Fund Manager Summary
The fund managers believe that Aquirian Ltd presents a compelling investment opportunity due to its strong alignment with favorable macroeconomic conditions in Western Australia. They highlight the company’s undemanding valuation, trading at a forward EBITDA multiple of approximately 6x, which they feel significantly understates its operating leverage and growth optionality. The Wubin Emulsion Facility, with a potential revenue generation of around $160m at full capacity, currently operates at only 25% utilization, indicating substantial upside potential. Additionally, the company is advancing strategic initiatives, including a joint venture with Topgroup and a partnership with Hongda Civil Blasting Group, which enhance its vertical integration and long-term growth outlook. The fund managers express confidence in Aquirian's management team, noting their substantial ownership and industry experience.
Source: Trading View
Commentary From The Managers
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Cerutty Macro Fund
31 Oct 2025
$0.42
Summary
- Cerutty Macro Fund focuses on under-researched and under-owned companies, aiming to invest where larger funds overlook opportunities.
- The fund manager initiated a position in Aquirian Limited (AQN) in March 2025, participating in a $3m capital raise.
- Strong macro themes, such as growth in Western Australia’s mining activity and favorable commodity prices, align with Aquirian’s potential for scaling operations.
- The Australian Resources & Energy Employer Association (AREEA) forecasts 11 new gold projects by decade's end, enhancing mining activity in the region.
- Aquirian is valued at a forward EBITDA multiple of ~6x, which the fund believes underestimates the company’s operating leverage and growth potential.
- The key asset is the Wubin Emulsion Facility, capable of producing 110kt of ammonium nitrate emulsion annually, with significant revenue potential.
- Aquirian’s market cap is trading around historical asset-backed levels, suggesting undervaluation compared to today’s replacement costs.
- At full capacity, the Wubin facility could generate approximately $160m in revenue and over $25m EBITDA, currently operating at only ~25% utilization.
- Aquirian is pursuing two additional growth avenues: the Collar Keeper System joint venture with Topgroup and a 50:50 JV with Hongda Civil Blasting Group for electronic detonators.
- The management team has substantial ownership, with the MD holding ~20%, providing confidence in execution and strategic direction.
- The Cerutty team plans to visit the Wubin site in November to further assess the investment opportunity.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Cerutty Macro Fund
31 Oct 2025
$0.42
- Cerutty Macro Fund focuses on under-researched and under-owned companies, aiming to invest where larger funds overlook opportunities.
- The fund manager initiated a position in Aquirian Limited (AQN) in March 2025, participating in a $3m capital raise.
- Strong macro themes, such as growth in Western Australia’s mining activity and favorable commodity prices, align with Aquirian’s potential for scaling operations.
- The Australian Resources & Energy Employer Association (AREEA) forecasts 11 new gold projects by decade's end, enhancing mining activity in the region.
- Aquirian is valued at a forward EBITDA multiple of ~6x, which the fund believes underestimates the company’s operating leverage and growth potential.
- The key asset is the Wubin Emulsion Facility, capable of producing 110kt of ammonium nitrate emulsion annually, with significant revenue potential.
- Aquirian’s market cap is trading around historical asset-backed levels, suggesting undervaluation compared to today’s replacement costs.
- At full capacity, the Wubin facility could generate approximately $160m in revenue and over $25m EBITDA, currently operating at only ~25% utilization.
- Aquirian is pursuing two additional growth avenues: the Collar Keeper System joint venture with Topgroup and a 50:50 JV with Hongda Civil Blasting Group for electronic detonators.
- The management team has substantial ownership, with the MD holding ~20%, providing confidence in execution and strategic direction.
- The Cerutty team plans to visit the Wubin site in November to further assess the investment opportunity.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"In a landscape where larger funds overlook hidden gems, Aquirian Ltd emerges as a compelling opportunity—trading at asset-backed levels while poised for growth amidst a booming mining sector. The potential for significant revenue and strategic expansion could redefine its market position."
Last Updated: 31 Oct 2025
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Frequently Asked Questions
Who is investing in Aquirian Ltd (ASX:AQN)?
Fund managers including Cerutty Macro Fund have invested in Aquirian Ltd (ASX:AQN).
Why do fund managers invest in Aquirian Ltd?
Fund managers have invested in Aquirian Ltd due to its strategic positioning in the growing Western Australian mining sector, characterized by strong commodity prices and upcoming gold projects. Aquirian's Wubin Emulsion Facility, with significant revenue potential and currently underutilized capacity, offers an attractive valuation at a forward EBITDA multiple of approximately 6x. Additionally, the company is advancing growth initiatives, including joint ventures for new technologies and products that enhance its vertical integration in the explosives value chain. The management team's substantial ownership and industry expertise further bolster confidence in Aquirian's long-term growth prospects.
What happened to Aquirian Ltd (ASX:AQN)?
Fund managers have invested in Aquirian Ltd due to its strategic position as an emulsion producer in Western Australia, capitalizing on the region's growing mining activity and favorable commodity prices. Aquirian's valuation is considered attractive, trading at a low EBITDA multiple that underrepresents its growth potential. The company's key asset, the Wubin Emulsion Facility, has significant revenue potential but is currently underutilized. Additionally, Aquirian is pursuing strategic partnerships and joint ventures to enhance its offerings, including a joint venture for electronic detonators, which could further integrate its operations within the explosives value chain. The management team's substantial ownership and industry experience provide further confidence in the company's growth prospects.