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LOCL

Local Bounti NYSE:LOCL Stock Report

Last Price

US$2.84

Market Cap

US$267.6m

7D

25.7%

1Y

-71.5%

Updated

30 Sep, 2022

Data

Company Financials +
LOCL fundamental analysis
Snowflake Score
Valuation2/6
Future Growth6/6
Past Performance0/6
Financial Health1/6
Dividends0/6

LOCL Stock Overview

Local Bounti Corporation grows fresh greens and herbs in the United States.

Local Bounti Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Local Bounti
Historical stock prices
Current Share PriceUS$2.84
52 Week HighUS$12.87
52 Week LowUS$2.22
Beta0
1 Month Change-23.66%
3 Month Change-12.07%
1 Year Change-71.46%
3 Year Changen/a
5 Year Changen/a
Change since IPO-70.87%

Recent News & Updates

Aug 15

Local Bounti reports mixed Q2 earnings; reaffirms FY22 guidance

Local Bounti press release (NYSE:LOCL): Q2 GAAP EPS of -$0.36 misses by $0.15. Revenue of $6.3M (+5627.3% Y/Y) beats by $0.44M. Adjusted EBITDA loss was $7.9M. Management is reaffirming its full year 2022 sales guidance of at least $20 million vs. consensus of $21.58M, including partial year contribution from its acquisition of Pete's which closed on April 4, 2022.

Shareholder Returns

LOCLUS FoodUS Market
7D25.7%-3.4%-2.5%
1Y-71.5%-1.5%-23.2%

Return vs Industry: LOCL underperformed the US Food industry which returned 0.2% over the past year.

Return vs Market: LOCL underperformed the US Market which returned -21.5% over the past year.

Price Volatility

Is LOCL's price volatile compared to industry and market?
LOCL volatility
LOCL Average Weekly Movement14.5%
Food Industry Average Movement5.4%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

Stable Share Price: LOCL is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 14% a week.

Volatility Over Time: LOCL's weekly volatility (14%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
2018111Craig Hurlberthttps://localbounti.com

Local Bounti Corporation grows fresh greens and herbs in the United States. It produces lettuce, herbs, and loose-leaf lettuce. The company sells its products to food retailers and food service distributors.

Local Bounti Fundamentals Summary

How do Local Bounti's earnings and revenue compare to its market cap?
LOCL fundamental statistics
Market CapUS$267.55m
Earnings (TTM)-US$96.54m
Revenue (TTM)US$7.02m

38.1x

P/S Ratio

-2.8x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
LOCL income statement (TTM)
RevenueUS$7.02m
Cost of RevenueUS$5.78m
Gross ProfitUS$1.24m
Other ExpensesUS$97.78m
Earnings-US$96.54m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-1.02
Gross Margin17.65%
Net Profit Margin-1,374.43%
Debt/Equity Ratio77.7%

How did LOCL perform over the long term?

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

Valuation

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

Valuation Score

2/6

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 LOCL?

Other financial metrics that can be useful for relative valuation.

LOCL 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/Revenue51.9x
Enterprise Value/EBITDA-5x
PEG Ration/a

Price to Sales Ratio vs Peers

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

LOCL PS Ratio vs Peers
The above table shows the PS ratio for LOCL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average5x
APPH AppHarvest
15.9x52.5%US$208.6m
LMNR Limoneira
1.3x5.1%US$233.6m
ALCO Alico
2.3x9.0%US$214.3m
VFF Village Farms International
0.6x16.4%US$169.2m
LOCL Local Bounti
38.1x87.3%US$267.6m

Price-To-Sales vs Peers: LOCL is expensive based on its Price-To-Sales Ratio (38.1x) compared to the peer average (5x).


Price to Earnings Ratio vs Industry

How does LOCL's PE Ratio compare vs other companies in the US Food Industry?

Price-To-Sales vs Industry: LOCL is expensive based on its Price-To-Sales Ratio (38.1x) compared to the US Food industry average (1.1x)


Price to Sales Ratio vs Fair Ratio

What is LOCL'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.

LOCL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio38.1x
Fair PS Ratio22.7x

Price-To-Sales vs Fair Ratio: LOCL is expensive based on its Price-To-Sales Ratio (38.1x) compared to the estimated Fair Price-To-Sales Ratio (22.7x).


Share Price vs Fair Value

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

Below Fair Value: LOCL ($2.84) is trading below our estimate of fair value ($321.49)

Significantly Below Fair Value: LOCL 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: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is Local Bounti forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


75.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LOCL is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

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

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

Revenue vs Market: LOCL's revenue (87.3% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: LOCL's revenue (87.3% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: LOCL's Return on Equity is forecast to be high in 3 years time (39%)


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Past Performance

How has Local Bounti 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


-332.9%

Last years earnings growth

Earnings and Revenue History

Quality Earnings: LOCL is currently unprofitable.

Growing Profit Margin: LOCL is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if LOCL's year-on-year earnings growth rate was positive over the past 5 years.

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

Earnings vs Industry: LOCL is unprofitable, making it difficult to compare its past year earnings growth to the Food industry (0.3%).


Return on Equity

High ROE: LOCL has a negative Return on Equity (-71.28%), as it is currently unprofitable.


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Financial Health

How is Local Bounti's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: LOCL's short term assets ($50.2M) exceed its short term liabilities ($9.5M).

Long Term Liabilities: LOCL's short term assets ($50.2M) do not cover its long term liabilities ($119.5M).


Debt to Equity History and Analysis

Debt Level: LOCL's net debt to equity ratio (60.9%) is considered high.

