Fund Manager Summary
The fund managers believe that the outlook for Murray Cod Australia Ltd is promising, with significant opportunities for growth. In their opinion, the company has demonstrated resilience, resuming sequential quarterly growth in 2Q FY24, highlighted by a 32% increase in customer receipts compared to 1Q FY24. This growth is attributed to both increased market supply and strategic price hikes, including a 12.5% increase for large fish. Additionally, the record spawning season in 2023 lays a strong foundation for future production volumes. The formation of the Australian Sustainable Protein Fund enhances potential by facilitating investments and property rights, further supporting MCA's expansion. With 78 grow-out ponds approved and under construction, the company is well-positioned for sustained growth, making it an attractive consideration for investors.
Source: Trading View
Commentary From The Managers
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Saville Capital
31 Oct 2025
$1.09
Summary
- MCA delivered sales growth of +45% on pcp in 1Q FY26, driven by higher processed fish volumes and expanding customer demand.
- Increased production capacity and improved market access are evident, with MCA aiming to significantly increase revenue growth in the coming quarters.
- Timing differences in harvest and invoicing impacted sales; a major harvest was completed before quarter-end but invoiced after, missing quarterly figures.
- This harvest accounted for 28% of total tonnes sold in September, indicating stronger underlying activity than reported figures suggest.
- The quarter marks a positive transition from biomass-building to sustained revenue generation as more stock reaches saleable size.
- A retail expansion with Woolworths was implemented in October, increasing from 67 to 134 stores across NSW and Victoria.
- This expansion reflects strong performance and growing consumer demand for Aquna Murray Cod.
- Distribution via PFD Foods has commenced, supporting daily store replenishment across the expanded Woolworths network.
- PFD’s national infrastructure provides an efficient pathway for future growth, enabling consistent delivery to major supermarket distribution centres.
- Discussions are ongoing with additional domestic distributors and retailers to secure long-term offtake arrangements and ensure consistent supply across markets.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Saville Capital
31 Oct 2025
$1.09
- MCA delivered sales growth of +45% on pcp in 1Q FY26, driven by higher processed fish volumes and expanding customer demand.
- Increased production capacity and improved market access are evident, with MCA aiming to significantly increase revenue growth in the coming quarters.
- Timing differences in harvest and invoicing impacted sales; a major harvest was completed before quarter-end but invoiced after, missing quarterly figures.
- This harvest accounted for 28% of total tonnes sold in September, indicating stronger underlying activity than reported figures suggest.
- The quarter marks a positive transition from biomass-building to sustained revenue generation as more stock reaches saleable size.
- A retail expansion with Woolworths was implemented in October, increasing from 67 to 134 stores across NSW and Victoria.
- This expansion reflects strong performance and growing consumer demand for Aquna Murray Cod.
- Distribution via PFD Foods has commenced, supporting daily store replenishment across the expanded Woolworths network.
- PFD’s national infrastructure provides an efficient pathway for future growth, enabling consistent delivery to major supermarket distribution centres.
- Discussions are ongoing with additional domestic distributors and retailers to secure long-term offtake arrangements and ensure consistent supply across markets.
Summary
Salter Brothers
23 Oct 2025
$1.05
- Murray Cod Australia is an inland aquaculture company focused on breeding, growing, and selling sustainable Aquna Murray Cod.
- Salter Brothers participated in MCA’s recent capital raise to support its transition in monetising biological assets and expanding growth facilities.
- Since its ASX listing in 2017, MCA has significantly expanded capacity, operating 128 growout ponds today, up from 33 in 2022, with plans to reach 176.
- MCA operates a fingerling spawning facility with an annual capacity exceeding 6 million, a processing plant, and holds 1,222ML in water rights.
- In FY26, MCA plans to harvest 1000T of fish in the first half and resume sales in international markets, including the Middle East, Europe, USA, and Japan.
- MCA has observed a 20% price premium in international markets post freight and intends to increase the average sale weight of fish sold over 2.8kg.
- The investment team believes MCA is well positioned to generate long-term sustainable value and embark on a self-supporting growth journey.
- Salter Brothers participated in the capital raise at $0.95 per share.
- Since 2022, MCA has increased its growout pond capacity to approximately 4,000T at full utilisation.
