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BYND, sales jump
Current, target price 121, 116 (-4%)
August 14th, 2021
1 minute read
Sales jump
Costs, closer to profitability
1 minute read
Sales jump
- Sales jumped by 38% in the second quarter to 149 million dollars which is above our forecast 116 million dollars.
- This brings the average quarterly growth up to 9%.
- We predict average growth of 8% in this next 12 months to bring sales to 204 million dollars in the second quarter 2022.
Costs, closer to profitability
- The cash cost ratio of net profit add non cash costs minus sales as a percent of sales improved to -103% in the second quarter with a lower loss of -20 million dollars.
- Average quarterly costs are now at -109%.
- We use lower -94% costs to predict a -3 million dollars loss in the second quarter of 2022.
Cashflow, more negative on working capital
Balance sheet, higher leverage
Value, a raised target price
- Cashflow worsened to -118 million dollars from working capital & with higher investment spending of -29 million dollars in the second quarter.
- Average quarterly Cashflow has now deteriorated to -54 million dollars.
- We use lower -23 million dollars investment spending which with higher sales gives an improved -11 million dollars cashflow in the second quarter 2022.
Balance sheet, higher leverage
- Cash declined from 1,125 to 1,009 million dollars in the second quarter.
- Liabilities were almost flat at 1,212 million dollars so net cash worsened from -86 to -203 million dollars.
- With our forecast cashflow & no equity payout, net cash will be -253 million dollars in 12 months time.
Value, a raised target price
- BYND capital from the last three years was almost flat at -1,322 million dollars in the second quarter.
- At the current market value of 7,668 million dollars, based on our forecasts, it’s at 10X sales & 5X assets with a 0% yield.
- Our annualized sales forecast is 817 million dollars. At 9X, this gives a -4% lower target price of 116 dollars.
