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Syrah Resources Limited (SYR) Report Analysis

Corporate Events

Neutral

Syrah Resources Limited Announces Change of Pri...

2022-06-15 08:45:00

Syrah Resources Limited announced that further to the Company's announcement on 1 December 2021 titled "Change of Registered Office and Princi...

Positive

Syrah Resources Limited Receives Reports of Ins...

2022-06-08 23:50:00

Syrah Resources Limited announced that it has received reports of an insurgent attack at a mine project site near Ancuabe, approximately 200km...

Positive

Syrah Resources Limited Approves Installation o...

2022-04-05 23:12:00

Syrah Resources Limited announced its board has approved a final investment decision (FID) for the installation of a solar and battery hybrid ...

Neutral

Syrah Resources Limited, Q1 2022 Earnings Call,...

2022-03-31 21:28:00

Syrah Resources Limited, Q1 2022 Earnings Call, Apr 27, 2022

Neutral

Syrah Resources Limited to Report Q1, 2022 Resu...

2022-03-31 21:28:00

Syrah Resources Limited announced that they will report Q1, 2022 results on Apr 27, 2022

Neutral

Syrah Resources Limited, Annual General Meeting...

2022-03-07 05:44:00

Syrah Resources Limited, Annual General Meeting, May 20, 2022, at 10:00 AUS Eastern Standard Time. Location: Level 14 Auditorium + Business Lo...

Negative

Syrah Resources Limited has completed a Follow-...

2022-02-09 00:00:00

Syrah Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 125.000001 million. Security Name: Ordinary Shares ...

Negative

Syrah Resources Limited has filed a Follow-on E...

2022-02-07 00:00:00

Syrah Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 125.106337 million. Security Name: Ordinary Shares Secu...

Negative

Syrah Resources Limited has filed a Follow-on E...

2022-02-07 00:00:00

Syrah Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 125.000001 million. Security Name: Ordinary Shares Secu...

Positive

Syrah Resources Limited, 0.985068, Rights Issue...

2022-02-07 00:00:00

Syrah Resources Limited, 0.985068, Rights Issue, Feb-09-2022

Neutral

Syrah Resources Limited - Shareholder/Analyst Call

2022-02-06 21:44:00

To discuss Vidalia Initial Expansion and Equity Raising

Neutral

Syrah Resources Limited, Q4 2021 Earnings Call,...

2022-01-18 21:44:00

Syrah Resources Limited, Q4 2021 Earnings Call, Jan 31, 2022

Neutral

Syrah Resources Limited to Report Q4, 2021 Resu...

2022-01-18 21:44:00

Syrah Resources Limited announced that they will report Q4, 2021 results on Jan 31, 2022

Neutral

Syrah Resources Limited Executes Offtake Agreem...

2021-12-22 21:22:00

Syrah Resources Limited announced that it has executed an offtake agreement with Tesla, Inc. to supply natural graphite Active Anode Material ...

Neutral

Syrah Resources Limited Presents at Benchmark W...

2021-12-03 11:21:00

Syrah Resources Limited Presents at Benchmark Week 2021, Dec-06-2021 08:00 AM. Speakers: Shaun Verner, MD, CEO & Director.

Neutral

Syrah Resources Limited Announces Change of Reg...

2021-11-30 22:02:00

Syrah Resources Limited announced its registered office and principal place of business have changed to: Registered Office: c/- Vistra Austral...

Neutral

Benchmark Mineral Intelligence, Benchmark Week ...

2021-11-30 20:45:00

Benchmark Mineral Intelligence, Benchmark Week 2021, Dec 06, 2021 through Dec 08, 2021.

Neutral

Syrah Resources Limited, Q3 2021 Earnings Call,...

2021-10-03 22:00:00

Syrah Resources Limited, Q3 2021 Earnings Call, Oct 28, 2021

Neutral

Syrah Resources Limited to Report Q3, 2021 Resu...

2021-10-03 22:00:00

Syrah Resources Limited announced that they will report Q3, 2021 results on Oct 28, 2021

Neutral

Syrah Resources Limited Presents at Bernstein's...

2021-07-05 13:02:00

Syrah Resources Limited Presents at Bernstein's 18th Annual Strategic Decisions Conference, Sep-23-2021 11:00 AM. Venue: London, United Kingdo...

Neutral

Syrah Resources Limited to Report Q2, 2021 Resu...

2021-06-30 23:18:00

Syrah Resources Limited announced that they will report Q2, 2021 results on Jul 21, 2021

Neutral

Syrah Resources Limited, Q2 2021 Earnings Call,...

2021-06-30 23:18:00

Syrah Resources Limited, Q2 2021 Earnings Call, Jul 21, 2021

Neutral

Syrah Resources Limited Announces Change of Principal Place of Business Address

2022-06-15 08:45:00

Syrah Resources Limited announced that further to the Company's announcement on 1 December 2021 titled "Change of Registered Office and Principal Place of Business", the Principal Place of Business for Syrah has changed to the following address: Syrah Resources Limited, Level 7, 477 Collins Street, Melbourne VIC 3000.

Positive

Syrah Resources Limited Receives Reports of Insurgent Attack at Mine Project Site Near Ancuabe, Approximately 200Km from Balama in Cabo Delgado Province, Northern Mozambique

2022-06-08 23:50:00

Syrah Resources Limited announced that it has received reports of an insurgent attack at a mine project site near Ancuabe, approximately 200km from Balama in Cabo Delgado province, northern Mozambique. This, with another incident in the same area in recent days, are the first confirmed attacks in the district of Ancuabe. Prior to these incidents there had been a significant improvement in the overall security situation in Cabo Delgado. The incidents occurred between 30km and 40km from the N1 road, the primary transport route between Balama and both Nacala and Pemba. Syrah and its logistics service provider have taken the precautionary measure of suspending all personnel and logistics movements through the route section until further information is available. Balama mining and processing operations are not currently impacted. Syrah's higher priority is the health and safety of employees and contractors. Accordingly, the company retains close contact with Government, security authorities and other stakeholders to monitor the situation and assess the safe resumption of transport operations. Syrah will continue to update the market on the security situation and any impacts on Balama operations.