- As of 30 June 2025, MCA held around 800,000 fish at harvestable weights and over 3 million total fish in growout ponds.
- Salter Brothers expects MCA to become highly profitable in the medium term as it monetises capacity and shifts towards higher-value fish.
Summary
Saville Capital
30 Sept 2025
$1.10
- Saville Capital participated in MCA's $17m capital raising at $0.95/share.
- The raise aims to enhance balance sheet strength and flexibility before a significant sales inflection in FY26.
- This capital raise allows the stock to respond positively to future sales and cash flow updates.
- The funds will support the completion of the Stanbridge development and construction of 24 future ponds at Gogeldrie.
- It will also facilitate processing plant upgrades and improvements in sales & marketing capabilities.
- The capital raise attracted seven new institutions, enhancing the breadth and depth of the shareholder register.
- This diversification helps mitigate potential selling pressure from retail holders.
- Despite being a long-term holder, Saville Capital has not yet seen sustained share price gains.
- However, they believe they are on the verge of significant rewards for their patience.
- With a stronger balance sheet and increased biomass available for sale, MCA is poised for substantial share price appreciation.
- This potential growth could have a significant positive impact on the Fund's portfolio.
Summary
Saville Capital
31 Aug 2025
$1.10
- Saville Capital updates its investment thesis on Murray Cod Australia (MCA) following a strong FY26 performance.
- MCA reported FY26 EBITDA of +$18.6m and NPAT of +$8.6m.
- The significant earnings boost was attributed to a +112% increase in the value of its biological stock, reaching $67.8m.
- As of 30 June 2025, MCA had 2,481 tonnes of fish in grow-out ponds, marking a +198% increase year-on-year.
- This growth in biomass led to a notable improvement in NTA to $0.97/share, up from $0.80 at FY24's end.
- Management forecasts harvesting of approximately 1,000 tonnes of biomass by January 2026, expected to generate around $25m in cash receipts during this period.
- This translates to over $10m per quarter, significantly higher than the $3m received in 4Q FY25.
Summary
Saville Capital
31 July 2025
$1.10
- Saville Capital notes that MCA has reached a key inflection point in 4Q FY25 with significant biomass available for sale.
- Cash receipts for 4Q FY25 increased by 33.5% compared to the previous corresponding period (pcp), with a 46.6% increase in June.
- This positive sales trend has continued into 1Q FY26, expected to accelerate further.
- MCA plans to harvest approximately 1,000 tonnes of biomass by January 2026, projected to generate around $25 million in cash receipts.
- This equates to over $10 million per quarter, compared to just $3 million in 4Q FY25.
- The business is anticipated to exhibit strong growth, with a rapid reduction in net cash burn.
- This highlights the leverage potential as MCA begins to scale.
Summary
Saville Capital
30 Apr 2025
$1.15
- MCA's biomass increased to ~2,100 tonnes by the end of 3Q, up +192% on pcp.
- On-track for a sustainable 4,000 tonnes of biomass in circulation by FY27, equating to $100m to $120m of cash revenue pa at $25 to $30/kg.
- Total number of fish over 1.2kg has increased to >500k, up from ~258k at the end of FY24.
- Sales of this inventory expected to commence from May onwards.
- MCA anticipates needing to harvest ~1,000 tonnes by January 2026 to manage growing inventories.
- Completion of the 51 ponds at the Stanbridge site supports continued utilization of existing infrastructure.
- This volume is expected to drive a significant increase in quarterly cash sales.
- Saville Capital continues to hold because the business is poised for a sustained period of significant growth.
- Foundations for growth established through expanded hatchery, pond, and processing infrastructure.
- Ready to translate growth into significant revenue and cash flow, likely leading to a substantial re-rating of share price.
- Business is fully funded, supporting its growth trajectory.
Summary
Saville Capital
28 Feb 2025
$1.34
- Murray Cod Australia (MCA) reported an encouraging 1H FY25 result.
- Significant inventory build achieved over the past six months (+47% since 2H FY24).
- Statutory profit recorded for the half.
- Inventory has grown a further 27% to 2,002 tonnes as of 26 February.
- Company is now positioned to begin crystallising this value from 2H FY25 onwards.
