Murray Cod Australia Limited (AU:MCA)
ASX:MCA
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Murray Cod Australia Limited
(Sydney:MCA)
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Rating:44Neutral
Price Target:
AU$0.16
â–¼(-85.24% Downside)
Action:Reiterated
Date:05/21/26
The score is held down primarily by weak cash flow and inconsistent revenue performance, alongside clear bearish technicals with the stock trading well below key moving averages and a negative MACD. Some improvement in profitability margins and a relatively stable balance sheet provide partial support, but valuation signals are limited by the negative P/E and missing dividend yield.
Positive Factors
Vertically integrated business model
MCA's control of farming, processing and sales is a durable structural advantage. Vertical integration supports consistent product quality, margin capture across the value chain and resilience to third-party supply disruptions, enabling more predictable operations across production cycles.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flows signal structural cash-generation weakness. Over months, this undermines the company's ability to self-fund working capital and capital expenditures, increases reliance on external financing, and raises execution risk in a biologically driven business.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertically integrated business model
MCA's control of farming, processing and sales is a durable structural advantage. Vertical integration supports consistent product quality, margin capture across the value chain and resilience to third-party supply disruptions, enabling more predictable operations across production cycles.
Read all positive factors
Murray Cod Australia Limited (MCA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$39.66M
Dividend YieldN/A
Average Volume (3M)28.17K
Price to Earnings (P/E)―
Beta (1Y)-0.36
Revenue Growth20.12%
EPS GrowthN/A
CountryAU
Employees87
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding247,870,590
10 Day Avg. Volume15,007
30 Day Avg. Volume28,168
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.88
Price to Sales (P/S)8.34
P/FCF Ratio-3.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.05
Revenue Forecast (FY)AU$77.83M
Murray Cod Australia Limited Business Overview & Revenue Model
Company Description
Murray Cod Australia Limited, together with its subsidiaries, engages in breeding, growing, and marketing freshwater table fish in Australia. The company is also involved in breeding and selling Murray Cod, Golden Perch, and Silver Perch as finger...
How the Company Makes Money
MCA makes money primarily by producing farm-raised Murray cod and selling it as seafood products. Its core revenue stream is the sale of Murray cod (e.g., chilled and/or frozen fish products) to customers such as seafood wholesalers, distributors,...
Murray Cod Australia Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.62M | 10.66M | 10.21M | 10.86M | 12.55M | 9.10M |
| Gross Profit | -27.36M | 34.28M | -24.51M | 8.84M | -12.37M | 6.72M |
| EBITDA | -5.41M | 18.62M | -2.63M | -6.63M | -6.82M | -1.76M |
| Net Income | -449.32K | 8.56M | -6.22M | -7.30M | -8.75M | -1.16M |
Balance Sheet | ||||||
| Total Assets | 169.00M | 163.04M | 136.67M | 93.81M | 92.03M | 40.61M |
| Cash, Cash Equivalents and Short-Term Investments | 279.22K | 355.21K | 20.75M | 11.42M | 27.03M | 3.47M |
| Total Debt | 43.35M | 37.17M | 31.08M | 12.78M | 8.01M | 6.66M |
| Total Liabilities | 59.09M | 62.12M | 45.58M | 22.78M | 15.64M | 8.72M |
| Stockholders Equity | 109.91M | 100.91M | 91.08M | 71.03M | 76.39M | 31.90M |
Cash Flow | ||||||
| Free Cash Flow | -18.11M | -25.99M | -26.97M | -15.52M | -12.54M | -4.43M |
| Operating Cash Flow | -15.12M | -16.91M | -15.50M | -8.95M | -5.47M | -2.01M |
| Investing Cash Flow | -4.65M | -9.08M | -11.46M | -6.57M | -7.05M | -2.19M |
| Financing Cash Flow | 19.11M | 5.59M | 36.67M | -422.47K | 36.06M | 1.56M |
Murray Cod Australia Limited Technical Analysis
Negative
1.05
Price Trends
0.26
Negative
0.43
Negative
0.63
Negative
Market Momentum
-0.03
Negative
31.81
Neutral
72.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MCA, the sentiment is Negative. The current price of 1.05 is above the 20-day moving average (MA) of 0.18, above the 50-day MA of 0.26, and above the 200-day MA of 0.63, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 31.81 is Neutral, neither overbought nor oversold. The STOCH value of 72.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MCA.
Murray Cod Australia Limited Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | AU$47.23M | 1.39 | 28.29% | ― | 29.76% | ― | |
70 Neutral | AU$22.48M | -5.78 | 4.51% | ― | -25.39% | -65.38% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
45 Neutral | AU$61.06M | -1.37 | -20.91% | 29.49% | -33.47% | -2365.66% | |
44 Neutral | AU$39.66M | -6.06 | -0.43% | ― | 20.12% | ― |
* Consumer Defensive Sector Average
AU:MCA
Murray Cod Australia Limited
0.16
-0.68
-80.86%
AU:FRM
Farm Pride Foods Limited
0.21
-0.08
-26.79%
AU:DBF
Duxton Farms Limited
0.57
-0.49
-46.28%
AU:AAP
Australian Agricultural Projects Ltd.
