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Alpha HPA Limited (A4N) Fair Value & Analysis

Basic Materials · AU · Market cap A$896M

AH Alpha HPA Limited A4N · AU
PriceA$0.5150
Fair ValueA$0.1870
Upside-63.7%
Quality25/100
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Mixed Growth
Thin margins · 0.0% net margin
Low debt · negative free cash flow
Trails peers (2/9)
Narrow moat 9/100
Evidence: Low Range A$0.1020 – A$0.2550 Share as image

Fair value as of: Jul 12, 2026

From 3 valuation models · updated 28 days ago

Share price −16.3% over the past month.

Below-average quality, and screening another 64% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (A$0.2550). The favourable scenario is already priced in.
  • Weak quality (25/100) 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.
  • A fairly wide model range (A$0.1020 to A$0.2550) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

A$1.22 A$0.3800 Fair Value A$0.1870 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range A$0.3800 – A$1.22 · fair‑value band A$0.1020 – A$0.2550 · the A$0.5150 price screens above the A$0.1870 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Alpha HPA Limited (A4N) currently trades at A$0.5150, while our model-based Fair Value estimate is A$0.1870, implying the stock looks roughly 63.7% overvalued today. The Quality Score stands at 25/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at A$510K. Revenue grew 270.9% year over year. It earns a return on equity of -17.9%. The balance sheet holds a net cash position of A$97.6M. Fundamentals as of Jul 12, 2026

Our scenario range runs from A$0.1020 (bear case) to A$0.2550 (bull case); at A$0.5150, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 49% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 19% fair-value upside, at -64%, A4N screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Gordon GGM A$0.1200 A$0.2200 A$0.3100 70
DDM Multi-Stage A$0.1200 A$0.2000 A$0.2400 61
NCAV (Graham) A$0.0800 A$0.1000 A$0.1500 50
All 3 models by family
Dividend Discount
Gordon GGM A$0.1200 A$0.2200 A$0.3100 70
DDM Multi-Stage A$0.1200 A$0.2000 A$0.2400 61
Asset-Based
NCAV (Graham) A$0.0800 A$0.1000 A$0.1500 50

Widest divergence: Dividend Discount (A$0.2000) versus Asset-Based (A$0.1000). Highest evidence: Gordon GGM (70).

Key figures & financial health

Revenue (TTM) A$510K
Revenue growth (YoY) +271%
Return on equity -17.9%
Free cash flow −A$106M FY2025
Operating margin -9,311%
EPS (TTM) A$-0.0300
More key figures
Net cash A$97.6M FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 25/100

Of which business quality 31 · Market factors (momentum, volatility) 17

Profitability 0
Margins and returns on capital today
Quality Growth 76
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Alpha HPA Limited, a specialty materials and technology company, focuses on the delivery and operation of the HPA First and Alpha Sapphire projects in Queensland.

Full company description

Alpha HPA Limited, a specialty materials and technology company, focuses on the delivery and operation of the HPA First and Alpha Sapphire projects in Queensland. It offers aluminium products for use in semiconductors, lithium-ion batteries, direct lithium extraction, synthetic sapphire glass for sapphire optics, power-semiconductors, and micro-led technology, as well as technical ceramics and specialty catalysts. The company was formerly known as Collerina Cobalt Limited and changed its name to Alpha HPA Limited in November 2018. Alpha HPA Limited was incorporated in 2003 and is based in Sydney, Australia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Alpha HPA Limited reported revenue of A$318K in FY2025 versus A$38.7K in FY2021, a compound +69.2%/yr. Reported net income was −A$32.6M in FY2025.

Growth Quality 28/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
A$318K
Latest YoY
+620.7%
Avg. growth/yr (3Y)
+101.6%
Avg. growth/yr (18Y)
−6.6%
Revenue +69.2%/yr
FY21 A$38.7K
FY22 A$38.7K
FY23 A$16.1K
FY24 A$44.1K
FY25 A$318K
Net income
FY21 −A$16.3M
FY22 −A$7.4M
FY23 −A$15.7M
FY24 −A$25.0M
FY25 −A$32.6M

A4N screens 64% overvalued. Compare with Shandong Hongqiao Aluminum Industry Holding →

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Cite: Fair Value Calculator (2026). "Alpha HPA Limited Fair Value". https://www.fairvalue-calculator.com/stock/A4N

Peer Group

Aluminum · 83 stocks

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.

Quality Score 25 · Bottom 25%
Fair Value upside −64% · Bottom 25%
Return on assets -9% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Revenue growth 271% · Top 25%

Valuation Multiples vs Aluminum median · lower = cheaper

P/B 2.89× · Pricier than 75% of peers
PEG 3.55× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 15
FUTURE 100 · sector 26
PAST 0 · sector 30
HEALTH 100 · sector 91
DIVIDEND 0 · sector 33

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Aluminum stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Shandong Hongqiao Aluminum Industry Holding 002379 ¥18.54 ¥26.70 +44%
China Hongqiao Group 1378 HK$24.54 HK$45.53 +86%
Hindalco Industries Limited HINDALCO ₹955.80 ₹1,026 +7%
Aluminum Corporation 601600 ¥8.11 ¥12.58 +55%
Norsk Hydro ASA NHY kr 84.96 kr 58.10 -32%
Press Metal Aluminium Holdings 8869 8.02 MYR 3.88 MYR -52%
Alcoa Corporation AAI A$70.60 A$49.53 -30%
Yunnan Aluminium Co 000807 ¥25.12 ¥29.68 +18%
Henan Shenhuo Coal Industry and Electricity Power Co 000933 ¥25.51 ¥30.28 +19%
Tianshan Aluminum Group 002532 ¥11.99 ¥21.86 +82%

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Frequently asked questions

Is Alpha HPA Limited (A4N) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of A$0.1870 versus a price of A$0.5150, about −64% (overvalued).
What is the fair value of A4N?
Our model-based fair value for Alpha HPA Limited is A$0.1870 (as of Jul 12, 2026), built from audited fundamentals. The current price is A$0.5150.
What is the quality score of A4N?
Alpha HPA Limited has a Quality Score of 25/100. 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 revenue of Alpha HPA Limited (A4N)?
Alpha HPA Limited reported trailing-twelve-month revenue of about A$510K (latest available figure, as of Jul 12, 2026).
What is the net profit margin of A4N?
The net profit margin of Alpha HPA Limited is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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