- Expecting significantly and sustainably higher quarterly cash sales.
- MCA is focused on opening new sales channels (e.g. China).
- Additionally, re-opening prior sales channels to accommodate this supply.
- Saville Capital continues to hold its position based on these developments.
Summary
Saville Capital
31 Jan 2025
$1.35
- Sales growth for MCA remains deliberately benign with 2Q FY25 up +2% on pcp.
- Improving sales mix with average weight per fish sold up +29% on pcp to 1.6kg.
- Strategy focused on processing larger fish, replacing smaller live fish sales with processed fish sales.
- Economic benefits from fillet yield of larger fish allow for better pricing per/kg of whole fish weight.
- Options for frozen fillet products expand opportunities for export markets.
- MCA’s biomass is growing rapidly in preparation for increased fish available for sale.
- Expected step-change increase in sales revenue anticipated in 2H FY25 and beyond.
- Company reported excellent Spring spawning season with +20% increase on pcp.
- Saville Capital continues to hold because of these favorable trends and growth potential.
Summary
Saville Capital
31 Dec 2024
$1.40
- Saville Capital notes that MCA has secured finance facilities totalling $43m from Westpac, with a three-year term.
- The funds will be utilized to refinance and extinguish the existing $20m facility with iPartners, achieving interest savings exceeding $1m per annum.
- The financing will also enable the purchase of a property adjacent to the Company’s existing Bilbul Site, comprising 10 hectares of irrigated land, including residence and shedding.
- These funds will provide capital for completion of Stanbridge and support ongoing working capital requirements for growing current fish stocks and increasing hatchery and nursery stocks.
- Crucially, this facility provides validation of MCA’s fish inventory and associated assets, while supporting the company through to cash flow positive operations, eliminating the need for future equity raises.
Summary
Saville Capital
31 Oct 2024
$1.40
- Saville Capital notes that MCA reported cash receipts growth of +12% on a per-equivalent period (pep) basis for 1Q FY24.
- While cash flow from operations remains firmly negative, this is attributed to increased feed costs due to a significant rise in fish stocks over the last 18 months.
- As fish reach saleable size, Saville Capital anticipates substantial increases in sales, leading to improved operating cash flows.
- Improvements in diet and feeding methods, along with favorable weather conditions, have resulted in larger average weights of grow-out fish than previously forecasted at the end of September.
- With biomass growth expected to accelerate over summer as water temperatures rise, Saville Capital expects a greater availability of saleable-sized fish in 2H FY25.
- The development of the Stanbridge grow-out site is on track for completion by March 2025.
- Saville Capital mentions that the Company is in discussions regarding selling or financing this asset to release capital for operational funding.
Summary
Saville Capital
30 June 2024
$1.25
- Murray Cod Australia Ltd (MCA) experienced share price appreciation in June due to the unwinding of an earlier artificial decline.
- The decline in May was associated with a $20m capital raising executed at $0.07/share.
- Saville Capital believes that the completion of the capital raising will refocus market attention on MCA's significant production and sales growth.
- The firm anticipates a move towards profitability in the upcoming years.
- Saville Capital continues to hold its position due to these positive changes in MCA’s financial outlook.
Summary
Saville Capital
31 May 2024
$0.95
- Saville Capital continues to hold an interest in Murray Cod Australia Ltd (MCA) due to ongoing developments in their capital strategy.
- MCA recently completed a capital raise of ~$20m at $0.07/share, which is below the previous close of $0.10 and net tangible assets of $0.09.
- The purpose of the capital raise is to fund working capital and infrastructure investment.
- Previously, Saville Capital anticipated that MCA would vend property and water rights into the Australian Sustainable Protein Fund (ASPF) to avoid an equity raise.
- Negotiations for the ASPF were underway but did not conclude quickly enough to prevent the need for raising equity.
- Despite concerns, the capital raise received strong support from existing and new institutions, positively impacting MCA's stock performance.
- This capital raise mitigates the risk of having to sell assets at below market value.
- MCA plans to run a separate sale process for the Stanbridge site with a leaseback arrangement.
- Negotiations are also ongoing with a suitable partner for the ASPF to facilitate future developments.
