AECI Limited AECLY

MaterialsChemicalsSouth Africa

Last close 5.00 USD on Nov 1, 2026, – year to date

Quant rating

Quant rating C Rank 141 of 220 in Materials

Growth B 58 of 220
Valuation A 32 of 220
Quality C 143 of 220
Revisions C 105 of 220
Momentum D 202 of 220

Wall Street consensus Average target 7.88 USD +57.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 615M
Enterprise value: 677M
52-week range: 5.00 – 5.00
3-year range: 5.00 – 5.58
Dividend yield: 2.96%
Beta (5 years): –
Shares outstanding: 109M
Next earnings: Feb 23, 2027

About the company

AECI Limited is a South Africa-based diversified chemicals solutions company. The Company’s core products include products and services include mine-to-mineral solutions; water treatment solutions; chemical raw materials and related services; crop protection products and plant nutrients; as well as property leasing and the provision of utilities. Its segments include AECI Mining, AECI Chemicals, AECI Property Services and Corporate and AECI Managed businesses. AECI Mining segment comprises the explosives and mining chemicals businesses. The mining chemicals business develops, manufactures, and distributes advanced mining chemical technologies. AECI Chemicals comprises of industrial chemicals, specialty chemicals, water treatment and agri-health. The AECI Property Services and Corporate segment provides property leasing and provision of utilities to internal and external customers, and corporate support services to the group, including executing its corporate strategy.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,943	1,782	1,911	2,093	1,629	–
Revenue growth	9.0%	−6.7%	−8.7%	28.4%	−0.8%	3.4%
EPS (basic, normalized)	0.69	0.39	0.58	0.71	–	–
EPS growth	78.0%	−32.9%	−17.9%	–	–	–
Gross margin	34.7%	32.1%	30.5%	27.7%	31.3%	31.3%
Net margin	1.1%	0.8%	3.2%	2.6%	4.6%	2.4%
ROE	3.0%	2.3%	9.3%	8.1%	10.8%	6.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,943	+9.0%	0.3x	215	+33.1%	3.1x	0.69	+78.0%	7.2x
2026	2,063	+6.1%	0.3x	221	+2.8%	3.1x	0.82	+18.5%	6.1x
2027	2,214	+7.3%	0.3x	263	+18.6%	2.6x	1.01	+23.4%	4.9x
2028	2,366	+6.9%	0.3x	294	+11.8%	2.3x	1.19	+17.3%	4.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,063	0.0%	−0.9%	−0.9%	0.82	0.0%	−8.8%	−8.8%
2027	2,214	0.0%	−1.0%	−1.0%	1.01	0.0%	−10.2%	−10.2%
2028	2,366	0.0%	−1.0%	−1.0%	1.19	0.0%	−10.5%	−10.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AECLY AECI Limited	615M	–	1.1%	0.87x	6.1x	4.9x	3.1x	2.6x
KOP Koppers Holdings Inc	785M	3.34x	3.0%	2.03x	10.3x	8.5x	6.7x	6.2x
WLKP Westlake Chemical Partners LP	749M	1.39x	4.2%	2.95x	13.4x	11.4x	2.9x	2.9x
MATV Mativ Holdings, Inc.	626M	4.11x	−17.0%	1.33x	11.6x	9.0x	6.5x	5.8x
TROX Tronox Holdings PLC	575M	9.12x	−16.2%	0.50x	−2.4x	−9.4x	11.1x	8.0x
BAK Braskem S.A.	471M	20.18x	−14.0%	−0.20x	0.7x	−1.1x	6.6x	9.8x
Mean		7.63x	−6.5%	1.25x	6.6x	3.9x	6.1x	5.9x
Median		4.11x	−6.4%	1.10x	8.2x	6.7x	6.5x	6.0x

