Kaiser Reef Limited

KAU.AX

Gold · Basic Materials

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Mixed

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Winston Score History

The full picture

Kaiser Reef Limited is a small Australian gold mining company. It mines gold from underground deposits and sells the refined metal to bullion buyers and refiners. The company operates the A1 Gold Mine in Victoria, Australia, one of the historically richest gold mines in the state.

Kaiser Reef makes money by extracting gold ore, processing it, and selling the gold at prevailing market prices. It operates entirely in Victoria, Australia, making it a single-country, single-asset business with a market cap of around $100 million. The company's relatively healthy operating margin of around 15% suggests reasonable cost control for its size, but relying on one mine creates significant concentration risk. The key risk is that gold prices are set by global markets, meaning any drop in the gold price directly squeezes profits, and the company has little ability to offset that through diversification.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+56.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

7.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

A$30M cash & investments at current burn rate

Strong grower

Kaiser Reef Limited is growing revenue at 40% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.5%

Modest — 30.5% gross margin

Profit after running costs

Operating Margin

28.1%

Excellent — 28.1% operating margin

Return on the money invested

ROCE

17.7%

Strong — 17.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+692.0%

Fast-growing sales (+692.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

1813%

Turns 1813% of profit into real cash

Spare cash per sale

FCF Margin

16.3%

Converts sales into free cash efficiently (16.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

1.99x

Dangerous — barely covers interest (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

27.8x

no trend

Growth-priced — P/E 27.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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