Positive

Syrah Resources Limited Approves Installation of Solar and Battery Hybrid Power System at its Balama Graphite Operation in Mozambique

2022-04-05 23:12:00

Syrah Resources Limited announced its board has approved a final investment decision (FID) for the installation of a solar and battery hybrid power system (Solar Battery System) at its Balama Graphite Operation in Mozambique (Balama), taking advantage of the high solar irradiation potential of the site location. The Solar Battery System will be delivered under a build-own-operate-transfer (BOOT) arrangement, comprising a 10-year operating lease and an operating and maintenance contract with a Mozambique incorporated project company to be wholly owned by CBE. This project company will construct, own and operate the Solar Battery System over the BOOT term. Operations and ownership of the Solar Battery System will be transferred to Syrah at nil cost at the end of the 10-year BOOT term. Solarcentury Africa will continue to work closely with Syrah and CBE during the construction, delivery and installation of the Solar Battery System and up to commercial operation. Syrah and Solarcentury Africa have obtained all required licenses to commence construction of the Solar Battery System. The Solar Battery System is scheduled to be commissioned and operating before the end of the March 2023 quarter.

Neutral

Syrah Resources Limited, Q1 2022 Earnings Call, Apr 27, 2022

2022-03-31 21:28:00

Syrah Resources Limited, Q1 2022 Earnings Call, Apr 27, 2022

Neutral

Syrah Resources Limited to Report Q1, 2022 Results on Apr 27, 2022

2022-03-31 21:28:00

Syrah Resources Limited announced that they will report Q1, 2022 results on Apr 27, 2022

Neutral

Syrah Resources Limited, Annual General Meeting, May 20, 2022

2022-03-07 05:44:00

Syrah Resources Limited, Annual General Meeting, May 20, 2022, at 10:00 AUS Eastern Standard Time. Location: Level 14 Auditorium + Business Lounge 385 Bourke Street Melbourne Victoria Australia Agenda: To consider the adoption of Remuneration Report; to consider re-election of Lisa Bahash as a Director of the Company; to consider the approval to grant 325,013 performance rights to Mr Shaun Verner (or his nominee) as a 2022 Long Term Incentive; to consider the approval to issue 111,287 fully paid ordinary shares to Mr Shaun Verner (or his nominee) as part of his 2021 Short Term Incentive; to consider the ratification of Prior Issue of 84,459,460 Fully Paid Ordinary Shares; and to consider renewal of the proportional takeover provisions in the constitution of the Company.

Negative

Syrah Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 125.000001 million.

2022-02-09 00:00:00

Syrah Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 125.000001 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 84,459,460 Price\Range: AUD 1.48 Discount Per Security: AUD 0.407 Transaction Features: Subsequent Direct Listing

Negative

Syrah Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 125.106337 million.

2022-02-07 00:00:00

Syrah Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 125.106337 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 84,531,309 Price\Range: AUD 1.48 Discount Per Security: AUD 0.04069 Transaction Features: Rights Offering

Negative

Syrah Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 125.000001 million.

2022-02-07 00:00:00

Syrah Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 125.000001 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 84,459,460 Price\Range: AUD 1.48 Discount Per Security: AUD 0.407 Transaction Features: Subsequent Direct Listing

Positive

Syrah Resources Limited, 0.985068, Rights Issue, Feb-09-2022

2022-02-07 00:00:00

Syrah Resources Limited, 0.985068, Rights Issue, Feb-09-2022

Neutral

Syrah Resources Limited - Shareholder/Analyst Call

2022-02-06 21:44:00

To discuss Vidalia Initial Expansion and Equity Raising

Neutral

Syrah Resources Limited, Q4 2021 Earnings Call, Jan 31, 2022

2022-01-18 21:44:00

Syrah Resources Limited, Q4 2021 Earnings Call, Jan 31, 2022

Neutral

Syrah Resources Limited to Report Q4, 2021 Results on Jan 31, 2022

2022-01-18 21:44:00

Syrah Resources Limited announced that they will report Q4, 2021 results on Jan 31, 2022

Neutral

Syrah Resources Limited Executes Offtake Agreement with Tesla, Inc. to Supply Natural Graphite Active Anode Material

2021-12-22 21:22:00

Syrah Resources Limited announced that it has executed an offtake agreement with Tesla, Inc. to supply natural graphite Active Anode Material ("AAM") from its vertically integrated AAM production facility in Vidalia, USA ("Vidalia"). Tesla will offtake the majority of the proposed initial expansion of AAM production capacity at Vidalia at a fixed price for an initial term of four years commencing from the achievement of a commercial production rate, subject to final qualification. Tesla also has an option to offtake additional volume from Vidalia subject to Syrah expanding its capacity beyond 10kt per annum AAM. The Agreement provides a compelling foundation to proceed with the initial expansion of Vidalia's production capacity and Syrah plans to make a final investment decision for construction of this expanded facility in January 2022, subject to financing commitments. Syrah is advancing commercial and technical engagement with other target customers to develop Vidalia AAM for mass production and secure additional long-term purchase commitments for Vidalia. Greenhill & Co acted as financial adviser to Syrah. White & Case acted as legal adviser to Syrah.