- Going forward, Saville Capital anticipates that the market will focus less on funding issues and more on significant production and sales growth as MCA aims for profitability.
Summary
Saville Capital
30 Apr 2024
$1.13
- Saville Capital acknowledges MCA's positive March quarter update with receipts up +44% from the December quarter and +23% year-on-year, indicating a gradual rebound in sales volumes.
- MCA reported a 44% increase in biomass for the quarter, essential for sustainable growth in supply and sales over the coming years.
- Despite the encouraging updates, MCA faces selling pressure attributed to specific market conditions and concerns about the potential need for equity raising, given its market cap is <$100m.
- The market appears to be dismissing MCA's announcements regarding the Australian Sustainable Protein Fund (ASPF) intended to further capital investment through the sale of property and water rights.
- MCA has initiated discussions with potential Australian and international partners for the ASPF and is confident of securing agreements in the near to medium term.
- In the interim, MCA has a debt facility in place to support working capital and new pond construction.
Summary
Saville Capital
31 Mar 2024
$1.25
- Saville Capital notes that MCA provided a broad company update and presentation, revealing detailed numbers on fish stocks, capacity, and future projections.
- The impact of significant sales during COVID, when restaurants were closed, has negatively affected MCA’s saleable fish stocks in CY23 and CY24.
- Fortunately, this issue is rapidly unwinding; MCA expects to achieve 3,000 tonnes of biomass by end of FY25 and over 5,500 tonnes by FY26, compared to 535 tonnes in FY23.
- This growth will necessitate significant capex for hatcheries and ponds, as well as working capital for fish feed.
- MCA aims to fund this growth through external investment in the Australian Sustainable Protein Fund (ASPF), to be established by selling some of its property and water rights valued at over $40 million.
- Saville Capital views the establishment of the ASPF as a key catalyst, enabling the market to concentrate on the significant growth outlook rather than funding concerns.
Summary
Saville Capital
31 Jan 2024
$1.42
- MCA resumed sequential quarterly growth during 2Q FY24, with customer receipts up +32% on 1Q FY24.
- This growth was driven by increased supply to the market and a +12.5% price increase for large fish (>2.5kg).
- The 2023 spawning season was the highest to date, creating a foundation for future volume and growth.
- The newly formed Australian Sustainable Protein Fund (ASPF) has contracted to purchase the Stanbridge site, backed by a lease with MCA.
- This site has development approval for 78 grow-out ponds, with ~22 already constructed.
- The ponds are anticipated to be stocked with juvenile fish between February and April.
- Work continues to enable ASPF to accept investment capital from external investors, allowing MCA to vend its property and water rights into the vehicle.
- This strategy aims to create a cheaper source of capital for the Company.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a remarkable 32% jump in customer receipts and a record spawning season, the momentum for growth appears to be building. Murray Cod Australia Ltd seems poised to capitalize on this wave, but the real test will be how they manage the scale ahead."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Murray Cod Australia Ltd (ASX:MCA)?
Fund managers including Saville Capital and Salter Brothers have invested in Murray Cod Australia Ltd (ASX:MCA).
Why do fund managers invest in Murray Cod Australia Ltd?
Fund managers are investing in Murray Cod Australia Ltd due to its robust growth trajectory, evidenced by a 32% increase in customer receipts in 2Q FY24 and successful price increases for large fish. The company achieved its highest spawning season to date, setting a strong foundation for future production. Additionally, the acquisition of the Stanbridge site by the Australian Sustainable Protein Fund, with development plans for grow-out ponds, enhances operational capacity and potential for scaling. This strategic development, coupled with plans to attract external investment, positions MCA favorably for sustained growth.
What happened to Murray Cod Australia Ltd (ASX:MCA)?
Fund managers are investing in Murray Cod Australia Ltd due to its significant growth potential and improving financial metrics. Recent reports highlight a robust increase in biological stock value and a forecasted cash flow of approximately $25 million from upcoming fish harvests. The company has expanded its production capacity dramatically, increasing grow-out ponds and fish inventory, while also re-entering lucrative international markets. With a strengthened balance sheet from a recent capital raise, fund managers believe that MCA is well-positioned for sustainable growth and profitability, particularly as it shifts towards higher-value fish sales and enhances distribution capabilities.