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Murray Cod Australia ASX:MCA Stock Report

Last Price


Market Cap







02 Oct, 2022


Company Financials +
MCA fundamental analysis
Snowflake Score
Future Growth2/6
Past Performance0/6
Financial Health6/6

MCA Stock Overview

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

Murray Cod Australia Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Murray Cod Australia
Historical stock prices
Current Share PriceAU$0.19
52 Week HighAU$0.41
52 Week LowAU$0.14
1 Month Change0%
3 Month Change-11.63%
1 Year Change-40.63%
3 Year Change18.75%
5 Year Change192.31%
Change since IPO227.59%

Recent News & Updates

Sep 30
Companies Like Murray Cod Australia (ASX:MCA) Are In A Position To Invest In Growth

Companies Like Murray Cod Australia (ASX:MCA) Are In A Position To Invest In Growth

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...

Apr 28
Murray Cod Australia (ASX:MCA) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway

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

MCAAU FoodAU Market

Return vs Industry: MCA underperformed the Australian Food industry which returned -17.4% over the past year.

Return vs Market: MCA underperformed the Australian Market which returned -10.8% over the past year.

Price Volatility

Is MCA's price volatile compared to industry and market?
MCA volatility
MCA Average Weekly Movement11.6%
Food Industry Average Movement6.3%
Market Average Movement9.4%
10% most volatile stocks in AU Market16.5%
10% least volatile stocks in AU Market4.2%

Stable Share Price: MCA is not significantly more volatile than the rest of Australian stocks over the past 3 months, typically moving +/- 12% a week.

Volatility Over Time: MCA's weekly volatility (12%) has been stable over the past year.

About the Company

2001n/aMatt Ryan

Murray Cod Australia Limited, together with its subsidiaries, engages in breeding, growing, and marketing freshwater table fish in Australia. The company is also involved in breeding and selling Murray Cod, Golden Perch, and Silver Perch as fingerlings. In addition, it 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 CapAU$145.40m
Earnings (TTM)-AU$8.75m
Revenue (TTM)AU$12.71m


P/S Ratio


P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MCA income statement (TTM)
Cost of RevenueAU$8.75m
Gross ProfitAU$3.96m
Other ExpensesAU$12.71m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)-0.011
Gross Margin31.17%
Net Profit Margin-68.84%
Debt/Equity Ratio0.08%

How did MCA perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


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

Valuation Score


Valuation Score 2/6

  • 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.

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/Revenue9.9x
Enterprise Value/EBITDA-14.2x
PEG Ration/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.
CompanyPSEstimated GrowthMarket Cap
Peer Average1.8x
MBH Maggie Beer Holdings
CSS Clean Seas Seafood
BUB Bubs Australia
BFC Beston Global Food
MCA Murray Cod Australia

Price-To-Sales vs Peers: MCA is expensive based on its Price-To-Sales Ratio (11.4x) compared to the peer average (1.8x).

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 (11.4x) compared to the Australian Food industry average (1.4x)

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 Ratio11.4x
Fair PS Ratio5.3x

Price-To-Sales vs Fair Ratio: MCA is expensive based on its Price-To-Sales Ratio (11.4x) compared to the estimated Fair Price-To-Sales Ratio (5.3x).

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: MCA (A$0.19) is trading below our estimate of fair value (A$1.62)

Significantly Below Fair Value: MCA is trading below fair value by more than 20%.

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


Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MCA is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: MCA is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: MCA is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: MCA's revenue (46.2% per year) is forecast to grow faster than the Australian market (3.7% per year).

High Growth Revenue: MCA's revenue (46.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MCA is forecast to be unprofitable in 3 years.

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Past Performance

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

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


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 1.3% 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 (9%).

Return on Equity

High ROE: MCA has a negative Return on Equity (-11.45%), as it is currently unprofitable.

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Financial Health

How is Murray Cod Australia's financial position?

Financial Health Score


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$42.8M) exceed its short term liabilities (A$2.6M).

Long Term Liabilities: MCA's short term assets (A$42.8M) exceed its long term liabilities (A$13.0M).

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 8% to 0.08% 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 1.7 years if free cash flow continues to reduce at historical rates of 24.2% each year.

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

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Murray Cod Australia Dividend Yield vs Market
How does Murray Cod Australia dividend yield compare to the market?
SegmentDividend Yield
Company (Murray Cod Australia)n/a
Market Bottom 25% (AU)2.8%
Market Top 25% (AU)7.1%
Industry Average (Food)3.4%
Analyst forecast in 3 Years (Murray Cod Australia)n/a

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


Average management tenure


Matt Ryan





Mr. Matthew John Ryan, also known as Matt, has been Managing Director and Executive Director of Murray Cod Australia Limited since December 16, 2016. With experience in the aquaculture and agriculture indu...