Neutral

Syrah Resources Limited Presents at Benchmark Week 2021, Dec-06-2021 08:00 AM

2021-12-03 11:21:00

Syrah Resources Limited Presents at Benchmark Week 2021, Dec-06-2021 08:00 AM. Speakers: Shaun Verner, MD, CEO & Director.

Neutral

Syrah Resources Limited Announces Change of Registered Office & Principal Place of Business

2021-11-30 22:02:00

Syrah Resources Limited announced its registered office and principal place of business have changed to: Registered Office: c/- Vistra Australia (Melbourne) Pty Ltd, Level 4, 96-100 Albert Road, South Melbourne, VIC 3205. Principal Place of Business: c/- Work Club Melbourne, Olderfleet, 477 Collins Street, Melbourne, VIC 3000.

Neutral

Benchmark Mineral Intelligence, Benchmark Week 2021, Dec 06, 2021 through Dec 08, 2021

2021-11-30 20:45:00

Benchmark Mineral Intelligence, Benchmark Week 2021, Dec 06, 2021 through Dec 08, 2021.

Neutral

Syrah Resources Limited, Q3 2021 Earnings Call, Oct 28, 2021

2021-10-03 22:00:00

Syrah Resources Limited, Q3 2021 Earnings Call, Oct 28, 2021

Neutral

Syrah Resources Limited to Report Q3, 2021 Results on Oct 28, 2021

2021-10-03 22:00:00

Syrah Resources Limited announced that they will report Q3, 2021 results on Oct 28, 2021

Neutral

Syrah Resources Limited Presents at Bernstein's 18th Annual Strategic Decisions Conference, Sep-23-2021 11:00 AM

2021-07-05 13:02:00

Syrah Resources Limited Presents at Bernstein's 18th Annual Strategic Decisions Conference, Sep-23-2021 11:00 AM. Venue: London, United Kingdom. Speakers: Shaun Verner, MD, CEO & Director.

Neutral

Syrah Resources Limited to Report Q2, 2021 Results on Jul 21, 2021

2021-06-30 23:18:00

Syrah Resources Limited announced that they will report Q2, 2021 results on Jul 21, 2021

Neutral

Syrah Resources Limited, Q2 2021 Earnings Call, Jul 21, 2021

2021-06-30 23:18:00

Syrah Resources Limited, Q2 2021 Earnings Call, Jul 21, 2021

Fundamental Summary

At a high level, the metrics from Syrah's Q4 financial report release were demonstrably negative. Their growth and value factors indicate a poor execution and strategy, which isn't generating exciting growth. These results indicate a weak growth potential for Syrah's stock's price moving forward. Therefore, Syrah earned a score of 46 and a UNDERPERFORM recommendation.

Syrah announced earnings results for the half year ended June 30, 2021. For the half year, the company announced sales was USD 8.935 million compared to USD 7.433 million a year ago. Net loss was USD 24.950 million compared to USD 28.704 million a year ago. Basic loss per share from continuing operations was USD 0.0484 compared to USD 0.0693 a year ago.

Business Description

Syrah, together with its subsidiaries, engages in the exploration, evaluation, and development of mineral properties in Mozambique. The company operates through Balama and Vidalia segments. Its flagship project is the Balama graphite and vanadium project located in Cabo Delgado Province, Mozambique. The company is also involved in the assessment and development of downstream Vidalia active anode material opportunities for natural flake graphite. It sells natural graphite in China, Europe, India, the Americas, and internationally. The company was incorporated in 2007 and is headquartered in Melbourne, Australia.

Sector Overview

Syrah is included in the Metals & Mining according to GICS (global industry classification standard). The Metals & Mining industry is included in the Materials sector. It includes the producers of aluminum, iron, steel, gold, other diversified metals and minerals, and their related products, as well as the mining and production the above materials. Syrah's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 428.9 -5.3% 75
Liabilities 136.4 4.9% 63
Price to Book 2.3 92.1% 94
Cash & Equivalents 52.9 -37.9% 46
Equity 288.3 -8.9% 38
EBITDA -40.0 -0.0% 67
Total Revenues 29.0 136.3% 38
Parameter Value Change Score
Return on Equity -18.2 -2.9% 62
Net Cashflow -22.1 -168.9% 59
Capital Expenditure -21.6 -77.2% 43
Asset Turnover 0.1 138.1% 98
Free Cashflow -0.1 -29.6% 58

* All values are TTM

The below chart reflects Syrah's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Syrah's peer average final assessment score stands on 58.0, Syrah's score is 46.

