Gogoro Inc. (NASDAQ: GGR)

Sector: Consumer Cyclical Industry: Auto Manufacturers CIK: 0001886190
Market Cap 43.70 Mn
P/B 0.33
P/E -0.34
P/S 0.21
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) -10.60
Total Debt (Qtr) 472.08 Mn
Debt/Equity (Qtr) 3.57

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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Price action

Investment thesis

Bull case

  • Tangible assets of 702.02M provide robust 10.97x coverage of other current liabilities 64M, indicating strong asset backing.
  • Cash reserves of 119.49M provide solid 9.08x coverage of other non-current liabilities 13.16M, indicating strong liquidity.
  • Strong cash position of 119.49M provides 1.87x coverage of other current liabilities 64M, indicating excellent liquidity.
  • Cash reserves of 119.49M exceed inventory value of 38.14M by 3.13x, indicating strong liquidity and inventory management.
  • Tangible assets of 702.02M provide robust 3.35x coverage of current liabilities 209.59M, showing strong asset backing.

Bear case

  • Tangible assets of 702.02M provide limited backing for working capital of (10.75M), which is -65.32x, suggesting increased operational risk in market downturns.
  • Other non-current assets of 7.42M provide minimal coverage for long-term debt of 347M, which is 0.02x, indicating potential asset-liability mismatch.
  • Current liabilities of 209.59M significantly exceed receivables of 20.39M, which is 10.28x, indicating potential working capital stress.
  • Other current liabilities of 64M represent a high 3.14x of receivables 20.39M, suggesting potential short-term liquidity pressure.
  • Short-term debt of 125.09M exceeds receivables of 20.39M by 6.13x, suggesting potential refinancing risk if collections slow.

Peer comparison

Companies in the Auto Manufacturers
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 TSLA Tesla, Inc. 1,386.72 Bn 263.09 14.50 7.70 Bn
2 TM Toyota Motor Corp/ 286.80 Bn 9.26 0.87 287.20 Bn
3 GM General Motors Co 81.08 Bn 25.50 0.44 130.28 Bn
4 RACE Ferrari N.V. 59.53 Bn 31.60 7.15 3.38 Bn
5 F Ford Motor Co 55.12 Bn 17.49 0.30 161.94 Bn
6 HMC Honda Motor Co Ltd 42.13 Bn 9.65 0.29 88.09 Bn
7 STLA Stellantis N.V. 29.73 Bn -10.57 0.17 -
8 XPEV Xpeng Inc. 17.74 Bn -44.29 1.79 4.87 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.49 1.20
EV to Cash from Ops. EV/CFO 32.35 5.88
EV to Debt EV to Debt 0.73 28.94
EV to EBIT EV/EBIT -3.11 11.38
EV to EBITDA EV/EBITDA -2.63 7.73
EV to Free Cash Flow [EV/FCF] EV/FCF -3.62 8.79
EV to Market Cap EV to Market Cap 7.94 304,683.06
EV to Revenue EV/Rev 1.64 16.98
Price to Book Value [P/B] P/B 0.33 3.04
Price to Earnings [P/E] P/E -0.34 9.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.59
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 6.04
Dividend per Basic Share Div per Share (Qtr) 0.00 0.36
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 2.58
Interest Coverage Int. cover (Qtr) 0.00 8.74
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -59.34
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.28 62.23
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.34
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -1,057.18
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -19.82
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 -1,011.94
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -216.80
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 -59.11
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -21.21
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 -10.92
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.33
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 0.57 0.40
Current Ratio Curr Ratio (Qtr) 0.95 1.21
Debt to Equity Ratio Debt/Equity (Qtr) 3.57 0.99
Interest Cover Ratio Int Coverage (Qtr) 0.00 8.74
Times Interest Earned Times Interest Earned (Qtr) 0.00 8.74
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -2,589.89
EBIT Margin % EBIT Margin % (Qtr) 0.00 -104,371.67
EBT Margin % EBT Margin % (Qtr) 0.00 -3,156.67
Gross Margin % Gross Margin % (Qtr) 0.00 -649.09
Net Profit Margin % Net Margin % (Qtr) 0.00 -3,158.82