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Vulcan Energy Resources Limited reported revenue of €7.3M in FY2025 versus €7.5M in FY2021, a compound −0.6%/yr. Reported net income was −€69.2M in FY2025.

Key figures

Market cap A$534M (≈ $367M) Small · EPS (TTM) A$−0.5000 · Return on equity −11.5% · Return on assets (EBIT) −9.7% (5-year average) · Operating margin −955% · Revenue (TTM) €7.4M · Revenue growth (YoY) −25.9% · Free cash flow −€117M.

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 84% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −8% fair-value upside, at 9%, VUL screens cheaper than that median.

Fair Value models

Bear A$0.7990 Fair Value A$1.22 Bull A$1.52
Price A$1.12 · Upside +9.0%
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.
Best data coverage
NCAV (Graham) A$0.9600 A$1.45 A$1.82 54
All 1 models by family
Asset-Based
NCAV (Graham) A$0.9600 A$1.45 A$1.82 54

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

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 23
Are margins and returns getting better?
Cashflow 11
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 6
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
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. 24/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−64.7%
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.
+138.2%
Start year 2020 (pandemic)
Revenue growth 7 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.
+190.6%
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.
−2,333.5% (2020) → −810.0% (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
not computed

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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 Industrial Metals & Mining · 371 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 26 · Bottom 25%
Fair Value upside +9.0% · Top 25%
Profitability
Return on assets −7.2% · Below median
Growth and dividend
Revenue growth (quarter YoY) −25.9% · Bottom 25%

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

P/B 0.38× · Cheapest 25%
P/S (12 months) 44.76× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)45 · sector 0
FUTURE (revenue growth)0 · sector 92
PAST (return on equity)0 · sector 0
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 34

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 Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Vedanta Limited VEDL ₹261.75 ₹334.17 +28% vs VUL
Saudi Arabian Mining Company 1211 59.05 SAR 64.96 SAR +10% vs VUL
Hindustan Zinc Limited HINDZINC ₹568.10 ₹624.91 +10% vs VUL
Western Mining Co 601168 ¥27.56 ¥30.32 +10% vs VUL
Boliden AB BOL kr 503.40 kr 464.45 −8% vs VUL
BHP Group BHP A$57.62 A$47.45 −18% vs VUL
Zhejiang Huayou Cobalt Co 603799 ¥33.04 ¥25.57 −23% vs VUL
Korea Zinc Company 010130 960,000 KRW 649,125 KRW −32% vs VUL
CMOC Group 603993 ¥13.29 ¥6.82 −49% vs VUL
China Tungsten And Hightech Materials Co 000657 ¥38.65 ¥4.44 −89% vs VUL

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Vulcan Energy Resources Limited: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Vulcan Energy Resources Limited Fair Value". https://www.fairvalue-calculator.com/stock/VUL

Frequently asked questions

Is Vulcan Energy Resources Limited (VUL) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of A$1.22 versus a price of A$1.12, about +9% upside (fairly valued).
What is the fair value of VUL?
Our model-based fair value for Vulcan Energy Resources Limited is A$1.22 (as of Nov 3, 2026), built from audited fundamentals. The current price: A$1.12.
What is the quality score of VUL?
Vulcan Energy Resources Limited 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 Vulcan Energy Resources Limited (VUL)?
Our model-based price target is the fair value of A$1.22 (as of Nov 3, 2026) from 1 valuation models. Cautious scenario A$0.7990, optimistic scenario A$1.52. It is a calculation from audited fundamentals, not an analyst target.
What is the Vulcan Energy Resources Limited stock forecast for 2026?
Our models put fair value at A$1.22, about +9% upside versus a price of A$1.12 (fairly valued). Cautious scenario A$0.7990, optimistic scenario A$1.52. The calculation is refreshed regularly with new filings.
What is the revenue of Vulcan Energy Resources Limited (VUL)?
Vulcan Energy Resources Limited reported trailing-twelve-month revenue of about €7.4M (latest available figure, as of Nov 3, 2026).
What is the intrinsic value of Vulcan Energy Resources Limited (VUL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vulcan Energy Resources Limited it is A$1.22 per share (as of Nov 3, 2026), against a price of A$1.12. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Vulcan Energy Resources Limited stock overvalued or undervalued in 2026?
As of Nov 3, 2026, VUL trades below its calculated fair value: price A$1.12, fair value A$1.22, a gap of about +9% (fairly valued). 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 VUL?
No. The price is what the market pays today (A$1.12); the fair value is what the company's own numbers justify (A$1.22). For Vulcan Energy Resources Limited the two are A$0.1005 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vulcan Energy Resources Limited worth?
The market values Vulcan Energy Resources Limited at about A$534M (market capitalisation, as of Nov 3, 2026). Per share that is A$1.12; our models calculate a fair value of A$1.22 per share.
What do the bullish and bearish scenarios say about VUL?
Our models span a range for Vulcan Energy Resources Limited: cautious scenario A$0.7990, base A$1.22, optimistic A$1.52 per share (as of Nov 3, 2026, price A$1.12). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Vulcan Energy Resources Limited (VUL)?
Balance-sheet figures for Vulcan Energy Resources Limited (as of Nov 3, 2026): return on equity −11.5%. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is VUL from its 52-week high?
Vulcan Energy Resources Limited trades at A$1.12, about 84% below its 52-week high of A$6.84 and 8% above the low of A$1.04 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of A$1.22 is for.
Which stocks are comparable to Vulcan Energy Resources Limited?
From the same area (Basic Materials) we also value BHP Group, Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, 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 Vulcan Energy Resources Limited stock attractive at the current price?
The data as of Nov 3, 2026: price A$1.12, calculated fair value A$1.22 (+9%), Quality Score 26/100, 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 VUL calculated?
We run Vulcan Energy Resources Limited through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of A$1.22 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 13.0% above its aggregate fair value. Vulcan Energy Resources Limited currently trades 8% 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 Vulcan Energy Resources Limited (VUL)?
The closing price on Nov 6, 2026 was A$1.12. Our model-based fair value is A$1.22, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vulcan Energy Resources Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (A$0.7990 to A$1.52) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Vulcan Energy Resources Limited

How large is the market capitalisation of Vulcan Energy Resources Limited (VUL)?
The market capitalisation of Vulcan Energy Resources Limited is A$534M (≈ $367M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Vulcan Energy Resources Limited (VUL)?
Earnings per share at Vulcan Energy Resources Limited are A$−0.5000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Vulcan Energy Resources Limited (VUL)?
The return on equity (ROE) of Vulcan Energy Resources Limited is −11.5% (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 Vulcan Energy Resources Limited (VUL)?
On an EBIT basis the return on assets of Vulcan Energy Resources Limited is −9.7% (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 Vulcan Energy Resources Limited (VUL)?
The operating margin of Vulcan Energy Resources Limited is −955% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vulcan Energy Resources Limited (VUL)?
Revenue at Vulcan Energy Resources Limited is growing −25.9% versus a year earlier (3y avg +43.0%). 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 Vulcan Energy Resources Limited (VUL) generate?
The free cash flow of Vulcan Energy Resources Limited is −€117M (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 Vulcan Energy Resources Limited (VUL) hold?
Vulcan Energy Resources Limited holds more cash than debt, €477M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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