Melar Acquisition Corp. I/Cayman (NASDAQ: MACI)

Sector: Financial Services Industry: Shell Companies CIK: 0002016221
Market Cap 194.91 Mn
P/B -29.45
P/E 32.42
P/S 0.00
ROIC (Qtr) -4.83
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 3.56 Mn
Debt/Equity (Qtr) -0.54
Add ratio to table...

About

Investment thesis

Bull case

  • Strong tangible asset base of 173.79M provides 48.79x coverage of total debt 3.56M, indicating robust asset backing and low credit risk.
  • Retained earnings of (6.62M) represent substantial 1x of equity (6.62M), indicating strong internal capital generation.
  • Tangible assets of 173.79M provide robust 42.78x coverage of current liabilities 4.06M, showing strong asset backing.
  • Tangible assets of 173.79M provide robust 47.91x coverage of receivables 3.63M, showing strong asset quality.

Bear case

  • Tangible assets of 173.79M provide limited backing for working capital of (17424), which is -9974.08x, suggesting increased operational risk in market downturns.
  • R&D investment of 0 represents just -0x of SG&A expenses of (211263), indicating potential underinvestment in innovation relative to administrative overhead.
  • Cash position of 286258 provides minimal -1.35x coverage of SG&A expenses of (211263), indicating potential operational inflexibility in market downturns.
  • Cash position of 286258 provides only 0.75x coverage of interest expenses of 383910, indicating potential refinancing risks in a rising rate environment.
  • Other current assets of 130953 provide weak coverage of payables of 500046, which is 0.26x, suggesting potential working capital stress in near term.

Peer comparison

Companies in the Shell Companies
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ANSC Agriculture & Natural Solutions Acquisition Corp 493.77 Mn 56.15 0.00 0.84 Mn
2 CCIX Churchill Capital Corp IX/Cayman 395.47 Mn 46.22 0.00 0.00 Mn
3 ALF Centurion Acquisition Corp. 394.73 Mn 32.55 0.00 0.01 Mn
4 GPAT GP-Act III Acquisition Corp. 389.33 Mn 31.65 0.00 0.40 Mn
5 HYAC Haymaker Acquisition Corp. 4 338.26 Mn 38.17 0.00 1.88 Mn
6 SIMA SIM Acquisition Corp. I 328.57 Mn 35.70 0.00 0.00 Mn
7 AFJK Aimei Health Technology Co., Ltd. 303.65 Mn 216.00 0.00 1.66 Mn
8 GRAF Graf Global Corp. 300.58 Mn 34.68 0.00 0.00 Mn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.12 0.95
EV to Cash from Ops. EV/CFO -356.88 18.30
EV to Debt EV to Debt 54.63 125,153.88
EV to EBIT EV/EBIT 30.43 34.06
EV to EBITDA EV/EBITDA -529.10 -165.45
EV to Free Cash Flow [EV/FCF] EV/FCF -356.88 18.30
EV to Market Cap EV to Market Cap 1.00 0.63
EV to Revenue EV to Revenue 0.00 0.00
Price to Book Value [P/B] P/B -29.45 -20.50
Price to Earnings [P/E] P/E 32.42 -125.27
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.04
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.00
Dividend per Basic Share Div per Share (Qtr) 0.00 0.00
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 0.00
Interest Coverage Int. cover (Qtr) 16.66 2.94
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 0.00
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -69.35 410.95
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 282.79
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -126.98
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 304.32
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 303.65
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 956.13
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -37.62
Gross Profit Growth (1y) % Gross Profit Growth (1y) % 0.00 0.00
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.00
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 0.07 52.04
Current Ratio Curr Ratio (Qtr) 1.00 4.89
Debt to Equity Ratio Debt/Equity (Qtr) -0.54 -0.27
Interest Cover Ratio Int Coverage (Qtr) 16.66 2.94
Times Interest Earned Times Interest Earned (Qtr) 16.66 2.94
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 0.00
EBIT Margin % EBIT Margin % 0.00 0.00
EBT Margin % EBT Margin % 0.00 0.00
Gross Margin % Gross Margin % 0.00 0.00
Net Profit Margin % Net Profit Margin % 0.00 0.00