ASX:CGS

Stock Analysis Report

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Executive Summary

Cogstate Limited, a cognitive science company, provides computerized cognitive tests for clinical trials, academic research, healthcare, and brain health applications in Australia and internationally. More Details


Snowflake Analysis

Excellent balance sheet with weak fundamentals.

Share Price & News

How has Cogstate's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CGS is more volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 17% a week.

Volatility Over Time: CGS's weekly volatility (17%) has been stable over the past year, but is still higher than 75% of Australian stocks.


Market Performance


7 Day Return

-4.4%

CGS

-4.1%

AU Healthcare Services

1.3%

AU Market


1 Year Return

191.0%

CGS

8.5%

AU Healthcare Services

-1.7%

AU Market

Return vs Industry: CGS exceeded the Australian Healthcare Services industry which returned 8.5% over the past year.

Return vs Market: CGS exceeded the Australian Market which returned -1.7% over the past year.


Shareholder returns

CGSIndustryMarket
7 Day-4.4%-4.1%1.3%
30 Day-11.4%-4.5%10.4%
90 Day34.5%9.8%8.8%
1 Year191.0%191.0%9.0%8.5%1.7%-1.7%
3 Year5.2%4.3%133.7%124.0%23.1%7.9%
5 Year165.9%163.5%237.9%229.8%57.2%26.0%

Long-Term Price Volatility Vs. Market

How volatile is Cogstate's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Cogstate undervalued compared to its fair value and its price relative to the market?

7.59x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate CGS's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate CGS's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: CGS is unprofitable, so we can't compare its PE Ratio to the XX Healthcare Services industry average.

PE vs Market: CGS is unprofitable, so we can't compare its PE Ratio to the Australian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CGS's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: CGS is overvalued based on its PB Ratio (7.6x) compared to the AU Healthcare Services industry average (5.7x).


Next Steps

Future Growth

How is Cogstate forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

33.1%

Forecasted Healthcare industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Cogstate has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Cogstate performed over the past 5 years?

-25.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CGS is currently unprofitable.

Growing Profit Margin: CGS is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CGS is unprofitable, and losses have increased over the past 5 years at a rate of 25.4% per year.

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

Earnings vs Industry: CGS is unprofitable, making it difficult to compare its past year earnings growth to the Healthcare Services industry (-14.3%).


Return on Equity

High ROE: CGS has a negative Return on Equity (-8.16%), as it is currently unprofitable.


Next Steps

Financial Health

How is Cogstate's financial position?


Financial Position Analysis

Short Term Liabilities: CGS's short term assets ($16.1M) exceed its short term liabilities ($13.1M).

Long Term Liabilities: CGS's short term assets ($16.1M) exceed its long term liabilities ($2.4M).


Debt to Equity History and Analysis

Debt Level: CGS's debt to equity ratio (15.7%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if CGS's debt to equity ratio has reduced 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: CGS has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: CGS has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of 2.9% each year


Next Steps

Dividend

What is Cogstate current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

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

High Dividend: Unable to evaluate CGS'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 CGS's dividends per share have been stable in the past.

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


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CGS's dividend in 3 years as they are not forecast to pay a notable one for the Australian market.


Next Steps

Management

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

0.8yrs

Average management tenure


CEO

Brad O'Connor

14.92yrs

Tenure

US$930,690

Compensation

Mr. Bradley O'Connor, also known as Brad, B.Bus, CA, has been the Chief Executive Officer and Managing Director of Cogstate Limited since December 1, 2005 and served as its Chief Financial Officer since Ma...


CEO Compensation Analysis

Compensation vs Market: Brad's total compensation ($USD930.69K) is above average for companies of similar size in the Australian market ($USD282.32K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Bradley O'Connor
CEO, MD & Executive Director14.92yrsUS$930.69k3.45%
$ 5.7m
Paul Maruff
Founder & Chief Innovation Officerno dataUS$506.70k0.29%
$ 487.5k
John Glueck
General Counsel & Company Secretary0.75yrUS$259.22kno data
Kenneth Billard
Chief Commercial Officer1yrUS$569.35kno data
Keith Hawkins
Financial Controller & Company Secretary0.83yrno datano data
Brendan Owen
Interim Chief Technology Officer0.83yrno datano data
Chris Edgar
Chief Science Officer0.083yrno datano data
Rachel Colite
Vice President of Strategic Initiatives0.42yrno datano data
Amy Veroff
Principal Consultantno datano datano data

0.8yrs

Average Tenure

Experienced Management: CGS's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Bradley O'Connor
CEO, MD & Executive Director14.92yrsUS$930.69k3.45%
$ 5.7m
Richard van den Broek
Independent Non-Executive Director10.25yrsUS$53.33k2.56%
$ 4.2m
Martyn Myer
Non-Executive Chairmanno dataUS$79.32k13.88%
$ 23.0m
Ingrid Player
Independent Non-Executive Director1.25yrsUS$47.42k0.079%
$ 130.8k
David Dolby
Non-Executive Director7yrsUS$53.33k15.18%
$ 25.2m
Richard Mohs
Independent Non-Executive Director3.83yrsUS$50.72k0.032%
$ 53.6k

7.0yrs

Average Tenure

50.5yo

Average Age

Experienced Board: CGS's board of directors are considered experienced (7 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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Cogstate Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cogstate Limited
  • Ticker: CGS
  • Exchange: ASX
  • Founded: 1999
  • Industry: Health Care Technology
  • Sector: Healthcare
  • Market Cap: AU$165.885m
  • Shares outstanding: 170.14m
  • Website: https://www.cogstate.com

Number of Employees


Location

  • Cogstate Limited
  • 255 Bourke Street
  • Level 2
  • Melbourne
  • Victoria
  • 3000
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CGSASX (Australian Securities Exchange)YesOrdinary SharesAUAUDFeb 2004
COGZ.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 2004
CGSCHIA (Chi-X Australia)YesOrdinary SharesAUAUDFeb 2004

Biography

Cogstate Limited, a cognitive science company, provides computerized cognitive tests for clinical trials, academic research, healthcare, and brain health applications in Australia and internationally. The ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/29 07:05
End of Day Share Price2020/11/27 00:00
Earnings2020/06/30
Annual Earnings2020/06/30


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.