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Multistack International Limited
(Sydney:MSI)
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Rating:47Neutral
Price Target:
AU$0.01
▲(160.00% Upside)
Action:Reiterated
Date:07/02/26
The score is primarily held down by weak and volatile operating performance and a high-risk balance sheet with persistent negative equity, despite an encouraging 2025 rebound to positive operating/free cash flow. Valuation appears optically cheap on P/E, but that signal is tempered by concerns about earnings quality and lack of consistent operating profitability. Technical inputs are limited due to missing indicators, providing only modest support via low beta.
Positive Factors
Cash Generation Rebound
A return to positive operating and free cash flow in 2025 (~1.34m) materially improves near-term liquidity and the company's ability to service obligations, invest modestly or fund restructuring. Durable cash generation, if sustained, reduces reliance on external financing and raises survival odds amid prior outflows.
Negative Factors
Persistent Negative Equity
Multi-year negative equity signals accumulated losses and a weakened capital base, constraining access to growth capital and making leverage metrics unreliable. Over months this undermines counterparty confidence, increases refinancing risk and limits the company's ability to pursue investment or M&A to restore profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation Rebound
A return to positive operating and free cash flow in 2025 (~1.34m) materially improves near-term liquidity and the company's ability to service obligations, invest modestly or fund restructuring. Durable cash generation, if sustained, reduces reliance on external financing and raises survival odds amid prior outflows.
Read all positive factors
Multistack International Limited (MSI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$408.91K
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)0.3
Beta (1Y)0.29
Revenue Growth-54.52%
EPS Growth-19.12%
CountryAU
Employees7
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.01
Shares Outstanding136,303,920
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.43
Price to Sales (P/S)4.29
P/FCF Ratio0.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Multistack International Limited Business Overview & Revenue Model
Company Description
Multistack International Limited operates predominantly within Australia, specializing in the marketing and supply of industrial air conditioning equipment. The company's core offerings include the sale and maintenance of its proprietary Multistac...
How the Company Makes Money
Detailed, factual information about MSI’s revenue model, key revenue streams, or significant partnerships is not available in the provided context. null...
Multistack International Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 225.18K | 158.89K | 374.03K | 1.76M | 632.80K | 643.85K |
| Gross Profit | 75.86K | -328.07K | 120.32K | -74.19K | 329.89K | 114.01K |
| EBITDA | -780.09K | -1.59M | -1.39M | -668.00K | -859.00K | -931.00K |
| Net Income | 1.86M | 2.26M | -1.68M | -892.00K | -1.83M | -1.13M |
Balance Sheet | ||||||
| Total Assets | 1.71M | 1.30M | 3.80M | 3.30M | 5.05M | 5.59M |
| Cash, Cash Equivalents and Short-Term Investments | 1.54M | 1.11M | 975.61K | 646.82K | 1.47M | 2.02M |
| Total Debt | 918.46K | 924.92K | 4.91M | 3.37M | 3.49M | 3.40M |
| Total Liabilities | 2.88M | 2.90M | 7.65M | 5.47M | 6.33M | 5.04M |
| Stockholders Equity | -1.17M | -1.60M | -3.86M | -2.18M | -1.29M | 546.08K |
Cash Flow | ||||||
| Free Cash Flow | 1.64M | 1.34M | -493.31K | -729.87K | -2.79M | -530.21K |
| Operating Cash Flow | 1.64M | 1.34M | -493.31K | -729.87K | -2.79M | -530.21K |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 634.00 | 641.26K | 25.95K |
| Financing Cash Flow | -1.26M | -1.20M | 822.10K | -93.38K | -91.55K | 1.52M |
Multistack International Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$52.87M | 14.54 | 35.47% | 7.32% | -3.10% | -35.68% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | AU$36.00M | -32.35 | -15.66% | ― | 23.31% | 50.00% | |
49 Neutral | AU$51.58M | -6.93 | -38.77% | ― | ― | 31.86% | |
47 Neutral | AU$408.91K | 0.30 | -171.60% | ― | -54.52% | -19.12% | |
45 Neutral | AU$9.62M | -2.18 | 92.42% | ― | -1.99% | -14.88% | |
41 Neutral | AU$13.12M | -1.38 | 55.70% | ― | -51.10% | 2.79% |
* Industrials Sector Average
AU:MSI
Multistack International Limited
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Multistack International Limited Corporate Events
Multistack Completes Sale of Main Assets to Willing Y Limited
Jul 1, 2026
Multistack International Limited has completed the previously announced asset sale deed with Willing Y Limited, under which Willing Y has acquired substantially all of the company’s assets, including all shares in Multistack Australia Pty Lt...