  •  SYR
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
BHP Group Limited 208.5B 58 71 75
Hold
69
69 0 1
Fortescue Metals Group Limited 55.0B 65 67 75
Hold
68
68 1 1
Newcrest Mining Limited 19.4B 52 66 57
Underperform
56
56 2 1
South32 Limited 18.7B 84 72 78
Buy
82
82 3 1
Mineral Resources Limited 9.2B 55 63 61
Underperform
56
56 4 1
Lynas Rare Earths Limited 8.3B 70 69 70
Hold
71
71 5 1
Northern Star Resources Limited 8.2B 56 56 73
Underperform
55
55 6 1
IGO Limited 7.8B 50 78 72
Hold
71
71 7 1
BlueScope Steel Limited 7.3B 85 72 52
Hold
72
72 8 1
Pilbara Minerals Limited 6.9B 86 69 86
Buy
83
83 9 1
Allkem Limited 6.9B 57 61 82
Hold
65
65 10 1
OZ Minerals Limited 6.2B 74 66 78
Hold
74
74 11 1
Evolution Mining Limited 4.8B 82 64 50
Hold
64
64 12 1
Alumina Limited 4.4B 50 79 72
Hold
70
70 13 1
OZ Minerals Holdings Pty Ltd 4.0B 84 61 50
Hold
73
73 14 1
Iluka Resources Limited 3.9B 77 60 74
Hold
68
68 15 1
Andean Resources Ltd. 3.7B 86 97 41
Buy
84
84 16 1
Coronado Global Resources Inc. 2.9B 83 74 81
Strong Buy
87
87 17 1
Nickel Industries Limited 2.8B 54 60 70
Underperform
56
56 18 1
AVZ Minerals Limited 2.8B 95 68 58
Hold
75
75 19 1
Sims Limited 2.7B 68 69 82
Hold
74
74 20 1
Zimplats Holdings Limited 2.6B 77 68 64
Hold
71
71 21 1
Liontown Resources Limited 2.4B 81 84 62
Buy
84
84 22 1
Perseus Mining Limited 2.3B 81 65 83
Hold
77
77 23 1
Deterra Royalties Limited 2.3B 77 61 75
Hold
69
69 24 1
Sandfire Resources Limited 1.9B 82 69 76
Buy
79
79 25 1
Core Lithium Ltd 1.8B 83 70 69
Hold
76
76 26 1
Chalice Mining Limited 1.5B 54 81 55
Hold
67
67 27 1
Grange Resources Limited 1.5B 65 64 73
Hold
66
66 28 1
Capricorn Metals Ltd 1.3B 86 69 82
Buy
82
82 29 1
West African Resources Limited 1.3B 87 59 66
Hold
68
68 30 1
Silver Lake Resources Limited 1.2B 66 63 58
Hold
62
62 31 1
De Grey Mining Limited 1.2B 66 47 73
Underperform
53
53 32 1
Gold Road Resources Limited 1.2B 64 67 56
Hold
63
63 33 1
Lake Resources NL 1.2B 66 73 68
Hold
71
71 34 1
Sayona Mining Limited 1.2B 66 73 68
Hold
71
71 35 1
Regis Resources Limited 1.1B 53 53 69
Underperform
50
50 36 1
Piedmont Lithium Inc. 1.1B 88 77 60
Buy
84
84 37 1
5E Advanced Materials Inc. 927.2M 47 58 61
Underperform
51
51 38 1
ioneer Ltd 867.9M 85 69 51
Hold
70
70 39 1
Equigold NL 854.0M 50 65 87
Hold
67
67 40 1
Ramelius Resources Limited 828.4M 56 68 62
Hold
60
60 41 1
Vulcan Energy Resources Limited 826.7M 67 78 71
Hold
77
77 42 1
Jervois Global Limited 813.1M 78 71 54
Hold
72
72 43 1
Mincor Resources NL 808.9M 62 77 57
Hold
67
67 44 1
Imdex Limited 796.9M 71 56 74
Hold
70
70 45 1
Bellevue Gold Limited 722.0M 84 69 54
Hold
70
70 46 1
St Barbara Limited 701.5M 53 70 56
Underperform
59
59 47 1
Emerald Resources NL 679.4M 60 68 84
Hold
70
70 48 1
Red 5 Limited 671.6M 47 75 59
Hold
61
61 49 1
Boart Longyear Group Ltd. 651.0M 60 74 68
Hold
69
69 50 1
Mount Gibson Iron Limited 629.5M 48 78 64
Hold
66
66 51 1
Westgold Resources Limited 575.3M 54 65 63
Underperform
58
58 52 1
OM Holdings Limited 563.6M 84 75 82
Buy
85
85 53 1
Australian Strategic Materials Ltd 540.9M 51 74 72
Hold
67
67 54 1
Neometals Ltd 531.9M 60 72 60
Hold
65
65 55 1
Adriatic Metals PLC 528.8M 66 73 68
Hold
71
71 56 1
Argosy Minerals Limited 467.8M 66 73 68
Hold
71
71 57 1
Perenti Global Limited 461.4M 60 78 67
Hold
72
72 58 1
Champion Iron Limited 441.1M 58 71 55
Hold
64
64 59 1
Panoramic Resources Limited 420.4M 58 71 67
Hold
66
66 60 1
Hastings Technology Metals Limited 404.8M 65 68 67
Hold
68
68 61 1
Alkane Resources Limited 402.0M 78 70 68
Hold
73
73 62 1
Centaurus Metals Limited 397.2M 66 73 68
Hold
71
71 63 1
Bowen Coking Coal Limited 385.5M 66 73 68
Hold
71
71 64 1
Jupiter Mines Limited 372.2M 66 81 50
Hold
64
64 65 1
Galan Lithium Limited 362.2M 66 73 68
Hold
71
71 66 1
Talga Group Ltd 359.9M 53 60 62
Underperform
53
53 67 1
BCI Minerals Limited 349.8M 71 68 60
Hold
66
66 68 1
Metals X Limited 344.8M 68 87 68
Buy
82
82 69 1
Pantoro Limited 330.8M 66 73 68
Hold
71
71 70 1
Aurelia Metals Limited 327.8M 65 58 60
Underperform
56
56 71 1
Macmahon Holdings Limited 283.7M 68 65 62
Hold
66
66 72 1
Lotus Resources Limited 277.3M 66 73 68
Hold
71
71 73 1
Firefinch Limited 236.2M 66 73 68
Hold
71
71 74 1
Andromeda Metals Limited 229.8M 66 73 68
Hold
71
71 75 1

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Syrah's stock is now priced above its 5-day, but below its 50-day and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near-term. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Syrah's stock indicates that it's likely oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 52.