CEO Compensation Analysis

Matt Ryan's Compensation vs Murray Cod Australia Earnings
How has Matt Ryan's remuneration changed compared to Murray Cod Australia's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022AU$933kAU$200k


Mar 31 2022n/an/a


Dec 31 2021n/an/a


Sep 30 2021n/an/a


Jun 30 2021AU$322kAU$175k


Mar 31 2021n/an/a


Dec 31 2020n/an/a


Sep 30 2020n/an/a


Jun 30 2020AU$164kAU$150k


Mar 31 2020n/an/a


Dec 31 2019n/an/a


Sep 30 2019n/an/a


Jun 30 2019AU$1mAU$150k


Mar 31 2019n/an/a


Dec 31 2018n/an/a


Sep 30 2018n/an/a


Jun 30 2018AU$164kAU$150k


Mar 31 2018n/an/a


Dec 31 2017n/an/a


Sep 30 2017n/an/a


Jun 30 2017AU$75kAU$68k


Compensation vs Market: Matt's total compensation ($USD601.23K) is above average for companies of similar size in the Australian market ($USD274.64K).

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

Leadership Team

Experienced Management: MCA's management team is seasoned and experienced (6.8 years average tenure).

Board Members

Experienced Board: MCA's board of directors are considered experienced (6.4 years average tenure).


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

ASX:MCA Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
21 Jun 22BuyAU$5,769,487Credit Suisse, Investment Banking and Securities InvestmentsCompany39,203,153AU$0.15
21 Jun 22SellAU$286,833Credit Suisse, Investment Banking and Securities InvestmentsCompany1,252,048AU$0.23
14 Jan 22BuyAU$2,169,998George ComminsIndividual7,000,000AU$0.31
14 Jan 22BuyAU$168,640Clearpoint Cap Global Mkt FdCompany544,000AU$0.31
14 Jan 22SellAU$368,729George ComminsIndividual4,544,000AU$0.31
16 Nov 21BuyAU$3,349,993Ross AndersonIndividual10,000,000AU$0.33
16 Nov 21SellAU$5,024,990Matthew RyanIndividual15,000,000AU$0.33
14 Oct 21BuyAU$3,318,618Ross AndersonIndividual8,969,236AU$0.37

Ownership Breakdown

What is the ownership structure of MCA?
Owner TypeNumber of SharesOwnership Percentage
Private Companies72,586,1149.5%
General Public297,595,05438.9%
Individual Insiders313,170,59340.9%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 33.6%.

Top Shareholders

Top 22 shareholders own 61.11% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Matthew Ryan
113,571,429A$21.6m0%no data
Timothy Poole
71,394,263A$13.6m0%no data
George Commins
54,332,857A$10.3m0%no data
Saville Capital Pty Ltd
Credit Suisse, Investment Banking and Securities Investments
Clearpoint Cap Global Mkt Fd
32,110,010A$6.1m0%no data
Ross Anderson
30,944,885A$5.9m0%no data
Brondlax Pty Ltd
16,886,552A$3.2m62.71%no data
Albins Pty Ltd
9,089,552A$1.7m1%no data
Scmg Pty Ltd
9,000,000A$1.7m99900%no data
Martin Priestley
8,000,000A$1.5m0%no data
Timothy Commins
6,064,515A$1.2m-39.74%no data
Dnomyar Pty Ltd
5,500,000A$1.0m0%no data
Therese Townsend
4,100,000A$779.0k0%no data
Cameron Townsend
4,100,000A$779.0k0%no data
Mary Grimish
4,035,003A$766.7k0.24%no data
Geoffrey Grimish
4,035,003A$766.7k0.24%no data
Jason Mimmo
3,960,380A$752.5k-0.99%no data
Kerry Forbes
3,032,258A$576.1k0%no data
Ian Charles
2,800,000A$532.0k-6.67%no data
Michelle Charles
2,800,000A$532.0k-6.67%no data
Dimensional Fund Advisors LP
41,000A$7.8k0%no data

Company Information

Murray Cod Australia Limited's employee growth, exchange listings and data sources

Key Information

  • Name: Murray Cod Australia Limited
  • Ticker: MCA
  • Exchange: ASX
  • Founded: 2001
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: AU$145.398m
  • Shares outstanding: 765.25m
  • Website:


  • Murray Cod Australia Limited
  • 2 – 4 Lasscock Road
  • Griffith
  • New South Wales
  • 2680
  • Australia


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MCAASX (Australian Securities Exchange)YesOrdinary SharesAUAUDJan 2017
MCACHIA (Chi-X Australia)YesOrdinary SharesAUAUDJan 2017

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2022/06/30

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.