Murray Cod Australia (ASX:MCA) - Share price, News & Analysis

MCA fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	5/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

MCA Stock Overview

Murray Cod Australia Limited, together with its subsidiaries, engages in the breeding, growing, and marketing of Murray Cod fish in Australia.

Rewards

Earnings are forecast to grow 59.62% per year

Risk Analysis

Volatile share price over the past 3 months

Shareholders have been diluted in the past year

Does not have a meaningful market cap (A$130M)

Murray Cod Australia Competitors

Maggie Beer Holdings

ASX:MBH

AU$105.6m

Clean Seas Seafood

ASX:CSS

AU$95.1m

Beston Global Food

ASX:BFC

AU$63.9m

Noumi

ASX:NOU

AU$74.8m

Price History & Performance

Summary of all time highs, changes and price drops for Murray Cod Australia
Historical stock prices
Current Share Price	AU$0.17
52 Week High	AU$0.41
52 Week Low	AU$0.14
Beta	0.27
1 Month Change	-19.05%
3 Month Change	-15.00%
1 Year Change	-43.33%
3 Year Change	-8.11%
5 Year Change	150.00%
Change since IPO	193.10%

Recent News & Updates

Apr 28

Murray Cod Australia (ASX:MCA) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...

Shareholder Returns

	MCA	AU Food	AU Market
7D	0%	2.2%	1.1%
1Y	-43.3%	-13.0%	-8.1%

Return vs Industry: MCA underperformed the Australian Food industry which returned -12.3% over the past year.

Return vs Market: MCA underperformed the Australian Market which returned -8% over the past year.

Price Volatility

Is MCA's price volatile compared to industry and market?
MCA volatility
MCA Average Weekly Movement	15.2%
Food Industry Average Movement	6.6%
Market Average Movement	10.5%
10% most volatile stocks in AU Market	17.8%
10% least volatile stocks in AU Market	4.7%

Stable Share Price: MCA is more volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 15% a week.

Volatility Over Time: MCA's weekly volatility (15%) has been stable over the past year, but is still higher than 75% of Australian stocks.

About the Company

Founded	Employees	CEO	Website
2001	n/a	Matthew Ryan	https://www.aquna.com

Murray Cod Australia Limited, together with its subsidiaries, engages in the breeding, growing, and marketing of Murray Cod fish in Australia. It also involved in the breeding and selling of Murray Cod, Golden Perch and Silver Perch as fingerlings. In addition, the company constructs and sells aquaculture equipment.

Murray Cod Australia Fundamentals Summary

How do Murray Cod Australia's earnings and revenue compare to its market cap?
MCA fundamental statistics
Market Cap	AU$130.09m
Earnings (TTM)	-AU$4.75m
Revenue (TTM)	AU$10.37m

12.5x

P/S Ratio

-27.4x

P/E Ratio

Is MCA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MCA income statement (TTM)
Revenue	AU$10.37m
Cost of Revenue	AU$5.02m
Gross Profit	AU$5.35m
Other Expenses	AU$10.09m
Earnings	-AU$4.75m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	-0.0062
Gross Margin	51.55%
Net Profit Margin	-45.79%
Debt/Equity Ratio	5.8%

How did MCA perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is MCA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MCA?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MCA. This is calculated by dividing MCA's market cap by their current preferred multiple.
What is MCA's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	AU$130.09m

MCA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	10.8x
Enterprise Value/EBITDA	-21.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does MCA's PS Ratio compare to its peers?

MCA PS Ratio vs Peers

The above table shows the PS ratio for MCA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	0.9x
MBH Maggie Beer Holdings	1.2x	n/a	AU$105.6m
CSS Clean Seas Seafood	1.7x	10.8%	AU$95.1m
BFC Beston Global Food	0.5x	n/a	AU$63.9m
NOU Noumi	0.1x	n/a	AU$74.8m
MCA Murray Cod Australia	12.5x	70.5%	AU$130.1m

Price-To-Sales vs Peers: MCA is expensive based on its Price-To-Sales Ratio (12.5x) compared to the peer average (0.9x).

Price to Earnings Ratio vs Industry

How does MCA's PE Ratio compare vs other companies in the AU Food Industry?

Price-To-Sales vs Industry: MCA is expensive based on its Price-To-Sales Ratio (12.5x) compared to the Australian Food industry average (1.6x)

Price to Sales Ratio vs Fair Ratio

What is MCA's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MCA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	12.5x
Fair PS Ratio	23.9x

Price-To-Sales vs Fair Ratio: MCA is good value based on its Price-To-Sales Ratio (12.5x) compared to the estimated Fair Price-To-Sales Ratio (23.9x).

Share Price vs Fair Value

What is the Fair Price of MCA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate MCA's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate MCA's fair value for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Murray Cod Australia forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

59.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MCA is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.8%).

Earnings vs Market: MCA is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: MCA is expected to become profitable in the next 3 years.

Revenue vs Market: MCA's revenue (70.5% per year) is forecast to grow faster than the Australian market (5.6% per year).

High Growth Revenue: MCA's revenue (70.5% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MCA's Return on Equity is forecast to be low in 3 years time (12.3%).

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Past Performance

How has Murray Cod Australia performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

29.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MCA is currently unprofitable.

Growing Profit Margin: MCA is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: MCA is unprofitable, but has reduced losses over the past 5 years at a rate of 29.8% per year.

Accelerating Growth: Unable to compare MCA's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MCA is unprofitable, making it difficult to compare its past year earnings growth to the Food industry (82.3%).

Return on Equity

High ROE: MCA has a negative Return on Equity (-7.79%), as it is currently unprofitable.

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Financial Health

How is Murray Cod Australia's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: MCA's short term assets (A$49.3M) exceed its short term liabilities (A$3.7M).

Long Term Liabilities: MCA's short term assets (A$49.3M) exceed its long term liabilities (A$10.9M).

Debt to Equity History and Analysis

Debt Level: MCA has more cash than its total debt.

Reducing Debt: MCA's debt to equity ratio has reduced from 18.5% to 5.8% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MCA has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: MCA has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of 22.4% each year

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Dividend

What is Murray Cod Australia current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate MCA's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MCA's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MCA's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MCA's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as MCA has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

6.6yrs

Average management tenure

CEO

Matthew Ryan

5.67yrs

Tenure

AU$322,372

Compensation

Mr. Matthew John Ryan has been Managing Director and Executive Director of Murray Cod Australia Limited since December 16, 2016. . With over21 years’ experiencein the aquaculture andagriculture industries,...

CEO Compensation Analysis

Compensation vs Market: Matthew's total compensation ($USD224.68K) is about average for companies of similar size in the Australian market ($USD279.73K).

Compensation vs Earnings: Matthew's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: MCA's management team is seasoned and experienced (6.6 years average tenure).

Board Members

Experienced Board: MCA's board of directors are considered experienced (6.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 34.6%.

Data	Last Updated (UTC time)
Company Analysis	2022/08/09 00:00
End of Day Share Price	2022/08/09 00:00
Earnings	2021/12/31
Annual Earnings	2021/06/30