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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.
我們很容易理解為什麼投資者會被不盈利的公司所吸引。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。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,自然的問題是快狗打車控股(HKG:2246)股東是否應該關注其燒錢的速度。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。第一步是將它的現金消耗與其現金儲備進行比較,給我們提供它的“現金跑道”。
查看我們對快狗打車控股的最新分析
快狗打車控股有很長的現金跑道嗎?
一家公司的現金跑道是通過將其現金儲備除以現金消耗來計算的。截至2022年6月,快狗打車控股現金7.49億元,無負債。重要的是,在接下來的12個月裏,它的現金消耗為3.55億加元。這意味着,截至2022年6月,該公司的現金跑道壽命約為2.1年。可以説,這是一個謹慎和合理的跑道長度。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:2246債轉股歷史2022年9月25日快狗打車控股的發展有多好?
乍一看,快狗打車控股實際上將其現金消耗同比提高了46%,這有點令人擔憂。好消息是,去年營業收入增長了33%,表明該業務正在獲得一些牽引力。總的來説,我們會説該公司正在隨着時間的推移而不斷進步。雖然過去總是值得研究的,但最重要的是未來。因此,看看我們的分析師對該公司的預測是很有意義的。
快狗打車控股能輕鬆籌到更多現金嗎?
雖然快狗打車控股似乎處於一個相當好的位置,但它籌集更多現金的難度有多大,即使只是為了推動更快的增長,仍值得考慮。公司可以通過債務或股權籌集資金。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。
快狗打車控股的市值為28億元人民幣,去年燒掉了3.55億元人民幣,佔該公司市值的13%。因此,我們冒險認為,該公司可以毫不費力地籌集更多現金來實現增長,儘管代價是一些股權稀釋。
快狗打車控股燒錢擔心嗎?
對快狗打車控股燒錢的這一分析,我們認為其收入增長令人安心,而其不斷增加的燒錢則讓我們有點擔憂。燒錢公司總是風險較高的一方,但在考慮了這篇短文中討論的所有因素後,我們並不太擔心它的燒錢速度。讀者在投資股票之前需要對商業風險有一個良好的瞭解,我們已經發現快狗打車控股的2個警告信號潛在股東在將資金投入股票之前應該考慮到這一點。
如果你更願意看看另一家基本面更好的公司,那麼不要錯過這一預期免費有趣的公司名單,擁有高股本回報率和低債務的公司,或者這些預計都將增長的股票名單。
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 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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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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