0.06
0.02
52.50%
Murray Cod Australia Limited Corporate Events
AustralianSuper exits substantial holding in Murray Cod Australia
May 11, 2026
AustralianSuper Pty Ltd has disclosed that it has ceased to be a substantial shareholder in Murray Cod Australia Limited, following recent share sales executed through JPMorgan Nominees Australia Ltd. The reduction in holdings, which removed Austr...
Murray Cod Australia Seeks ASX Quotation for 67 Million New Shares
May 11, 2026
Murray Cod Australia Limited has applied to the ASX for quotation of 67,169,311 new fully paid ordinary shares under code MCA, with the securities to be issued on May 12, 2026. The substantial increase in quoted shares will expand the company̵...
Murray Cod Australia Launches Fully Underwritten $18.6m Entitlement Offer
May 8, 2026
Murray Cod Australia Limited has launched a 1-for-1 accelerated non-renounceable entitlement offer, giving existing shareholders the opportunity to purchase new shares at $0.15 each. The company aims to raise approximately $18.6 million before cos...
Murray Cod Australia Opens Retail Leg of $18.6m Entitlement Offer
May 8, 2026
Murray Cod Australia Limited has opened the retail component of its accelerated non-renounceable entitlement offer, part of a capital raising of about $18.6 million. The retail offer, available to eligible shareholders in Australia and New Zealand...
Murray Cod Australia Sets Investor Webinar on $18.6m Entitlement Offer
May 7, 2026
Murray Cod Australia Limited will hold an investor webinar on 8 May 2026, hosted by Chief Executive Officer Steven Chaur, to provide an update on the company and its fully underwritten 1-for-1 accelerated non-renounceable entitlement offer to rais...
Murray Cod Australia Launches Accelerated Entitlement Offer for New Shares
May 4, 2026
Murray Cod Australia Limited has announced a proposed issue of up to 123,935,296 ordinary fully paid shares through an accelerated non-renounceable entitlement offer. Trading in the company’s shares will resume on an ex-entitlement basis on ...
Murray Cod Australia Plans Equity Raising via Entitlement Offer
May 4, 2026
Murray Cod Australia Limited has outlined plans for a capital raising via a pro-rata accelerated non-renounceable entitlement offer to eligible institutional and retail shareholders. The new fully paid ordinary shares will be jointly managed by St...
Murray Cod Australia launches fully underwritten 1-for-1 entitlement offer
May 4, 2026
Murray Cod Australia has launched a fully underwritten, pro-rata accelerated non-renounceable entitlement offer of one new share for every existing share held by eligible investors, expected to issue about 123.9 million new shares, equal to roughl...
Murray Cod Australia Launches Deep-Discount $18.6m Entitlement Offer
May 4, 2026
Murray Cod Australia has launched a fully underwritten 1-for-1 accelerated non-renounceable entitlement offer to raise about $18.6 million at $0.15 per share, a steep discount to recent trading levels, issuing roughly 123.9 million new shares that...
Murray Cod Australia Seeks Trading Halt Ahead of Entitlement Offer Outcome
May 1, 2026
Murray Cod Australia Limited has requested a trading halt on its securities from the ASX as it undertakes an accelerated non-renounceable entitlement offer aimed at existing shareholders. The halt is designed to ensure trading does not occur on an...
Murray Cod Australia Boosts Biomass and Sales as It Accelerates Market Expansion
Apr 30, 2026
Murray Cod Australia reported strong operational growth for the March quarter, with biomass rising 32.7% to 3,700 tonnes, equating to about $78 million of saleable stock at current wholesale prices. The company’s Stanbridge site is now fully...
Murray Cod Australia Director Brett Paton Lifts Indirect Shareholding
Mar 17, 2026
Murray Cod Australia director Brett William Fisher Paton has increased his indirect shareholding in the company through entities associated with his family interests. The additional 424,432 ordinary shares were acquired on market at $0.38 per shar...
Murray Cod Australia Seeks ASX Quotation for New Share Issue to Sophisticated Investor
Mar 17, 2026
Murray Cod Australia Limited, an aquaculture producer specialising in premium farmed Murray cod for domestic and export markets, continues to develop its capital structure to support its growth plans and operations in the specialty seafood sector....
Murray Cod Australia Files Interim Half-Year Report With ASX
Feb 27, 2026
Murray Cod Australia has released its interim financial report and Appendix 4D for the half year ended 31 December 2025, covering the period from 1 July 2025 to 31 December 2025. The filing, intended to be read alongside the company’s 2025 a...
Murray Cod Australia Director Ross Anderson Steps Down but Retains Significant Indirect Stake
Feb 26, 2026
Murray Cod Australia Limited has announced the cessation of Ross Anderson as a director effective 20 February 2026, formalised through a final director’s interest notice to the ASX. The filing discloses that Anderson holds no shares directly...
Murray Cod Australia Tightens Future Equity Pool as Lapsed Options Expire
Feb 26, 2026
Murray Cod Australia Limited has reported changes to its issued capital following the lapse of several tranches of employee or performance-related options. The company disclosed that a total of more than 2 million options across four series, with ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.