Technical analysis

1M–
3M–
1Y−10.4%
3Y−10.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AECI Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,943	1,782	1,911	2,093	1,629	1,642
Cost of revenue	1,268	1,211	1,328	1,514	1,119	1,100
Gross profit	675	571	583	579	510	542
Selling, general & administrative expenses	583	489	450	459	382	480
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	0	0.2
Other operating expenses	0	0	0	0	0	0
Operating income	92.4	81.9	134	120	128	62.2
Net interest income (expense)	−19.0	−26.1	−25.4	−16.9	−12.5	−17.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	73.4	55.8	108	103	116	45.1
Provision for taxes	53.4	39.6	47.7	47.2	40.1	34.2
Minority interest	1.1	−1.3	−0.1	−1.5	−1.3	−1.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	21.1	14.9	60.4	54.7	74.4	9.3
Extraordinary items	−0.9	−29.7	4.0	–	–	–
Net income	20.2	−14.8	64.4	54.7	74.4	9.3
EBIT, normalized	141	97.3	135	145	128	114
EBITDA, normalized	203	158	193	206	192	189
Basic EPS, normalized	0.69	0.39	0.58	0.71	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, AECI Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	289	162	141	154	151	271
Receivables	400	396	391	446	354	341
Total inventory	288	271	335	399	305	256
Prepaid expenses	25.2	22.4	18.2	18.1	15.6	11.9
Other current assets	0	79.8	0	0	0	0
Total current assets	1,003	932	885	1,017	825	880
Property, plant & equipment	297	351	408	390	391	414
Goodwill	78.5	85.3	128	138	148	161
Intangibles	18.4	19.2	46.4	51.0	58.1	68.0
Long-term investments	42.3	37.1	27.2	35.4	42.0	35.8
Note receivable	1.9	2.4	3.1	6.5	3.0	–
Other long-term assets	32.5	25.5	30.7	33.7	44.4	51.5
Total assets	1,473	1,452	1,528	1,672	1,512	1,610
Liabilities
Accounts payable	280	286	323	355	296	273
Payable/accrued	–	–	–	–	–	–
Accrued expenses	108	81.2	86.0	85.9	74.5	61.6
Short-term debt	4.8	2.3	7.8	15.7	10.8	15.0
Current portion of long-term debt	51.9	53.4	47.4	361	81.5	137
Other current liabilities	65.9	62.4	30.1	26.6	29.5	43.1
Total current liabilities	510	485	495	844	493	530
Long-term debt	211	270	294	67.0	209	259
Minority interest	9.3	8.6	8.8	10.6	10.4	11.4
Other liabilities	51.6	51.7	60.9	65.3	85.3	84.1
Total liabilities	782	815	858	987	798	885
Shareholders' equity
Preferred stock	0.4	0.3	0.3	0.4	0.4	0.4
Common stock	6.4	5.6	5.8	6.2	6.9	7.5
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	591	520	554	564	591	604
Treasury stock	–	–	–	–	–	–
Other equity	93.1	111	110	114	115	113
Total equity	691	637	670	685	714	725
Total liabilities & shareholders' equity	1,473	1,452	1,528	1,672	1,512	1,610

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AECI Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	92.0	54.2	141	120	128	62.4
Depreciation, depletion & amortization	62.1	61.2	57.4	60.1	64.3	75.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	63.6	64.5	9.6	38.1	9.2	60.6
Changes in working capital	−90.4	−88.3	−51.1	−259	−156	−26.3
Cash from operations	127	91.7	156	−40.2	45.4	172
Investing activities
Capital expenditures	−50.4	−51.6	−71.3	−91.3	−48.4	−43.0
Other investing cash flows	125	−3.3	−7.4	−5.0	6.4	6.6
Cash from investing	74.8	−54.9	−78.7	−96.3	−42.0	−36.4
Financing activities
Financing cash flow items	−1.3	−1.9	−0.1	−5.0	−4.8	−7.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−99.9	−9.6	−84.7	139	−102	−32.9
Cash from financing	−101	−11.5	−84.8	134	−107	−40.2
Foreign exchange effects	−12.0	2.1	5.3	5.1	6.8	3.6
Net change in cash	89.1	27.4	−1.8	2.5	−96.5	99.1
Free cash flow	77.0	40.1	85.2	−131	−3.0	129

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.