Gogoro Inc. (NASDAQ: GGR)

Sector: Consumer Cyclical Industry: Auto Manufacturers CIK: 0001886190
Market Cap 44.68 Mn
P/B 0.42
P/E -0.55
P/S 0.16
ROIC (Qtr) -13.22
Div Yield % 0.00
Rev 1y % (Qtr) 1.74
Total Debt (Qtr) 411.33 Mn
Debt/Equity (Qtr) 3.83
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About

Gogoro Inc., a company that trades on the NASDAQ stock exchange under the symbol GGR, operates in the electric two-wheeler (ePTW) industry. With a focus on battery swapping technology, Gogoro has established itself as a key player in this sector, providing an innovative solution to the common barriers faced by riders of electric vehicles. Gogoro's main business activities revolve around the development, production, and distribution of ePTWs, battery packs, and battery swapping stations. The company's operations are primarily based in Taiwan, where...

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Investment thesis

Bull case

  • Operating cash flow of 31.12M provides strong 13.47x coverage of stock compensation 2.31M, indicating sustainable incentive practices.
  • Tangible assets of 599.96M provide robust 10.64x coverage of other current liabilities 56.37M, indicating strong asset backing.
  • Operating cash flow of 31.12M fully covers other non-current liabilities 11.45M by 2.72x, showing strong long-term stability.
  • Cash reserves of 70.57M provide solid 6.16x coverage of other non-current liabilities 11.45M, indicating strong liquidity.
  • Operating cash flow of 31.12M provides strong 2.98x coverage of operating expenses 10.44M, showing operational efficiency.

Bear case

  • Operating cash flow of 31.12M barely covers its investment activities of (56.86M), with a coverage ratio of -0.55, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (56.86M) provide weak support for R&D spending of 26.02M, which is -2.19x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Free cash flow of (29.74M) provides weak coverage of capital expenditures of 60.86M, with a -0.49 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (68.09M) show weak coverage of depreciation charges of 90.97M, with a -0.75 ratio indicating high capital intensity and potential reinvestment needs.
  • High depreciation of 90.97M relative to operating cash flow of 31.12M, which is 2.92x suggests significant maintenance capital requirements affecting free cash flow.

Peer comparison

Companies in the Auto Manufacturers
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 TSLA Tesla, Inc. 1,320.28 Bn 347.99 13.92 8.38 Bn
2 TM Toyota Motor Corp/ 319.29 Bn 13.45 0.99 293.92 Bn
3 GM General Motors Co 77.56 Bn 24.39 0.42 130.28 Bn
4 RACE Ferrari N.V. 66.95 Bn 35.53 8.04 3.38 Bn
5 F Ford Motor Co 56.20 Bn 7.14 0.35 163.34 Bn
6 HMC Honda Motor Co Ltd 41.25 Bn 12.95 0.30 88.85 Bn
7 STLA Stellantis N.V. 24.00 Bn -8.53 0.14 -
8 RIVN Rivian Automotive, Inc. / DE 19.56 Bn -5.36 3.63 4.99 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.66 1.21
EV to Cash from Ops. EV/CFO 12.77 3.90
EV to Debt EV to Debt 0.97 29.88
EV to EBIT EV/EBIT -5.83 12.72
EV to EBITDA EV/EBITDA 23.77 8.45
EV to Free Cash Flow [EV/FCF] EV/FCF -13.36 10.17
EV to Market Cap EV to Market Cap 8.89 308,127.46
EV to Revenue EV/Rev 1.41 11.91
Price to Book Value [P/B] P/B 0.42 3.20
Price to Earnings [P/E] P/E -0.55 12.53
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.42
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.47
Dividend per Basic Share Div per Share (Qtr) 0.00 0.36
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 2.50
Interest Coverage Int. cover (Qtr) -5.35 8.29
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 50.57 -57.61
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -39.76 59.50
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.34
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 39.10 -1,066.49
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 137.46 -19.23
EBIT Growth (1y) % EBIT 1y % (Qtr) 39.10 -1,024.45
EBT Growth (1y) % EBT 1y % (Qtr) 34.17 -231.75
EPS Growth (1y) % EPS 1y % (Qtr) 40.88 -70.11
FCF Growth (1y) % FCF 1y % (Qtr) 73.74 -16.56
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 195.50 -5.98
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.47 0.34
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 0.41 0.37
Current Ratio Curr Ratio (Qtr) 0.77 1.19
Debt to Equity Ratio Debt/Equity (Qtr) 3.83 1.05
Interest Cover Ratio Int Coverage (Qtr) -5.35 8.29
Times Interest Earned Times Interest Earned (Qtr) -5.35 8.29
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 8.10 -2,590.34
EBIT Margin % EBIT Margin % (Qtr) -24.19 -104,390.42
EBT Margin % EBT Margin % (Qtr) -28.71 -3,158.64
Gross Margin % Gross Margin % (Qtr) 8.30 -649.03
Net Profit Margin % Net Margin % (Qtr) -28.70 -3,160.67