Bearish 52
Close Price 1.32
52W Low 1.01
52W High 2.1
5D MA 1.23
50D MA 1.62
200D MA 1.45
MACD -0.12
RSI 0.12
STOCH 45.68

Balance Sheet Analysis

A few metrics from Syrah's current balance sheet were especially concerning: Equity and Cash & Equivalents. Syrah published concerning equity metrics for this filing. In the current report, equity stood at 288.3, which represents a -8.9% change from the last report. This parameter often affects companies in the same industry and market capitalization by up to 5.9%. These metrics are all the more disappointing relative to their peers and should blunt potential positive momentum in its's stock price. Its equity movement component, therefore, received a grade of 38. Also, Syrah reported concerning cash and cash equivalents metrics in this filing. Specifically, they reported that cash and cash equivalents were 52.9, representing a -37.9% change from the last period. This performance is significantly less impressive than its peers and competitors. Consequently, their cash and cash equivalents movement received a grade of 46. That said, one metric, Book Value Factors, stood out as strongly positive. Syrah publishes impressive results related to book value factors in this report. Specifically, price to book ratio (P/B) now sits at 2.3 and represents a 92.1% change from the previous report. These book value factor numbers show that management has been prudent in focusing on efficient growth. We believe the stock price has room to grow to reflect its intrinsic value accurately. The company's book value factors component, therefore, received a grade of 94. Therefore, the company's balance sheet earned a grade of 49.

Parameter Value Change Score
Assets 428.9 -5.3% 75
Liabilities 136.4 4.9% 63
Price to Book 2.3 92.1% 94
Cash & Equivalents 52.9 -37.9% 46
Equity 288.3 -8.9% 38
* All values are TTM

The below chart describes Syrah's performance as reflected on its balance sheet with respect to its peers. While Syrah received a balance sheet score of 49, the average of its peers stands on 63.0.

  •  SYR
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
BHP Group Limited 208.5B 74 92 47 52 76 58 0 1
Fortescue Metals Group Limited 55.0B 83 66 68 55 69 65 1 1
Newcrest Mining Limited 19.4B 85 72 46 46 73 52 2 1
South32 Limited 18.7B 74 73 80 79 74 84 3 1
Mineral Resources Limited 9.2B 83 73 52 42 90 55 4 1
Lynas Rare Earths Limited 8.3B 74 59 77 62 68 70 5 1
Northern Star Resources Limited 8.2B 87 70 56 48 65 56 6 1
IGO Limited 7.8B 43 37 80 42 63 50 7 1
BlueScope Steel Limited 7.3B 64 75 87 90 68 85 8 1
Pilbara Minerals Limited 6.9B 87 59 81 87 56 86 9 1
Allkem Limited 6.9B 53 64 44 65 89 57 10 1
OZ Minerals Limited 6.2B 87 72 72 69 72 74 11 1
Evolution Mining Limited 4.8B 47 57 76 96 54 82 12 1
Alumina Limited 4.4B 51 69 50 46 84 50 13 1
OZ Minerals Holdings Pty Ltd 4.0B 81 62 51 97 87 84 14 1
Iluka Resources Limited 3.9B 76 66 87 69 53 77 15 1
Andean Resources Ltd. 3.7B 70 37 60 97 92 86 16 1
Coronado Global Resources Inc. 2.9B 44 56 87 85 71 83 17 1
Nickel Industries Limited 2.8B 41 44 72 50 70 54 18 1
AVZ Minerals Limited 2.8B 99 56 82 98 66 95 19 1
Sims Limited 2.7B 85 72 83 49 57 68 20 1
Zimplats Holdings Limited 2.6B 80 69 68 76 73 77 21 1
Liontown Resources Limited 2.4B 43 55 82 97 37 81 22 1
Perseus Mining Limited 2.3B 81 70 73 82 66 81 23 1
Deterra Royalties Limited 2.3B 99 79 61 75 68 77 24 1
Sandfire Resources Limited 1.9B 41 64 87 87 73 82 25 1
Core Lithium Ltd 1.8B 37 55 82 94 66 83 26 1
Chalice Mining Limited 1.5B 98 78 39 46 89 54 27 1
Grange Resources Limited 1.5B 54 70 51 71 92 65 28 1
Capricorn Metals Ltd 1.3B 69 59 81 91 65 86 29 1
West African Resources Limited 1.3B 92 56 81 92 42 87 30 1
Silver Lake Resources Limited 1.2B 69 62 62 71 57 66 31 1
De Grey Mining Limited 1.2B 44 49 79 69 48 66 32 1
Gold Road Resources Limited 1.2B 83 72 56 65 60 64 33 1
Lake Resources NL 1.2B 78 74 55 64 78 66 34 1
Sayona Mining Limited 1.2B 78 74 55 64 78 66 35 1
Regis Resources Limited 1.1B 77 74 51 48 63 53 36 1
Piedmont Lithium Inc. 1.1B 97 54 82 97 39 88 37 1
5E Advanced Materials Inc. 927.2M 44 83 54 45 37 47 38 1
ioneer Ltd 867.9M 98 56 80 86 52 85 39 1
Equigold NL 854.0M 57 46 86 50 45 50 40 1
Ramelius Resources Limited 828.4M 67 41 78 48 49 56 41 1
Vulcan Energy Resources Limited 826.7M 39 53 80 74 41 67 42 1
Jervois Global Limited 813.1M 71 71 44 94 95 78 43 1
Mincor Resources NL 808.9M 83 78 43 62 56 62 44 1
Imdex Limited 796.9M 59 69 83 61 75 71 45 1
Bellevue Gold Limited 722.0M 96 56 81 87 42 84 46 1
St Barbara Limited 701.5M 80 69 51 49 61 53 47 1
Emerald Resources NL 679.4M 51 58 80 51 57 60 48 1
Red 5 Limited 671.6M 49 45 39 55 96 47 49 1
Boart Longyear Group Ltd. 651.0M 85 79 39 60 87 60 50 1
Mount Gibson Iron Limited 629.5M 94 76 39 41 74 48 51 1
Westgold Resources Limited 575.3M 77 65 55 47 73 54 52 1
OM Holdings Limited 563.6M 84 69 84 81 50 84 53 1
Australian Strategic Materials Ltd 540.9M 44 69 55 46 84 51 54 1
Neometals Ltd 531.9M 97 77 46 50 97 60 55 1
Adriatic Metals PLC 528.8M 78 74 55 64 78 66 56 1
Argosy Minerals Limited 467.8M 78 74 55 64 78 66 57 1
Perenti Global Limited 461.4M 68 71 51 61 74 60 58 1
Champion Iron Limited 441.1M 66 49 73 47 67 58 59 1
Panoramic Resources Limited 420.4M 78 75 43 58 85 58 60 1
Hastings Technology Metals Limited 404.8M 75 72 56 67 67 65 61 1
Alkane Resources Limited 402.0M 45 56 83 88 40 78 62 1
Centaurus Metals Limited 397.2M 78 74 55 64 78 66 63 1
Bowen Coking Coal Limited 385.5M 78 74 55 64 78 66 64 1
Jupiter Mines Limited 372.2M 63 93 46 52 80 66 65 1
Galan Lithium Limited 362.2M 78 74 55 64 78 66 66 1
Talga Group Ltd 359.9M 90 78 38 45 95 53 67 1
BCI Minerals Limited 349.8M 86 73 58 67 82 71 68 1
Metals X Limited 344.8M 90 77 50 67 80 68 69 1
Pantoro Limited 330.8M 78 74 55 64 78 66 70 1
Aurelia Metals Limited 327.8M 85 69 59 60 72 65 71 1
Macmahon Holdings Limited 283.7M 47 61 72 78 44 68 72 1
Lotus Resources Limited 277.3M 78 74 55 64 78 66 73 1
Firefinch Limited 236.2M 78 74 55 64 78 66 74 1
Andromeda Metals Limited 229.8M 78 74 55 64 78 66 75 1

