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Companies Like GBA Holdings (HKG:261) Could Be Quite Risky
Companies Like GBA Holdings (HKG:261) Could Be Quite Risky
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. 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. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.
So, the natural question for GBA Holdings (HKG:261) shareholders is whether they should be concerned by its rate of cash burn. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). First, we'll determine its cash runway by comparing its cash burn with its cash reserves.
View our latest analysis for GBA Holdings
How Long Is GBA Holdings' Cash Runway?
You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. When GBA Holdings last reported its balance sheet in December 2021, it had zero debt and cash worth HK$97m. In the last year, its cash burn was HK$136m. That means it had a cash runway of around 9 months as of December 2021. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. You can see how its cash balance has changed over time in the image below.
SEHK:261 Debt to Equity History July 22nd 2022Is GBA Holdings' Revenue Growing?
Given that GBA Holdings actually had positive free cash flow last year, before burning cash this year, we'll focus on its operating revenue to get a measure of the business trajectory. Although it's hardly brilliant growth, it's good to see the company grew revenue by 19% in the last year. Of course, we've only taken a quick look at the stock's growth metrics, here. You can take a look at how GBA Holdings has developed its business over time by checking this visualization of its revenue and earnings history.
How Hard Would It Be For GBA Holdings To Raise More Cash For Growth?
Notwithstanding GBA Holdings' revenue growth, it is still important to consider how it could raise more money, if it needs to. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. 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.
Since it has a market capitalisation of HK$195m, GBA Holdings' HK$136m in cash burn equates to about 70% of its market value. That's very high expenditure relative to the company's size, suggesting it is an extremely high risk stock.
So, Should We Worry About GBA Holdings' Cash Burn?
On this analysis of GBA Holdings' cash burn, we think its revenue growth was reassuring, while its cash burn relative to its market cap has us a bit worried. After looking at that range of measures, we think shareholders should be extremely attentive to how the company is using its cash, as the cash burn makes us uncomfortable. Taking a deeper dive, we've spotted 3 warning signs for GBA Holdings you should be aware of, and 2 of them don't sit too well with us.
Of course GBA Holdings may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
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.
即使一家企業在虧損,如果股東以合適的價格收購一家好企業,他們也有可能賺錢。例如,雖然軟件即服務業務Salesforce.com在經常性收入增長的同時多年來一直虧損,但如果你從2005年開始持有股票,你確實會做得非常好。儘管如此,只有傻瓜才會忽視這樣一個風險,即一家虧損的公司太快地燒掉了現金。
所以,自然的問題是GBA控股(HKG:261)股東是否應該關注其燒錢的速度。就本文而言,我們將現金消耗定義為公司每年為其增長提供資金的現金數量(也稱為負自由現金流)。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。
查看我們對GBA控股的最新分析
GBA控股的現金跑道還有多長時間?
你可以通過將公司擁有的現金數量除以它花掉這些現金的速度來計算公司的現金跑道。GBA控股上一次報告資產負債表是在2021年12月,當時該公司沒有任何債務和現金,價值9700萬港元。去年,該公司的現金消耗為1.36億港元。這意味着,截至2021年12月,該公司擁有約9個月的現金跑道。坦率地説,這種短暫的跑道讓我們感到不安,因為它表明該公司必須大幅減少現金消耗,否則就會立即籌集現金。你可以在下圖中看到它的現金餘額是如何隨着時間的推移而變化的。
聯交所:261債轉股歷史2022年7月22日GBA控股的收入在增長嗎?
鑑於GBA Holdings去年實際上有正的自由現金流,在今年燒錢之前,我們將重點關注其運營收入,以衡量業務軌跡。儘管這算不上輝煌的增長,但很高興看到該公司去年的收入增長了19%。當然,我們只是快速瀏覽了一下該股的增長指標。你可以通過查看GBA Holdings的收入和收益歷史的可視化來了解GBA Holdings是如何隨着時間的推移發展其業務的。
GBA Holdings籌集更多現金以實現增長的難度有多大?
儘管GBA Holdings的收入有所增長,但如果需要的話,考慮如何籌集更多資金仍然很重要。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。公開上市公司的主要優勢之一是,它們可以向投資者出售股票,以籌集現金和為增長提供資金。我們可以將一家公司的現金消耗與其市值進行比較,以瞭解一家公司需要發行多少新股才能為一年的運營提供資金。
由於GBA Holdings的市值為1.95億港元,其1.36億港元的現金消耗相當於其市值的70%左右。與該公司的規模相比,這是非常高的支出,這表明它是一隻極高風險的股票。
那麼,我們應該擔心GBA Holdings的燒錢嗎?
在對GBA控股的現金消耗進行分析後,我們認為其收入增長令人放心,而相對於其市值,其現金消耗也讓我們有點擔憂。在研究了這一系列措施後,我們認為股東應該非常關注公司如何使用現金,因為現金消耗讓我們感到不舒服。再往下潛,我們發現GBA控股的3個警告信號你應該知道,他們中的兩個和我們坐在一起不太好。
當然了GBA Holdings可能不是最值得買入的股票。所以你可能想看看這個免費擁有高股本回報率的公司的集合,或內部人士正在購買的這份股票清單。
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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