Reducing Debt: Insufficient data to determine if LOCL'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: LOCL has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: LOCL has less than a year of cash runway if free cash flow continues to reduce at historical rates of 104.9% each year


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Dividend

What is Local Bounti 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

Local Bounti Dividend Yield vs Market
How does Local Bounti dividend yield compare to the market?
SegmentDividend Yield
Company (Local Bounti)n/a
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Food)2.8%
Analyst forecast in 3 Years (Local Bounti)0%

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

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

Growing Dividend: Insufficient data to determine if LOCL'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 LOCL has not reported any payouts.


Discover strong dividend paying companies

Management

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

1.3yrs

Average management tenure


CEO

Craig Hurlbert (58 yo)

0.83yr

Tenure

US$190,618

Compensation

Mr. Craig M. Hurlbert serves as the Managing Partner at BrightMark Partners. He has been the Chairman of TAS Energy Inc. (also known as, Turbine Air Systems (TAS), Ltd.) since April 2008 and served as its...


CEO Compensation Analysis

Craig Hurlbert's Compensation vs Local Bounti Earnings
How has Craig Hurlbert's remuneration changed compared to Local Bounti's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-US$97m

Mar 31 2022n/an/a

-US$72m

Dec 31 2021US$191kUS$173k

-US$56m

Sep 30 2021n/an/a

-US$31m

Jun 30 2021n/an/a

-US$22m

Mar 31 2021n/an/a

-US$16m

Dec 31 2020US$314kn/a

-US$8m

Compensation vs Market: Craig's total compensation ($USD190.62K) is below average for companies of similar size in the US market ($USD1.72M).

Compensation vs Earnings: Craig's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: LOCL's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


Board Members

Experienced Board: LOCL's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

Insider Buying: LOCL insiders have only sold shares in the past 3 months.


Recent Insider Transactions

NYSE:LOCL Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
02 Sep 22SellUS$54,948Mark McKinneyIndividual15,276US$3.60
04 Jan 22BuyUS$137,416Charles SchwabIndividual19,000US$7.24
07 Dec 21BuyUS$13,800Gary HilbergIndividual2,000US$6.90
07 Dec 21BuyUS$284,568Travis JoynerIndividual41,974US$6.96
03 Dec 21BuyUS$7,482B. VosburgIndividual1,160US$6.45
03 Dec 21BuyUS$765,013Craig HurlbertIndividual112,107US$6.86
02 Dec 21BuyUS$49,130Matthew NordbyIndividual7,000US$7.02
02 Dec 21BuyUS$310,087Mark McKinneyIndividual46,455US$6.68
02 Dec 21BuyUS$34,344Gary HilbergIndividual5,000US$6.87
02 Dec 21BuyUS$6,409Charles SchwabIndividual1,000US$6.41
02 Dec 21BuyUS$100,000Kathleen ValiasekIndividual15,746.03US$6.35

Ownership Breakdown

What is the ownership structure of LOCL?
Owner TypeNumber of SharesOwnership Percentage
Private Companies6,770,0007.2%
Institutions13,673,39214.5%
General Public22,549,24123.9%
Individual Insiders51,215,27754.4%

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 174.1%.


Top Shareholders

Top 25 shareholders own 75.14% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
19.28%
Craig Hurlbert
18,165,931$51.6m0.02%no data
17.26%
Travis Joyner
16,264,475$46.2m0.45%no data
12.55%
Charles Schwab
11,825,173$33.6m0%no data
7.19%
Leo Investors III LP
6,770,000$19.2m0%no data
6.5%
FMR LLC
6,123,862$17.4m0.93%no data
1.63%
Pamela Brewster
1,532,234$4.4m0.33%no data
1.47%
The Vanguard Group, Inc.
1,381,196$3.9m8.24%no data
1.29%
BlackRock, Inc.
1,216,986$3.5m239.27%no data
1.28%
B. Vosburg
1,207,428$3.4m0%no data
1.17%
Kathleen Valiasek
1,105,898$3.1m3.24%no data
0.85%
BNPP Asset Management Holding
804,562$2.3m27.07%no data
0.64%
The de Burlo Group, Inc.
603,134$1.7m0%0.43%
0.64%
Main Street Research LLC
603,134$1.7m0%0.39%
0.63%
Allianz Asset Management AG
593,475$1.7m-0.56%no data
0.63%
State Street Global Advisors, Inc.
592,076$1.7m1075.34%no data
0.44%
Geode Capital Management, LLC
413,245$1.2m167.56%no data
0.4%
Edward Forst
374,489$1.1m0%no data
0.34%
Gary Hilberg
319,568$907.6k3.57%no data
0.19%
Northern Trust Global Investments
182,790$519.1k253.94%no data
0.19%
Mark McKinney
181,179$514.5k290.01%no data
0.13%
Strategic Advisers LLC
125,588$356.7k0%no data
0.13%
Brian Cook
124,735$354.2k0%no data
0.11%
Mark Nelson
107,167$304.4k-0.04%no data
0.095%
Alyeska Investment Group, L.P.
89,239$253.4k0%no data
0.09%
Rafferty Asset Management, LLC
84,417$239.7k0%no data

Company Information

Local Bounti Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: Local Bounti Corporation
  • Ticker: LOCL
  • Exchange: NYSE
  • Founded: 2018
  • Industry: Agricultural Products
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: US$267.550m
  • Shares outstanding: 94.21m
  • Website: https://localbounti.com

Number of Employees


Location

  • Local Bounti Corporation
  • 490 Foley Lane
  • Hamilton
  • Montana
  • 59840
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LOCLNYSE (New York Stock Exchange)YesCOMMON STOCKUSUSDApr 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.