Is Alector (NASDAQ:ALEC) In A Good Position To Deliver On Growth Plans?
Is Alector (NASDAQ:ALEC) In A Good Position To Deliver On Growth Plans?
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.
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,雖然軟體即服務業務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。
So, the natural question for Alector (NASDAQ:ALEC) 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). The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.
所以,自然的問題是阿萊克特納斯達克(Sequoia Capital:ALEC)股東擔心的是,他們是否應該擔心其燒錢的速度。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)。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”。
View our latest analysis for Alector
查看我們對Alector的最新分析
When Might Alector Run Out Of Money?
艾爾克託的錢什麼時候會用完?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. When Alector last reported its balance sheet in June 2023, it had zero debt and cash worth US$630m. In the last year, its cash burn was US$194m. That means it had a cash runway of about 3.2 years as of June 2023. There's no doubt that this is a reassuringly long runway. You can see how its cash balance has changed over time in the image below.
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。當Alector上一次報告其資產負債表是在2023年6月,它沒有債務和價值6.3億美元的現金。去年,它的現金消耗為1.94億美元。這意味著,截至2023年6月,該公司的現金跑道壽命約為3.2年。毫無疑問,這是一條令人放心的長跑道。你可以在下圖中看到它的現金餘額是如何隨著時間的推移而變化的。
Is Alector's Revenue Growing?
艾爾克託的收入在增長嗎?
Given that Alector 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. The grim reality for shareholders is that operating revenue fell by 66% over the last twelve months, which is not what we want to see in a cash burning company. 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.
鑑於Alector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。股東面臨的嚴峻現實是,營業收入在過去12個月裡下降了66%,這不是我們希望在一家燒錢公司看到的。雖然過去總是值得研究的,但最重要的是未來。出於這個原因,看看我們分析師對該公司的預測是很有意義的。
Can Alector Raise More Cash Easily?
艾爾克託能輕鬆籌集更多現金嗎?
Since its revenue growth is moving in the wrong direction, Alector shareholders may wish to think ahead to when the company may need to raise more cash. 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. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.
由於其收入增長正朝著錯誤的方向發展,Alector的股東可能希望提前考慮公司何時可能需要籌集更多現金。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。通過觀察一家公司相對於其市值的現金消耗,我們可以洞察到,如果公司需要籌集足夠的現金來支付另一年的現金消耗,股東將被稀釋多少。
Alector's cash burn of US$194m is about 45% of its US$436m market capitalisation. From this perspective, it seems that the company spent a huge amount relative to its market value, and we'd be very wary of a painful capital raising.
Alector的1.94億美元現金消耗約佔其4.36億美元市值的45%。從這個角度來看,與市值相比,該公司的支出似乎很大,我們會非常警惕一場痛苦的融資。
Is Alector's Cash Burn A Worry?
艾爾克託的現金灼傷是個問題嗎?
Even though its falling revenue makes us a little nervous, we are compelled to mention that we thought Alector's cash runway was relatively promising. 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. An in-depth examination of risks revealed 3 warning signs for Alector that readers should think about before committing capital to this stock.
儘管它的收入下降讓我們有點緊張,但我們不得不提到,我們認為Alector的現金跑道相對來說是有希望的。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。對暴露出的風險進行深入檢查阿勒克託的3個警告標誌讀者在向這只股票注資之前應該考慮一下。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)
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感興趣的公司名單,以及這份名單中的成長股(根據分析師預測)
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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.