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Here's Why We're Not Too Worried About Gogox Holdings' (HKG:2246) Cash Burn Situation
Here's Why We're Not Too Worried About Gogox Holdings' (HKG:2246) Cash Burn Situation
We can readily understand why investors are attracted to unprofitable companies. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
So, the natural question for Gogox Holdings (HKG:2246) shareholders is whether they should be concerned by its rate of cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.
Check out our latest analysis for Gogox Holdings
Does Gogox Holdings Have A Long Cash Runway?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. As at June 2022, Gogox Holdings had cash of CN¥749m and no debt. Importantly, its cash burn was CN¥355m over the trailing twelve months. That means it had a cash runway of about 2.1 years as of June 2022. Arguably, that's a prudent and sensible length of runway to have. You can see how its cash balance has changed over time in the image below.
SEHK:2246 Debt to Equity History September 25th 2022How Well Is Gogox Holdings Growing?
At first glance it's a bit worrying to see that Gogox Holdings actually boosted its cash burn by 46%, year on year. The good news is that operating revenue increased by 33% in the last year, indicating that the business is gaining some traction. On balance, we'd say the company is improving over time. While the past is always worth studying, it is the future that matters most of all. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
Can Gogox Holdings Raise More Cash Easily?
While Gogox Holdings seems to be in a fairly good position, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Companies can raise capital through either debt or equity. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
Gogox Holdings has a market capitalisation of CN¥2.8b and burnt through CN¥355m last year, which is 13% of the company's market value. As a result, we'd venture that the company could raise more cash for growth without much trouble, albeit at the cost of some dilution.
Is Gogox Holdings' Cash Burn A Worry?
On this analysis of Gogox Holdings' cash burn, we think its revenue growth was reassuring, while its increasing cash burn has us a bit worried. Cash burning companies are always on the riskier side of things, but after considering all of the factors discussed in this short piece, we're not too worried about its rate of cash burn. Readers need to have a sound understanding of business risks before investing in a stock, and we've spotted 2 warning signs for Gogox Holdings that potential shareholders should take into account before putting money into a stock.
If you would prefer to check out another company with better fundamentals, then do not miss this free list of interesting companies, that have HIGH return on equity and low debt or this list of stocks which are all forecast to grow.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
我们很容易理解为什么投资者会被不盈利的公司所吸引。例如,虽然软件即服务业务Salesforce.com在经常性收入增长的同时多年来一直亏损,但如果你从2005年开始持有股票,你确实会做得非常好。话虽如此,没有盈利的公司是有风险的,因为它们可能会烧掉所有的现金,陷入困境。
所以,自然的问题是快狗打车控股(HKG:2246)股东是否应该关注其烧钱的速度。就本文而言,现金消耗是指一家不盈利的公司为其增长提供资金而花费现金的年度比率;其负的自由现金流。第一步是将它的现金消耗与其现金储备进行比较,给我们提供它的“现金跑道”。
查看我们对快狗打车控股的最新分析
快狗打车控股有很长的现金跑道吗?
一家公司的现金跑道是通过将其现金储备除以现金消耗来计算的。截至2022年6月,快狗打车控股现金7.49亿元,无负债。重要的是,在接下来的12个月里,它的现金消耗为3.55亿加元。这意味着,截至2022年6月,该公司的现金跑道寿命约为2.1年。可以说,这是一个谨慎和合理的跑道长度。你可以在下图中看到它的现金余额是如何随着时间的推移而变化的。
联交所:2246债转股历史2022年9月25日快狗打车控股的发展有多好?
乍一看,快狗打车控股实际上将其现金消耗同比提高了46%,这有点令人担忧。好消息是,去年营业收入增长了33%,表明该业务正在获得一些牵引力。总的来说,我们会说该公司正在随着时间的推移而不断进步。虽然过去总是值得研究的,但最重要的是未来。因此,看看我们的分析师对该公司的预测是很有意义的。
快狗打车控股能轻松筹到更多现金吗?
虽然快狗打车控股似乎处于一个相当好的位置,但它筹集更多现金的难度有多大,即使只是为了推动更快的增长,仍值得考虑。公司可以通过债务或股权筹集资金。公开上市公司的主要优势之一是,它们可以向投资者出售股票,以筹集现金和为增长提供资金。我们可以将一家公司的现金消耗与其市值进行比较,以了解一家公司需要发行多少新股才能为一年的运营提供资金。
快狗打车控股的市值为28亿元人民币,去年烧掉了3.55亿元人民币,占该公司市值的13%。因此,我们冒险认为,该公司可以毫不费力地筹集更多现金来实现增长,尽管代价是一些股权稀释。
快狗打车控股烧钱担心吗?
对快狗打车控股烧钱的这一分析,我们认为其收入增长令人安心,而其不断增加的烧钱则让我们有点担忧。烧钱公司总是风险较高的一方,但在考虑了这篇短文中讨论的所有因素后,我们并不太担心它的烧钱速度。读者在投资股票之前需要对商业风险有一个良好的了解,我们已经发现快狗打车控股的2个警告信号潜在股东在将资金投入股票之前应该考虑到这一点。
如果你更愿意看看另一家基本面更好的公司,那么不要错过这一预期免费有趣的公司名单,拥有高股本回报率和低债务的公司,或者这些预计都将增长的股票名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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