Income Statement Analysis

Syrah's recently published income statement conveys disappointing growth, particularly with respect to Revenue Efficiency and Return Factors metrics. Syrah management did an underwhelming job managing revenue efficiency this past period. Syrah's revenue efficiency is 29.0 according to the metrics in the current filing, which represents a 136.3% change from the previous report. This metric might have a 24.0 percent impact on companies in the same industry and with the same market capitalization. Their revenue efficiency, specifically in contrast to their industry peers', isn't encouraging. Its revenue efficiency, therefore, received a grade of 38. Also, Return factors metrics and ratios were disappointing in this report. Syrah reported a return on equity (ROE) ratio of -18.2, representing a change of -2.9% from the last report.change of -2.9% from the previous period. This metric might have a 10.6 percent impact on companies in the same industry and with the same market capitalization. The company's return factor metrics return on equity and return on assets are even more concerning when compared to their peers. Its return factors (ROA & ROE) components, therefore, received a grade of 62. That said, one metric, EBITDA, stood out as strongly positive. Syrah reported impressive EBITDA this period. At filing, EBITDA was reported as -40.0, representing -0.0% change from the previous period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 20.0%. Their EBITDA metrics are even more impressive relative to their peers and competitors, and its likely the stock price has room to grow to reflect its intrinsic value accurately. Consequently, their EBITDA movement received a grade of 67. Therefore, it received a cautionary score of 50.

Parameter Value Change Score
EBITDA -40.0 -0.0% 67
Total Revenues 29.0 136.3% 38
Return on Equity -18.2 -2.9% 62
* All values are TTM

The below chart describes Syrah's performance as reflected on its income statement with respect to its peers. While Syrah received a income statement score of 50 , the average of its peers stands on 59.0.

