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

As of Sep 24, 2026: fair value of QEM Ltd A$0.01, price A$0.02, upside -18.7%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Energy · AU · ISIN AU0000022246

QL Thin data Sep 23, 2026

QEM Ltd

QEM · AU

Weak valuationQuality is weak on top of the rich price.

!Fair value A$0.0122 · Overvalued (−19%)
!Quality 31/100
!Weak Growth (revenue 5y −2.0 %/yr)
!negative free cash flow
!Trails peers (0/6)
!Narrow moat 5/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 8 out of 100
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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$0.2800 A$0.0130 Fair Value A$0.0122 Jul 2021 Sep 2026

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$0.0130 – A$0.2800 · the A$0.0150 price screens above the A$0.0122 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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Company profile

QEM Limited engages in the exploration and development of vanadium and oil shale project in Australia. Its flagship project is the Julia Creek oil shale and vanadium project comprising 4 tenements covering an area of 249.6 square kilometers located in the Julia Creek area of North Western Queensland, Australia.

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QEM Limited engages in the exploration and development of vanadium and oil shale project in Australia. Its flagship project is the Julia Creek oil shale and vanadium project comprising 4 tenements covering an area of 249.6 square kilometers located in the Julia Creek area of North Western Queensland, Australia. The company was formerly known as Queensland Energy & Minerals Pty Ltd and changed its name to QEM Limited in August 2018. QEM Limited was incorporated in 2014 and is headquartered in Surfers Paradise, Australia.

Stock analysis

QEM Ltd (QEM) currently trades at A$0.0150, while our model-based Fair Value estimate is A$0.0122, implying the stock looks roughly 23.0% overvalued today.

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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 evidence level at low.

Quality & growth

The Quality Score stands at 31/100 (below-average quality), in the Energy sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

QEM Ltd reported revenue of A$263K in FY2025 versus A$339K in FY2021, a compound −6.2%/yr. Reported net income was −A$3.2M in FY2025.

Key figures

Market cap A$6.9M (≈ $4.8M) · EPS (TTM) A$−0.0100 · Return on equity −160% · Return on assets (EBIT) −131% · Operating margin −21,248% · Revenue (TTM) −A$2.9K · Revenue growth (YoY) −30.0% · Free cash flow −A$2.9M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (medium confidence).

What moves the price

The share trades about 71% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Energy peers we cover trades at 10% fair-value upside, at −19%, QEM screens richer than that median.

Fair Value models

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.
Highest evidence
NCAV (Graham) n/a A$0.0100 A$0.0100 50
All 1 models by family
Asset-Based
NCAV (Graham) n/a A$0.0100 A$0.0100 50

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Quality Score breakdown

Overall quality 31/100

Of which business quality 34 · Market factors (momentum, volatility) 13

Profitability 3
Margins and returns on capital today
Quality Growth 77
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 24
Calm price path (market factor)
Momentum 11
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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. 0/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
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.
+0.8%
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.
−2.0%
Start year 2020 (pandemic). Over 10 years: +47.5% a year
Revenue growth 10 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.
+47.5%
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.
−473.6% (2020) → −1,086.6% (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

QEM screens 23% overvalued. Compare with CNOOC Limited →

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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.Oil & Gas E&P · 307 stocks

Beats the industry median on 0/5 measures
Overall it trails its industry peers.
Valuation
Quality Score 34 · Below median
Fair Value upside −19% · Below median
Profitability
Return on assets −76% · Bottom 25%
Growth and dividend
Revenue growth −30% · Bottom 25%

Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper

P/B 1.71× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)8 · sector 27
FUTURE (revenue growth)0 · sector 12
PAST (return on equity)0 · sector 9
HEALTH (low debt)0 · sector 86
DIVIDEND (yield)0 · sector 74

Context: sector, industry, market

Values & ESG

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

Oil & gas

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Woodside Energy Group WDS A$31.13 A$23.59 −24%
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QEM Ltd · Fair Value
A$0.0122 −23%Fair Value
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Cite: Fair Value Calculator (2026). "QEM Ltd Fair Value". https://www.fairvalue-calculator.com/stock/QEM

Frequently asked questions

Is QEM Ltd (QEM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of A$0.0122 versus a price of A$0.0150, about −19% upside (overvalued).
What is the fair value of QEM?
Our model-based fair value for QEM Ltd is A$0.0122 (as of Sep 23, 2026), built from audited fundamentals. The current price: A$0.0150.
What is the quality score of QEM?
QEM Ltd has a Quality Score of 31/100. 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 QEM Ltd (QEM)?
Our model-based price target is the fair value of A$0.0122 (as of Sep 23, 2026) from 1 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the QEM Ltd stock forecast for 2026?
Our models put fair value at A$0.0122, about −19% upside versus a price of A$0.0150 (overvalued). The calculation is refreshed regularly with new filings.
What is the intrinsic value of QEM Ltd (QEM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For QEM Ltd it is A$0.0122 per share (as of Sep 23, 2026), against a price of A$0.0150. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is QEM Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, QEM trades above its calculated fair value: price A$0.0150, fair value A$0.0122, a gap of about −19% (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 QEM?
No. The price is what the market pays today (A$0.0150); the fair value is what the company's own numbers justify (A$0.0122). For QEM Ltd the two are A$0.0028 per share apart. That gap is exactly why we show both numbers side by side.
How much is QEM Ltd worth?
The market values QEM Ltd at about A$6.9M (market capitalisation, as of Sep 23, 2026). Per share that is A$0.0150; our models calculate a fair value of A$0.0122 per share.
How solid is the balance sheet of QEM Ltd (QEM)?
Balance-sheet figures for QEM Ltd (as of Sep 23, 2026): return on equity −159.8%. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is QEM from its 52-week high?
QEM Ltd trades at A$0.0150, about 71% below its 52-week high of A$0.0520 and 15% above the low of A$0.0130 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.0122 is for.
Which stocks are comparable to QEM Ltd?
From the same area (Energy) we also value CNOOC Limited, ConocoPhillips explores for,, Canadian Natural Resources Limited, EOG Resources, Inc, 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 QEM Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price A$0.0150, calculated fair value A$0.0122 (−19%), Quality Score 31/100, 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 QEM calculated?
We run QEM 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$0.0122, 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. QEM 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 QEM Ltd (QEM)?
The closing price on Sep 24, 2026 was A$0.0150. Our model-based fair value is A$0.0122, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with QEM Ltd right now?
Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of QEM Ltd

How large is the market capitalisation of QEM Ltd (QEM)?
The market capitalisation of QEM Ltd is A$6.9M (≈ $4.8M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of QEM Ltd (QEM)?
Earnings per share at QEM Ltd are A$−0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of QEM Ltd (QEM)?
The return on equity (ROE) of QEM Ltd is −160% (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 QEM Ltd (QEM)?
On an EBIT basis the return on assets of QEM Ltd is −131% (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 QEM Ltd (QEM)?
The operating margin of QEM Ltd is −21,248% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does QEM Ltd (QEM) generate?
QEM Ltd generates revenue of −A$2.9K (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at QEM Ltd (QEM)?
Revenue at QEM Ltd is growing −30.0% versus a year earlier (3y avg +0.8%). 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 QEM Ltd (QEM) generate?
The free cash flow of QEM Ltd is −A$2.9M (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 QEM Ltd (QEM) hold?
QEM Ltd holds more cash than debt, A$2.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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