Multistack Shareholders Approve Disposal of Main Undertaking at EGM
Jun 24, 2026
Multistack International Limited, an ASX-listed company based in Moorabbin, Victoria, held an extraordinary general meeting of shareholders on 24 June 2026. The meeting was convened to consider a key corporate proposal relating to the company̵...
Multistack Moves to Sell Core Assets and Restructure After Prolonged Losses
Jun 23, 2026
Multistack International Limited has determined that its core operations are no longer commercially viable in their current form, as they remain loss-making and would require a significant capital injection beyond its means. Following a strategic ...
Multistack shareholders back board and pay at 2026 AGM
May 29, 2026
Multistack International Limited, an ASX-listed provider of HVAC and related engineering solutions, serves commercial and industrial customers seeking energy-efficient climate control systems. The company operates within the broader building infra...
Multistack pivots with major asset sale after revenue slump
May 28, 2026
Multistack International reported a sharp 57.5% fall in 2025 revenue to $158,888, but booked about $4 million in other income from a settlement with Danfoss and the sale of Verdicorp’s assets, turning a prior-year loss into a net profit of $...
Multistack Calls Virtual Meeting to Approve Sale of Main Undertaking
May 27, 2026
Multistack International Limited has called an extraordinary general meeting for 24 June 2026, to be held virtually via Zoom, to seek shareholder approval for the sale of its main undertaking to Willing Y Limited. Shareholders are encouraged to pa...
Multistack Sets Fully Virtual AGM to Review 2025 Results and Board
May 1, 2026
Multistack International Limited has called its 2026 annual general meeting for 29 May, to be held exclusively online via Zoom, with no physical venue provided. Shareholders are encouraged to register in advance to attend virtually, submit written...
Multistack International Releases 2025 Consolidated Financial Report
May 1, 2026
Multistack International Limited has released its consolidated financial report for the year ended 31 December 2025, detailing the group’s profit or loss, financial position, cash flows and changes in equity. The document also includes the d...
Multistack Agrees Asset Sale to Willing Y Limited Amid Modest March Quarter Activity
Apr 22, 2026
Multistack International Limited reported that during the March 2026 quarter it continued its core activities of selling, marketing and distributing water-cooled and air-cooled water chillers, generating revenue from the sale of an air-cooled chil...
Multistack posts quarterly cash outflow but maintains A$1.1m cash buffer
Apr 22, 2026
Multistack International Limited reported customer receipts of A$127,512 for the quarter ended 31 March 2026, against operating cash outflows driven by staff, manufacturing and corporate costs. This resulted in negative operating cash flow of A$17...
Multistack to Sell Core Assets to Hong Kong Buyer, Becoming Cash Shell on ASX
Apr 17, 2026
Multistack International Limited has signed a binding asset sale deed with Hong Kong-based Willing Y Limited, which focuses on exporting air conditioning components from China and is seeking expansion into Australia and New Zealand. Under the deal...
Multistack to Exit Loss-Making Operations via Asset Sale to Hong Kong Buyer
Apr 8, 2026
Multistack International Limited has concluded that its current air conditioning business is no longer commercially viable, with operations remaining loss-making and requiring capital beyond the company’s capacity to raise. The board has res...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.