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We Think Dada Nexus (NASDAQ:DADA) Can Easily Afford To Drive Business Growth

We Think Dada Nexus (NASDAQ:DADA) Can Easily Afford To Drive Business Growth

我們認爲達達集團(納斯達克:DADA)可以輕鬆承擔業務增長的推動
Simply Wall St ·  08/24 09:53

There's no doubt that money can be made by owning shares of unprofitable businesses. 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.

毫無疑問,擁有虧損企業的股票可以獲利。例如,雖然軟件即服務業務Salesforce.com在增長持續性收入時多年虧損,但如果您從2005年開始持有股票,您會非常成功。然而,僅有愚蠢之人才會忽視虧損企業燒光現金的風險。

So should Dada Nexus (NASDAQ:DADA) shareholders be worried about its 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). Let's start with an examination of the business' cash, relative to its cash burn.

那麼,達達集團(納斯達克:DADA)的股東應該擔心現金燃燒嗎? 本文的目的是,我們將現金燃燒定義爲公司每年用於資助其增長的現金金額(也稱爲負自由現金流)。讓我們從業務現金與其現金燃燒的關係開始。

Does Dada Nexus Have A Long Cash Runway?

達達集團是否有長期現金儲備?

A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. In June 2024, Dada Nexus had CN¥3.2b in cash, and was debt-free. Importantly, its cash burn was CN¥388m over the trailing twelve months. So it had a cash runway of about 8.2 years from June 2024. Importantly, though, analysts think that Dada Nexus will reach cashflow breakeven before then. In that case, it may never reach the end of its cash runway. You can see how its cash balance has changed over time in the image below.

現金儲備被定義爲公司按照當前現金燃燒速度持續支出將耗盡資金的時間。2024年6月,達達集團擁有32億人民幣的現金,且沒有債務。重要的是,其過去12個月的現金燃燒額爲3.88億元人民幣。因此,從2024年6月開始,其現金儲備約爲8.2年。然而,分析師認爲,達達集團在那之前就會實現盈利。在這種情況下,它可能永遠不會耗盡現金儲備。您可以在下圖中看到其現金餘額隨時間的變化。

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NasdaqGS:DADA Debt to Equity History August 24th 2024
納斯達克:DADA債務股權歷史數據2024年8月24日

How Well Is Dada Nexus Growing?

達達集團的業務增長如何?

We reckon the fact that Dada Nexus managed to shrink its cash burn by 42% over the last year is rather encouraging. But the revenue dip of 2.6% in the same period was a bit concerning. Considering the factors above, the company doesn't fare badly when it comes to assessing how it is changing over time. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.

我們認爲達達集團在過去一年成功將現金燃燒減少了42%是相當令人鼓舞的。但同期營業收入下降了2.6%,這有點令人擔憂。考慮到以上因素,當評估其隨時間變化時,公司的表現算不上糟糕。雖然過去總是值得研究的,但最重要的是未來。因此,您可能想要窺探一下公司未來幾年預計的增長情況。

How Hard Would It Be For Dada Nexus To Raise More Cash For Growth?

達達集團要爲擴張籌集更多現金有多難?

We are certainly impressed with the progress Dada Nexus has made over the last year, but it is also worth considering how costly it would be if it wanted to raise more cash to fund faster growth. Companies can raise capital through either debt or equity. Commonly, a business will sell new shares in itself to raise cash and drive 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.

我們對達達集團過去一年取得的進展印象深刻,但值得考慮的是,如果公司想要籌集更多現金以促進更快的增長,這將會有多大代價。公司可以通過債務或股權籌集資本。通常情況下,公司會出售自身的新股份以籌集現金並推動增長。我們可以將公司的現金燃燒情況與其市值進行比較,從而了解公司需要發行多少新股份才能資助一年的運營。

Since it has a market capitalisation of CN¥2.2b, Dada Nexus' CN¥388m in cash burn equates to about 17% of its 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.

由於達達集團的市值爲22億人民幣,而其3.88億人民幣的現金燃燒約佔其市值的17%。因此,我們認爲公司可以毫不費力地籌集更多現金用於擴張,儘管會有一定程度的稀釋。

So, Should We Worry About Dada Nexus' Cash Burn?

那麼,我們應該擔心達達集團的現金燃燒嗎?

It may already be apparent to you that we're relatively comfortable with the way Dada Nexus is burning through its cash. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. While its falling revenue wasn't great, the other factors mentioned in this article more than make up for weakness on that measure. It's clearly very positive to see that analysts are forecasting the company will break even fairly soon. After considering a range of factors in this article, we're pretty relaxed about its cash burn, since the company seems to be in a good position to continue to fund its growth. Taking an in-depth view of risks, we've identified 1 warning sign for Dada Nexus that you should be aware of before investing.

可能已經明顯,我們對達達集團的現金燃燒方式相對較爲滿意。特別是,我們認爲其現金耗盡時間凸顯出公司在控制支出方面表現出色。儘管營業收入下滑並不理想,但本文中提到的其他因素已經大大彌補了這一指標的不足。看到分析師們預計公司很快將實現盈虧平衡,顯然非常積極。綜合考慮本文中的一系列因素,我們對公司的現金燃燒相當放心,因爲公司似乎處於繼續資助其增長的良好位置。在深入研究風險的情況下,我們已經發現關於達達集團的1個警示信號,您在投資之前應該注意。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)

當然,您也可以通過在其他地方尋找找到出色的投資機會。因此,請查看具有重要內部股權的公司的免費列表,以及此分析師預測的股票成長列表。

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.

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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

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