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Xstate Resources Limited (XST) Fair Value & Analysis

Energy · AU · Market cap A$6.7M

XR Xstate Resources Limited XST · AU
PriceA$0.0120
Fair ValueA$0.0135
Upside+12.5%
Quality35/100
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Mixed Growth
Thin margins · 0.0% net margin
negative free cash flow
Trails peers (3/8)
Narrow moat 8/100
Evidence: Low Range A$0.0123 – A$0.0150 Share as image

Fair value as of: Jul 14, 2026

From 3 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from A$0.0126 to A$0.0135 (+7.6%) since Jun 26, 2026. Share price −14.3% over the past month.

Below-average quality, screening 13% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (A$0.0123). The market is more pessimistic than our downside scenario.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

A$0.0600 A$0.0085 Fair Value A$0.0135 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range A$0.0085 – A$0.0600 · fair‑value band A$0.0123 – A$0.0150 · the A$0.0120 price screens below the A$0.0135 fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Xstate Resources Limited (XST) currently trades at A$0.0120, while our model-based Fair Value estimate is A$0.0135, implying the stock looks roughly 12.5% undervalued today. The Quality Score stands at 35/100 (below-average quality), in the Energy sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Trailing-twelve-month revenue stands at A$72.9K. Revenue grew 128.7% year over year. It earns a return on equity of -34.7%. The balance sheet holds a net cash position of A$2.9M. Fundamentals as of Jul 14, 2026

Our scenario range runs from A$0.0123 (bear case) to A$0.0150 (bull case); at A$0.0120, the current price sits below 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. For context, the median of 10 Energy peers we cover trades at -26% fair-value upside, at 13%, XST screens cheaper 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 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
Highest evidence
Gordon GGM A$0.0600 A$0.1100 A$0.1400 70
DDM Multi-Stage A$0.0600 A$0.1000 A$0.1100 61
NCAV (Graham) A$0.0100 A$0.0100 A$0.0100 50
All 3 models by family
Dividend Discount
Gordon GGM A$0.0600 A$0.1100 A$0.1400 70
DDM Multi-Stage A$0.0600 A$0.1000 A$0.1100 61
Asset-Based
NCAV (Graham) A$0.0100 A$0.0100 A$0.0100 50

Widest divergence: Dividend Discount (A$0.1000) versus Asset-Based (A$0.0100). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) A$72.9K
Revenue growth (YoY) +129%
Return on equity -34.7%
Free cash flow −A$1.7M FY2025
Operating margin -1,817%
EPS (TTM) A$-0.0100
More key figures
Net cash A$2.9M FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 35/100

Of which business quality 38 · Market factors (momentum, volatility) 16

Profitability 0
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 2
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 100
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

Xstate Resources Limited, together with its subsidiaries, engages in oil and natural gas exploration and production business in the United States, Austria, and Canada.

Full company description

Xstate Resources Limited, together with its subsidiaries, engages in oil and natural gas exploration and production business in the United States, Austria, and Canada. The company Diona Project comprises 23 graticular blocks covering an area of 369 square kilometers within ATP 2077 and is located approximately 15km east of the Silver Springs gas processing plant. The company was formerly known as Oriental Crystal International Ltd. Xstate Resources Limited was incorporated in 1987 and is based in Fremantle, Australia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Xstate Resources Limited reported revenue of A$72.9K in FY2025 versus A$8.4M in FY2021, a compound −69.5%/yr. Reported net income was −A$1.8M in FY2025.

Growth Quality 5/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
A$72.9K
Latest YoY
−88.2%
Avg. growth/yr (3Y) 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.
−84.5%
Avg. growth/yr (5Y) 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.
+3.7%
Avg. growth/yr (27Y) 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.
−14.3%
Revenue −69.5%/yr
FY21 A$8.4M
FY22 A$19.4M
FY23 A$7.8M
FY24 A$618K
FY25 A$72.9K
Net income
FY21 −A$4.6M
FY22 −A$3.5M
FY23 A$1.4M
FY24 A$1.2M
FY25 −A$1.8M

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

Peer Group

Oil & Gas E&P · 315 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 35 · Below median
Fair Value upside −17% · Below median
Return on assets -18% · Bottom 25%
Net margin (TTM) 0% · Above median
Revenue growth 129% · Top 25%

Valuation Multiples vs Oil & Gas E&P median · lower = cheaper

P/B 0.66× · Cheaper than median
P/S (TTM) 65.12× · 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 11 · sector 14
FUTURE 100 · sector 0
PAST 0 · sector 0
HEALTH 0 · sector 87
DIVIDEND 0 · sector 66

Insider activity: 30/100

Values & ESG

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

Oil & gas

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

Similar stocks

10 more Oil & Gas E&P stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
CNOOC Limited 600938 ¥28.97 ¥32.55 +12%
ConocoPhillips explores for, COP $109.04 $91.79 -16%
Canadian Natural Resources Limited CNQ $42.86 $31.54 -26%
EOG Resources, Inc EOG $139.89 $130.19 -7%
Occidental Petroleum Corporation OXY $54.86 $30.68 -44%
Diamondback Energy, Inc FANG $183.39 $106.12 -42%
Devon Energy Corporation DVN $43.83 $27.06 -38%
Woodside Energy Group WDS A$30.46 A$20.71 -32%
EQT Corporation EQT $48.85 $42.85 -12%
Texas Pacific Land Corporation TPL $415.70 $79.20 -81%

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Frequently asked questions

Is Xstate Resources Limited (XST) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of A$0.0135 versus a price of A$0.0120, about +13% (undervalued).
What is the fair value of XST?
Our model-based fair value for Xstate Resources Limited is A$0.0135 (as of Jul 14, 2026), built from audited fundamentals. The current price is A$0.0120.
What is the quality score of XST?
Xstate Resources Limited has a Quality Score of 35/100. 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 Xstate Resources Limited (XST)?
Xstate Resources Limited reported trailing-twelve-month revenue of about A$72.9K (latest available figure, as of Jul 14, 2026).
What is the net profit margin of XST?
The net profit margin of Xstate Resources 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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