New Century Logistics (BVI) Ltd (NASDAQ: NCEW)

Sector: Industrials Industry: Integrated Freight & Logistics CIK: 0001968043
Market Cap 21.78 Mn
P/B 4.12
P/E -2.03
P/S 0.49
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 3.21 Mn
Debt/Equity (Qtr) 0.61
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About

Investment thesis

Bull case

  • Operating cash flow of (3.42M) provides exceptional 59.74x coverage of minority interest expenses (57164), showing strong core operations.
  • Strong tangible asset base of 14.53M provides 4.53x coverage of total debt 3.21M, indicating robust asset backing and low credit risk.
  • Long-term investments of 512821 provide solid 1.62x coverage of long-term debt 316246, indicating strategic financial planning.
  • Tangible assets of 14.53M provide robust 17.96x coverage of other current liabilities 808916, indicating strong asset backing.
  • Robust tangible asset base of 14.53M provides 3.45x coverage of working capital 4.21M, indicating strong operational backing.

Bear case

  • The company's operating cash flow of (3.42M) shows concerning coverage of stock compensation expenses of 6.36M, with a -0.54 ratio indicating potential earnings quality issues.
  • Free cash flow of (3.47M) provides weak coverage of capital expenditures of 54487, with a -63.68 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (10.69M) show weak coverage of depreciation charges of 704221, with a -15.18 ratio indicating high capital intensity and potential reinvestment needs.
  • Long-term investments of 512821 represent a high 0.81x of fixed assets 630982, indicating potential overexposure to financial assets versus operational capabilities.
  • Tax assets of 193208 provide limited offset against tax liabilities of 433915, which is 0.45x, indicating potential future cash flow pressure from tax obligations.

Peer comparison

Companies in the Integrated Freight & Logistics
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 FDX Fedex Corp 99.67 Bn 20.28 1.11 37.77 Bn
2 UPS United Parcel Service Inc 98.11 Bn 17.61 1.11 28.59 Bn
3 JBHT Hunt J B Transport Services Inc 28.29 Bn 145.14 7.91 1.60 Bn
4 EXPD Expeditors International Of Washington Inc 22.29 Bn 27.40 2.13 0.56 Bn
5 CHRW C. H. Robinson Worldwide, Inc. 21.34 Bn 36.35 1.31 1.43 Bn
6 ZTO ZTO Express (Cayman) Inc. 20.15 Bn 16.23 3.02 1.74 Bn
7 GXO GXO Logistics, Inc. 7.46 Bn 83.79 0.58 5.50 Bn
8 LSTR Landstar System Inc 5.11 Bn 28.60 1.06 0.13 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.57 1.04
EV to Cash from Ops. EV/CFO -6.68 -0.78
EV to Debt EV to Debt 7.11 -1.98
EV to EBIT EV/EBIT -2.13 10.54
EV to EBITDA EV/EBITDA -2.25 9.04
EV to Free Cash Flow [EV/FCF] EV/FCF -6.57 -2.76
EV to Market Cap EV to Market Cap 1.05 0.62
EV to Revenue EV/Rev 0.52 -0.31
Price to Book Value [P/B] P/B 4.12 4.96
Price to Earnings [P/E] P/E -2.03 15.82
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.95
Dividend Payout Ratio % Dividend Payout Ratio % 0.00 14.92
Dividend per Basic Share Div per Share (Qtr) 0.00 0.73
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 11.81
Interest Coverage Interest Coverage -183.53 -430.42
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -2,938.62
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 46.58 139.78
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.23
EBIAT Growth (1y) % EBIAT Growth (1y) % -3,974.99 -442.31
EBITDA Growth (1y) % EBITDA Growth (1y) % -646.82 -224.47
EBIT Growth (1y) % EBIT Growth (1y) % -2,269.57 -367.92
EBT Growth (1y) % EBT Growth (1y) % -2,822.96 -191.62
EPS Growth (1y) % EPS Growth (1y) % -4,222.22 -974.30
FCF Growth (1y) % FCF Growth (1y) % -341.86 -67.17
Gross Profit Growth (1y) % Gross Profit Growth (1y) % -96.17 1.66
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Utilization Ratio 3.03 1.29
Cash Payout Ratio Cash Payout Ratio 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.11 0.97
Current Ratio Curr Ratio (Qtr) 1.47 3.22
Debt to Equity Ratio Debt/Equity (Qtr) 0.61 1.06
Interest Cover Ratio Interest Cover Ratio -183.53 -430.42
Times Interest Earned Times Interest Earned -183.53 -430.42
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % -22.70 17.62
EBIT Margin % EBIT Margin % -24.26 24.68
EBT Margin % EBT Margin % -24.39 18.38
Gross Margin % Gross Margin % 0.40 20.25
Net Profit Margin % Net Profit Margin % -24.30 31.04