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We're Hopeful That TAL Education Group (NYSE:TAL) Will Use Its Cash Wisely
We're Hopeful That TAL Education Group (NYSE:TAL) Will Use Its Cash Wisely
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
So should TAL Education Group (NYSE:TAL) shareholders be worried about its 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. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.
Check out our latest analysis for TAL Education Group
When Might TAL Education Group Run Out Of Money?
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. In February 2022, TAL Education Group had US$2.7b in cash, and was debt-free. In the last year, its cash burn was US$1.2b. So it had a cash runway of about 2.3 years from February 2022. Importantly, though, analysts think that TAL Education Group will reach cashflow breakeven before then. In that case, it may never reach the end of its cash runway. The image below shows how its cash balance has been changing over the last few years.
NYSE:TAL Debt to Equity History July 14th 2022Is TAL Education Group's Revenue Growing?
We're hesitant to extrapolate on the recent trend to assess its cash burn, because TAL Education Group actually had positive free cash flow last year, so operating revenue growth is probably our best bet to measure, right now. Unfortunately, the last year has been a disappointment, with operating revenue dropping 2.3% during the period. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
How Easily Can TAL Education Group Raise Cash?
Since its revenue growth is moving in the wrong direction, TAL Education Group shareholders may wish to think ahead to when the company may need to raise more cash. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Many companies end up issuing new shares to fund future growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).
TAL Education Group has a market capitalisation of US$2.7b and burnt through US$1.2b last year, which is 44% of the company's market value. That's high expenditure relative to the value of the entire company, so if it does have to issue shares to fund more growth, that could end up really hurting shareholders returns (through significant dilution).
So, Should We Worry About TAL Education Group's Cash Burn?
On this analysis of TAL Education Group's cash burn, we think its cash runway was reassuring, while its cash burn relative to its market cap has us a bit worried. One real positive is that analysts are forecasting that the company will reach breakeven. Considering all the factors discussed in this article, we're not overly concerned about the company's cash burn, although we do think shareholders should keep an eye on how it develops. Taking an in-depth view of risks, we've identified 1 warning sign for TAL Education Group that you should be aware of before investing.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies insiders are buying, and this list of stocks growth stocks (according to analyst forecasts)
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.
毫無疑問,持有無利可圖的企業的股票可以賺錢。例如,生物技術和採礦勘探公司經常虧損多年,然後才在新的治療方法或礦物發現方面取得成功。話雖如此,沒有盈利的公司是有風險的,因為它們可能會燒掉所有的現金,陷入困境。
所以也應該這樣好未來(紐約證券交易所股票代碼:TAL)股東擔心其燒錢?就本文而言,現金消耗是指一家不盈利的公司為其增長提供資金而花費現金的年度比率;其負的自由現金流。首先,我們將通過比較其現金消耗和現金儲備來確定其現金跑道。
看看我們對好未來的最新分析
好未來的錢什麼時候會用完?
一家公司的現金跑道是指以目前的現金消耗率消耗其現金儲備所需的時間。2022年2月,好未來手中有27億美元現金,而且沒有負債。去年,它的現金消耗為12億美元。因此,從2022年2月開始,它的現金跑道大約有2.3年。不過,重要的是,分析人士認為,好未來將在那之前實現現金流盈虧平衡。在這種情況下,它可能永遠不會走到現金跑道的盡頭。下圖顯示了其現金餘額在過去幾年中的變化情況。
紐約證券交易所:TAL債轉股歷史2022年7月14日好未來的收入在增長嗎?
我們不願就最近的趨勢來評估其現金消耗,因為好未來去年實際上有正的自由現金流,所以目前來看,運營收入增長可能是我們衡量的最佳選擇。不幸的是,去年令人失望,在此期間營業收入下降了2.3%。然而,顯然,關鍵因素是該公司是否會在未來實現業務增長。因此,看看我們的分析師對該公司的預測是很有意義的。
好未來籌集現金有多容易?
由於好未來的營收增長方向是錯誤的,股東們可能希望提前考慮一下公司何時可能需要籌集更多現金。發行新股或承擔債務是上市公司為其業務籌集更多資金的最常見方式。許多公司最終發行新股,為未來的增長提供資金。通過將一家公司的年度現金消耗與其總市值進行比較,我們可以粗略地估計出它需要發行多少股票才能維持公司下一年的運營(以相同的消耗速度)。
好未來的市值為27億美元,去年燒掉了12億美元,佔公司市值的44%。與整個公司的價值相比,這是一筆很高的支出,因此,如果它真的不得不發行股票來為更多的增長提供資金,最終可能會真正損害股東回報(通過大幅稀釋)。
那麼,我們應該擔心好未來的燒錢嗎?
在對好未來燒錢的分析中,我們認為它的現金跑道令人放心,而相對於其市值的現金消耗讓我們有點擔心。一個真正的積極因素是,分析師們預測,該公司將實現盈虧平衡。考慮到本文討論的所有因素,我們並不過分擔心公司的現金消耗,儘管我們確實認為股東應該密切關注公司的發展。深入分析風險,我們發現好未來的1個警示標誌在投資之前你應該意識到這一點。
當然了,如果你把目光投向別處,你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費內部人士正在買入的公司名單,以及這份名單中的成長股(根據分析師預測)
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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