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Highcom Ltd (HCL) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Highcom Ltd stock A$0.07, price A$0.10, that is 30.1% below the price, quality 33 out of 100. Rating: overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Industrials AU · ISIN AU0000309015

HL Highcom Ltd logo Thin data Nov 5, 2026

Highcom Ltd

HCL · AU
Expensive, weak quality

Our calculation puts a fair price 30% below what the stock costs today.

Low debt
Mixed vs. peers (4/10)
Revenue last quarter 59% below a year ago.
Fair value A$0.0685 · Overvalued
Quality 33/100
Weak Growth (revenue 5y +0.9 %/yr in AUD)
Loss-making · -30.0% net margin (TTM)
Negative free cash flow
Narrow moat 12/100 · thin data
Thin data
⚠ 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$0.7600 A$0.0920 Fair Value A$0.0685 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range A$0.0920 – A$0.7600 · fair‑value band A$0.0522 – A$0.0930 · the A$0.0980 price screens above the A$0.0685 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

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.

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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$0.0980, while our model-based Fair Value estimate is A$0.0685, 30% 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 92/100, which puts the data coverage at low.

Scenario range: A$0.0522 (bear) to A$0.0930 (bull), the price of A$0.0980 sits above 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 33/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Highcom Ltd reported revenue of A$29.6M in FY2026 versus A$58.6M in FY2022, a compound −15.7%/yr. Reported net income was −A$8.9M in FY2026.

Key figures

Market cap A$27.8M (≈ $19.1M) Micro · P/S ratio 0.47 · EPS (TTM) A$−0.0800 · Net margin −30.0% · Return on equity −31.0% · Return on assets (EBIT) −6.0% (5-year average) · Operating margin −10.7% · Revenue (TTM) A$29.6M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 69% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −23% fair-value upside, at −30%, HCL screens richer than that median.

Fair Value models

Bear A$0.0522 Fair Value A$0.0685 Bull A$0.0930
Price A$0.0980 · Downside -30.1%
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$0.0600 A$0.0800 A$0.1100 54
All 1 models by family
Asset-Based
NCAV (Graham) A$0.0600 A$0.0800 A$0.1100 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 33/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 15
How much profit the company makes from its sales and capital
Quality Growth 4
Are margins and returns getting better?
Cashflow 25
Do the profits arrive as real cash?
Financial strength 68
Debt, balance sheet and risk of trouble
Investment 96
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 11
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. 7/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−38.7%
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.
−30.9%
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.
+0.9%
Start year 2021 (pandemic)
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) → −26.1% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

HCL screens overvalued: fair value 30% below the price. Compare with General Electric Company →

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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 · 238 stocks

Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 33 · Bottom 25%
Fair Value upside −30.1% · Above median
Profitability
Return on assets −21.5% · Bottom 25%
Net margin (12 months) −30.0% · Bottom 25%
Operating margin (12 months) −10.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −59.1% · Bottom 25%
Balance sheet
Debt / equity 0.12× · Below median

Valuation Multiplesvs Aerospace & Defense median · lower = cheaper

P/B 1.01× · Cheapest 25%
P/S (12 months) 0.94× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 65
PAST (return on equity)0 · sector 41
HEALTH (low debt)94 · sector 94
DIVIDEND (yield)0 · sector 19

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

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Weapons Defense

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
TransDigm Group TDG $1,197 $1,317 +10% vs HCL
Honeywell Aerospace Inc HONA $152.92 $168.21 +10% vs HCL
Lockheed Martin Corporation LMT $567.08 $439.21 −23% vs HCL
General Dynamics Corporation GD $354.06 $274.19 −23% vs HCL
Thales S.A HO €221.70 €170.99 −23% vs HCL
Northrop Grumman Corporation NOC $525.01 $382.98 −27% vs HCL
Airbus SE AIR €196.40 €112.14 −43% vs HCL
RTX Corporation RTX $189.53 $88.19 −53% vs HCL
General Electric Company GE $323.24 $92.26 −71% vs HCL
Howmet Aerospace Inc HWM $205.81 $52.65 −74% vs HCL

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Highcom Ltd: fair value per Fair Value Calculator

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 Nov 5, 2026, our model estimates a fair value of A$0.0685 versus a price of A$0.0980, about 30% lower (overvalued).
What is the fair value of HCL?
Our model-based fair value for Highcom Ltd is A$0.0685 (as of Nov 5, 2026), built from audited fundamentals. The current price: A$0.0980.
What is the quality score of HCL?
Highcom Ltd has a Quality Score of 33/100. 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$0.0685 (as of Nov 5, 2026) from 1 valuation models. Cautious scenario A$0.0522, optimistic scenario A$0.0930. 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$0.0685, about 30% lower versus a price of A$0.0980 (overvalued). Cautious scenario A$0.0522, optimistic scenario A$0.0930. 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$29.6M (latest available figure, as of Nov 5, 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$0.0685 per share (as of Nov 5, 2026), against a price of A$0.0980. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Highcom Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, HCL trades above its calculated fair value: price A$0.0980, fair value A$0.0685, a gap of about −30% (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 HCL?
No. The price is what the market pays today (A$0.0980); the fair value is what the company's own numbers justify (A$0.0685). For Highcom Ltd the two are A$0.0295 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$27.8M (market capitalisation, as of Nov 5, 2026). Per share that is A$0.0980; our models calculate a fair value of A$0.0685 per share.
What do the bullish and bearish scenarios say about HCL?
Our models span a range for Highcom Ltd: cautious scenario A$0.0522, base A$0.0685, optimistic A$0.0930 per share (as of Nov 5, 2026, price A$0.0980). 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 Nov 5, 2026): return on equity −31.0%, debt of 0.12 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is HCL from its 52-week high?
Highcom Ltd trades at A$0.0980, about 69% below its 52-week high of A$0.3200 and 7% above the low of A$0.0920 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.0685 is for.
Which stocks are comparable to Highcom Ltd?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, 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 Nov 5, 2026: price A$0.0980, calculated fair value A$0.0685 (−30%), Quality Score 33/100, 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 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of A$0.0685 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. 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 Nov 9, 2026 was A$0.0980. Our model-based fair value is A$0.0685, about 30% lower (overvalued). 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 above even our optimistic bull case (A$0.0930). The favourable scenario is already priced in. Weak quality (33/100) 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.

Key figures of Highcom Ltd

How large is the market capitalisation of Highcom Ltd (HCL)?
The market capitalisation of Highcom Ltd is A$27.8M (≈ $19.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Highcom Ltd (HCL)?
The price-to-sales ratio of Highcom Ltd is 0.47 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Highcom Ltd (HCL)?
Earnings per share at Highcom Ltd are A$−0.0800. 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 −30.0% (last twelve months). 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 −31.0% (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 −6.0% (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 −10.7% (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 −30.9%). 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$5.5M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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