Nocera, Inc. (NASDAQ: NCRA)

Sector: Consumer Defensive Industry: Packaged Foods CIK: 0001756180
Market Cap 5.94 Mn
P/B 1.22
P/E -1.71
P/S 0.42
ROIC (Qtr) -74.31
Div Yield % 0.00
Rev 1y % (Qtr) 17.63
Total Debt (Qtr) 25,724.00
Debt/Equity (Qtr) 0.01
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About

Nocera, Inc. (NCRA), a technology company, specializes in the design, development, and production of large-scale recirculating aquaculture systems (RASs) for fish farms. Headquartered in New Taipei City, Taiwan, the company operates primarily in the aquaculture industry, with its main business activities revolving around the creation of controlled and traceable environments for fish farming. This approach enables Nocera to produce high-quality fish products while minimizing the environmental impact of conventional fish farming methods. Nocera's...

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Investment thesis

Bull case

  • Healthy cash reserves of 2.03M provide 1982.66x coverage of short-term debt 1026, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of (1.79M) provides exceptional 50.13x coverage of minority interest expenses (35676), showing strong core operations.
  • Strong tangible asset base of 4M provides 155.32x coverage of total debt 25724, indicating robust asset backing and low credit risk.
  • Operating cash flow of (1.79M) fully covers other non-current liabilities (14183) by 126.08x, showing strong long-term stability.
  • Tangible assets of 4M provide exceptional 281.70x coverage of deferred revenue 14183, showing strong service capability backing.

Bear case

  • Cash reserves of 2.03M provide limited coverage of acquisition spending of (592158), which is -3.44x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of (1.79M) provides insufficient coverage of deferred revenue obligations of 14183, which is -126.08x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (1.79M) shows concerning coverage of stock compensation expenses of 15333, with a -116.63 ratio indicating potential earnings quality issues.
  • Operating cash flow of (1.79M) provides minimal -12.28x coverage of tax expenses of 145630, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (3.32M) show weak coverage of depreciation charges of 242913, with a -13.68 ratio indicating high capital intensity and potential reinvestment needs.

Peer comparison

Companies in the Packaged Foods
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 KHC Kraft Heinz Co 28.20 Bn -4.82 1.13 21.22 Bn
2 GIS General Mills Inc 26.99 Bn 20.72 1.54 13.73 Bn
3 JBS Jbs N.V. 17.81 Bn 10.08 0.23 23.92 Bn
4 MKC Mccormick & Co Inc 16.10 Bn 44.21 3.77 4.00 Bn
5 HRL Hormel Foods Corp /De/ 12.37 Bn 18.03 1.34 2.86 Bn
6 SJM J M SMUCKER Co 11.08 Bn 19.60 1.97 7.91 Bn
7 PPC Pilgrims Pride Corp 10.32 Bn 9.54 0.56 3.29 Bn
8 MICC Magnum Ice Cream Co N.V. 9.71 Bn 28.17 1.04 4.02 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.98 1.47
EV to Cash from Ops. EV/CFO -3.25 29.75
EV to Debt EV to Debt 226.25 27.85
EV to EBIT EV/EBIT -1.75 86.88
EV to EBITDA EV/EBITDA -1.96 -156.20
EV to Free Cash Flow [EV/FCF] EV/FCF -3.25 -5.67
EV to Market Cap EV to Market Cap 0.98 1.15
EV to Revenue EV/Rev 0.41 7.32
Price to Book Value [P/B] P/B 1.22 8.48
Price to Earnings [P/E] P/E -1.71 14.45
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 4.58
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 3.76
Dividend per Basic Share Div per Share (Qtr) 0.00 0.65
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 22.76
Interest Coverage Interest Coverage 0.00 6.64
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -118.07
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 446.43 43.48
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.66
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -6.87 -48.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 14.62 -152.35
EBIT Growth (1y) % EBIT 1y % (Qtr) -7.15 -50.79
EBT Growth (1y) % EBT 1y % (Qtr) -7.15 -54.94
EPS Growth (1y) % EPS 1y % (Qtr) 21.07 -28.10
FCF Growth (1y) % FCF 1y % (Qtr) -94.32 7.02
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 50.26 439.70
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 2.38 1.01
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.12
Cash Ratio Cash Ratio (Qtr) 2.00 0.86
Current Ratio Curr Ratio (Qtr) 2.47 2.60
Debt to Equity Ratio Debt/Equity (Qtr) 0.01 2.21
Interest Cover Ratio Interest Cover Ratio 0.00 6.64
Times Interest Earned Times Interest Earned 0.00 6.64
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -21.80 -919.13
EBIT Margin % EBIT Margin % (Qtr) -23.56 -1,474.87
EBT Margin % EBT Margin % (Qtr) -23.56 -1,537.76
Gross Margin % Gross Margin % (Qtr) 2.10 26.98
Net Profit Margin % Net Margin % (Qtr) -24.60 -1,538.60