Highcom Ltd (HCL) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Highcom Ltd A$0.11, price A$0.12, upside -8.3%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range A$0.0920 – A$0.7600 · fair‑value band A$0.0700 – A$0.1300 · the A$0.1200 price screens above the A$0.1100 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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HighCom Limited provides armors and technologies for defense sectors in Australia, the Asia Pacific, North America, Europe, and internationally. It operates through two segments, Armour Division and Technology Division. The company offers armour products comprising body armour, ballistic helmets, shields, composite armour panels, and platform structures.
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HighCom Limited provides armors and technologies for defense sectors in Australia, the Asia Pacific, North America, Europe, and internationally. It operates through two segments, Armour Division and Technology Division. The company offers armour products comprising body armour, ballistic helmets, shields, composite armour panels, and platform structures. It also provides uncrewed aerial systems, control systems, and sensors, as well as project management, engineering, integration, repair and maintenance services, product support, and training services. The company was formerly known as XTEK Limited and changed its name to HighCom Limited in November 2023. HighCom Limited was incorporated in 2003 and is based in Symonston, Australia.
Stock analysis
Highcom Ltd (HCL) currently trades at A$0.1200, while our model-based Fair Value estimate is A$0.1100, implying the stock looks roughly 9.1% fairly valued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 91/100, which puts the evidence level at low.
Scenario range: A$0.0700 (bear) to A$0.1300 (bull), the price of A$0.1200 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 51/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Highcom Ltd reported revenue of A$48.3M in FY2025 versus A$28.2M in FY2021, a compound +14.4%/yr. Reported net income was −A$1.2M in FY2025.
Key figures
Market cap A$16.3M (≈ $11.5M) · P/S ratio 0.50 · EPS (TTM) A$−0.0900 · Net margin −2.5% · Return on equity −33.1% · Return on assets (EBIT) −4.1% · Operating margin −55.5% · Revenue (TTM) A$32.4M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 68% below its 52-week high and 30% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at −8%, HCL screens cheaper than that median.
Fair Value models
Bear A$0.0700Fair Value A$0.1100Bull A$0.1300
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.6/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+6.1%
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.
−6.3%
’21
’22
’23
’24
’25
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.
−15.0% (2021) → −2.5% (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.Aerospace & Defense · 228 stocks
Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−8% · Top 25%
Profitability
Return on assets−13% · Bottom 25%
Net margin (TTM)−28% · Bottom 25%
Operating margin (TTM)−55% · Bottom 25%
Growth and dividend
Revenue growth−59% · Bottom 25%
Valuation Multiplesvs Aerospace & Defense 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). "Highcom Ltd Fair Value". https://www.fairvalue-calculator.com/stock/HCL
Frequently asked questions
Is Highcom Ltd (HCL) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of A$0.1100 versus a price of A$0.1200, about −8% upside (fairly valued).
What is the fair value of HCL?
Our model-based fair value for Highcom Ltd is A$0.1100 (as of Sep 23, 2026), built from audited fundamentals. The current price: A$0.1200.
What is the quality score of HCL?
Highcom Ltd has a Quality Score of 51/100. 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 Highcom Ltd (HCL)?
Our model-based price target is the fair value of A$0.1100 (as of Sep 23, 2026) from 1 valuation models. Cautious scenario A$0.0700, optimistic scenario A$0.1300. It is a calculation from audited fundamentals, not an analyst target.
What is the Highcom Ltd stock forecast for 2026?
Our models put fair value at A$0.1100, about −8% upside versus a price of A$0.1200 (fairly valued). Cautious scenario A$0.0700, optimistic scenario A$0.1300. The calculation is refreshed regularly with new filings.
What is the revenue of Highcom Ltd (HCL)?
Highcom Ltd reported trailing-twelve-month revenue of about A$32.4M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Highcom Ltd (HCL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Highcom Ltd it is A$0.1100 per share (as of Sep 23, 2026), against a price of A$0.1200. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Highcom Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, HCL trades above its calculated fair value: price A$0.1200, fair value A$0.1100, a gap of about −8% (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 HCL?
No. The price is what the market pays today (A$0.1200); the fair value is what the company's own numbers justify (A$0.1100). For Highcom Ltd the two are A$0.0100 per share apart. That gap is exactly why we show both numbers side by side.
How much is Highcom Ltd worth?
The market values Highcom Ltd at about A$16.3M (market capitalisation, as of Sep 23, 2026). Per share that is A$0.1200; our models calculate a fair value of A$0.1100 per share.
What do the bullish and bearish scenarios say about HCL?
Our models span a range for Highcom Ltd: cautious scenario A$0.0700, base A$0.1100, optimistic A$0.1300 per share (as of Sep 23, 2026, price A$0.1200). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Highcom Ltd (HCL)?
Balance-sheet figures for Highcom Ltd (as of Sep 23, 2026): return on equity −33.1%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is HCL from its 52-week high?
Highcom Ltd trades at A$0.1200, about 68% below its 52-week high of A$0.3800 and 30% above the low of A$0.0920 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.1100 is for.
Which stocks are comparable to Highcom Ltd?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Safran SA, 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 Highcom Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price A$0.1200, calculated fair value A$0.1100 (−8%), Quality Score 51/100, 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 HCL calculated?
We run Highcom Ltd through 1 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$0.1100, 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 14.1 % above its aggregate fair value. Highcom 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 Highcom Ltd (HCL)?
The closing price on Sep 23, 2026 was A$0.1200. Our model-based fair value is A$0.1100, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Highcom Ltd 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$0.0700 to A$0.1300) 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 Highcom Ltd
How large is the market capitalisation of Highcom Ltd (HCL)?
The market capitalisation of Highcom Ltd is A$16.3M (≈ $11.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Highcom Ltd (HCL)?
The price-to-sales ratio of Highcom Ltd is 0.50 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Highcom Ltd (HCL)?
Earnings per share at Highcom Ltd are A$−0.0900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Highcom Ltd (HCL)?
The net margin of Highcom Ltd is −2.5% (fiscal year 2025). 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 Highcom Ltd (HCL)?
The return on equity (ROE) of Highcom Ltd is −33.1% (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 Highcom Ltd (HCL)?
On an EBIT basis the return on assets of Highcom Ltd is −4.1% (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 Highcom Ltd (HCL)?
The operating margin of Highcom Ltd is −55.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Highcom Ltd (HCL)?
Revenue at Highcom Ltd is growing −59.1% versus a year earlier (3y avg −6.3%). 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 Highcom Ltd (HCL) generate?
The free cash flow of Highcom Ltd is −A$460K (fiscal year 2024). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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