  •  SYR
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
BHP Group Limited 208.5B 64 79 79 71 0 1
Fortescue Metals Group Limited 55.0B 58 78 75 67 1 1
Newcrest Mining Limited 19.4B 95 45 48 66 2 1
South32 Limited 18.7B 47 94 95 72 3 1
Mineral Resources Limited 9.2B 94 42 44 63 4 1
Lynas Rare Earths Limited 8.3B 50 91 83 69 5 1
Northern Star Resources Limited 8.2B 48 66 68 56 6 1
IGO Limited 7.8B 98 72 48 78 7 1
BlueScope Steel Limited 7.3B 86 71 66 72 8 1
Pilbara Minerals Limited 6.9B 38 96 96 69 9 1
Allkem Limited 6.9B 46 75 74 61 10 1
OZ Minerals Limited 6.2B 48 82 82 66 11 1
Evolution Mining Limited 4.8B 94 46 43 64 12 1
Alumina Limited 4.4B 87 73 76 79 13 1
OZ Minerals Holdings Pty Ltd 4.0B 39 88 45 61 14 1
Iluka Resources Limited 3.9B 50 62 89 60 15 1
Andean Resources Ltd. 3.7B 37 89 91 97 16 1
Coronado Global Resources Inc. 2.9B 39 98 97 74 17 1
Nickel Industries Limited 2.8B 66 61 55 60 18 1
AVZ Minerals Limited 2.8B 87 63 41 68 19 1
Sims Limited 2.7B 45 90 92 69 20 1
Zimplats Holdings Limited 2.6B 94 50 52 68 21 1
Liontown Resources Limited 2.4B 87 78 91 84 22 1
Perseus Mining Limited 2.3B 42 88 83 65 23 1
Deterra Royalties Limited 2.3B 45 83 66 61 24 1
Sandfire Resources Limited 1.9B 64 73 74 69 25 1
Core Lithium Ltd 1.8B 87 47 81 70 26 1
Chalice Mining Limited 1.5B 99 65 76 81 27 1
Grange Resources Limited 1.5B 74 61 61 64 28 1
Capricorn Metals Ltd 1.3B 37 98 97 69 29 1
West African Resources Limited 1.3B 43 84 63 59 30 1
Silver Lake Resources Limited 1.2B 95 42 41 63 31 1
De Grey Mining Limited 1.2B 44 45 76 47 32 1
Gold Road Resources Limited 1.2B 94 48 49 67 33 1
Lake Resources NL 1.2B 87 62 66 73 34 1
Sayona Mining Limited 1.2B 87 62 66 73 35 1
Regis Resources Limited 1.1B 65 50 45 53 36 1
Piedmont Lithium Inc. 1.1B 87 63 68 77 37 1
5E Advanced Materials Inc. 927.2M 74 37 56 58 38 1
ioneer Ltd 867.9M 87 55 60 69 39 1
Equigold NL 854.0M 79 44 91 65 40 1
Ramelius Resources Limited 828.4M 94 51 48 68 41 1
Vulcan Energy Resources Limited 826.7M 87 67 84 78 42 1
Jervois Global Limited 813.1M 37 94 93 71 43 1
Mincor Resources NL 808.9M 98 57 59 77 44 1
Imdex Limited 796.9M 77 60 56 56 45 1
Bellevue Gold Limited 722.0M 87 44 83 69 46 1
St Barbara Limited 701.5M 93 56 53 70 47 1
Emerald Resources NL 679.4M 37 96 94 68 48 1
Red 5 Limited 671.6M 95 58 66 75 49 1
Boart Longyear Group Ltd. 651.0M 93 58 67 74 50 1
Mount Gibson Iron Limited 629.5M 99 62 66 78 51 1
Westgold Resources Limited 575.3M 84 58 43 65 52 1
OM Holdings Limited 563.6M 50 96 97 75 53 1
Australian Strategic Materials Ltd 540.9M 91 62 66 74 54 1
Neometals Ltd 531.9M 87 66 56 72 55 1
Adriatic Metals PLC 528.8M 87 62 66 73 56 1
Argosy Minerals Limited 467.8M 87 62 66 73 57 1
Perenti Global Limited 461.4M 73 81 87 78 58 1
Champion Iron Limited 441.1M 95 50 45 71 59 1
Panoramic Resources Limited 420.4M 95 50 62 71 60 1
Hastings Technology Metals Limited 404.8M 90 51 53 68 61 1
Alkane Resources Limited 402.0M 68 74 74 70 62 1
Centaurus Metals Limited 397.2M 87 62 66 73 63 1
Bowen Coking Coal Limited 385.5M 87 62 66 73 64 1
Jupiter Mines Limited 372.2M 96 46 50 81 65 1
Galan Lithium Limited 362.2M 87 62 66 73 66 1
Talga Group Ltd 359.9M 87 40 47 60 67 1
BCI Minerals Limited 349.8M 94 47 56 68 68 1
Metals X Limited 344.8M 94 84 79 87 69 1
Pantoro Limited 330.8M 87 62 66 73 70 1
Aurelia Metals Limited 327.8M 68 58 49 58 71 1
Macmahon Holdings Limited 283.7M 88 51 48 65 72 1
Lotus Resources Limited 277.3M 87 62 66 73 73 1
Firefinch Limited 236.2M 87 62 66 73 74 1
Andromeda Metals Limited 229.8M 87 62 66 73 75 1

Cash Flow Analysis

Overall, Syrah's critical cash flow metrics appear to signal strong support and a high likelihood of positive growth going forward. Syrah's published asset turnover numbers were encouraging and reflected management's balanced change strategy. Syrah recorded asset turnover of 0.1, which represents a 138.1% change from the previous report. Companies in the same industry and market capitalization are typically affected by this parameter by up to 2.7%. Its asset turnover metrics are especially remarkable relative to their peers. We believe the stock price has room to grow to reflect its intrinsic value accurately. Correspondingly, their asset turnover movement received a grade of 98. Also, Syrah's strong net cash flow numbers, which were -22.1 in this filing, showed a -168.9% change from the last period. The company is headed in the right direction regarding business priorities, exhibiting prudent net cash flow management and growth. Hence, its net cash flow earned a score of 59. That said, one metric, Capital Expenditure, stood out as particularly concerning. Syrah's management did not a remarkable job this period managing capital expenditures (CapEx). In terms of the raw numbers, CapEx was reported as -21.6, which represents a -77.2% change from the last period. They appears to be headed in the wrong direction regarding resource allocation, exhibiting prudent capital expenditure growth compared to its peers. Its CapEx movement, therefore, received a grade of 43. Therefore, we scored the company's cash flow a 69.

Parameter Value Change Score
Net Cashflow -22.1 -168.9% 59
Capital Expenditure -21.6 -77.2% 43
Asset Turnover 0.1 138.1% 98
Free Cashflow -0.1 -29.6% 58
* All values are TTM

The below chart describes Syrah's performance as reflected on its cash flow with respect to its peers. While Syrah received a cash flow score of 69, the average of its peers stands on 65.0.

  •  SYR
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
BHP Group Limited 208.5B 70 77 80 71 75 0 1
Fortescue Metals Group Limited 55.0B 74 78 69 74 75 1 1
Newcrest Mining Limited 19.4B 58 48 63 55 57 2 1
South32 Limited 18.7B 72 86 82 75 78 3 1
Mineral Resources Limited 9.2B 58 69 54 63 61 4 1
Lynas Rare Earths Limited 8.3B 78 63 76 58 70 5 1
Northern Star Resources Limited 8.2B 70 58 54 91 73 6 1
IGO Limited 7.8B 80 73 66 57 72 7 1
BlueScope Steel Limited 7.3B 48 47 56 70 52 8 1
Pilbara Minerals Limited 6.9B 87 97 76 78 86 9 1
Allkem Limited 6.9B 75 77 70 84 82 10 1
OZ Minerals Limited 6.2B 69 97 66 73 78 11 1
Evolution Mining Limited 4.8B 54 49 61 39 50 12 1
Alumina Limited 4.4B 68 74 76 70 72 13 1
OZ Minerals Holdings Pty Ltd 4.0B 49 86 84 39 50 14 1
Iluka Resources Limited 3.9B 75 84 52 74 74 15 1
Andean Resources Ltd. 3.7B 40 55 56 37 41 16 1
Coronado Global Resources Inc. 2.9B 77 86 53 93 81 17 1
Nickel Industries Limited 2.8B 75 63 76 61 70 18 1
AVZ Minerals Limited 2.8B 60 69 76 37 58 19 1
Sims Limited 2.7B 83 98 56 82 82 20 1
Zimplats Holdings Limited 2.6B 75 77 63 44 64 21 1
Liontown Resources Limited 2.4B 59 69 76 51 62 22 1
Perseus Mining Limited 2.3B 69 94 90 83 83 23 1
Deterra Royalties Limited 2.3B 77 88 96 51 75 24 1
Sandfire Resources Limited 1.9B 73 85 63 71 76 25 1
Core Lithium Ltd 1.8B 61 69 76 72 69 26 1
Chalice Mining Limited 1.5B 53 62 84 38 55 27 1
Grange Resources Limited 1.5B 75 79 76 62 73 28 1
Capricorn Metals Ltd 1.3B 81 83 81 79 82 29 1
West African Resources Limited 1.3B 73 84 42 58 66 30 1
Silver Lake Resources Limited 1.2B 63 53 64 47 58 31 1
De Grey Mining Limited 1.2B 80 69 76 61 73 32 1
Gold Road Resources Limited 1.2B 57 57 54 50 56 33 1
Lake Resources NL 1.2B 68 69 76 60 68 34 1
Sayona Mining Limited 1.2B 68 69 76 60 68 35 1
Regis Resources Limited 1.1B 65 76 68 69 69 36 1
Piedmont Lithium Inc. 1.1B 59 62 69 54 60 37 1
5E Advanced Materials Inc. 927.2M 55 48 71 71 61 38 1
ioneer Ltd 867.9M 47 57 54 51 51 39 1
Equigold NL 854.0M 91 69 72 84 87 40 1
Ramelius Resources Limited 828.4M 59 56 81 58 62 41 1
Vulcan Energy Resources Limited 826.7M 67 69 76 69 71 42 1
Jervois Global Limited 813.1M 43 51 38 82 54 43 1
Mincor Resources NL 808.9M 63 63 72 45 57 44 1
Imdex Limited 796.9M 71 72 79 73 74 45 1
Bellevue Gold Limited 722.0M 51 64 56 51 54 46 1
St Barbara Limited 701.5M 54 46 71 55 56 47 1
Emerald Resources NL 679.4M 84 81 80 81 84 48 1
Red 5 Limited 671.6M 68 49 48 59 59 49 1
Boart Longyear Group Ltd. 651.0M 62 74 81 63 68 50 1
Mount Gibson Iron Limited 629.5M 68 69 59 56 64 51 1
Westgold Resources Limited 575.3M 59 69 71 59 63 52 1
OM Holdings Limited 563.6M 75 90 90 75 82 53 1
Australian Strategic Materials Ltd 540.9M 72 69 76 69 72 54 1
Neometals Ltd 531.9M 62 54 71 52 60 55 1
Adriatic Metals PLC 528.8M 68 69 76 60 68 56 1
Argosy Minerals Limited 467.8M 68 69 76 60 68 57 1
Perenti Global Limited 461.4M 61 69 54 78 67 58 1
Champion Iron Limited 441.1M 56 69 51 49 55 59 1
Panoramic Resources Limited 420.4M 69 69 79 54 67 60 1
Hastings Technology Metals Limited 404.8M 65 68 74 57 67 61 1
Alkane Resources Limited 402.0M 69 58 68 71 68 62 1
Centaurus Metals Limited 397.2M 68 69 76 60 68 63 1
Bowen Coking Coal Limited 385.5M 68 69 76 60 68 64 1
Jupiter Mines Limited 372.2M 51 51 84 44 50 65 1
Galan Lithium Limited 362.2M 68 69 76 60 68 66 1
Talga Group Ltd 359.9M 53 48 76 70 62 67 1
BCI Minerals Limited 349.8M 62 54 76 49 60 68 1
Metals X Limited 344.8M 70 81 72 55 68 69 1
Pantoro Limited 330.8M 68 69 76 60 68 70 1
Aurelia Metals Limited 327.8M 72 58 54 49 60 71 1
Macmahon Holdings Limited 283.7M 72 53 46 57 62 72 1
Lotus Resources Limited 277.3M 68 69 76 60 68 73 1
Firefinch Limited 236.2M 68 69 76 60 68 74 1
Andromeda Metals Limited 229.8M 68 69 76 60 68 75 1

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