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PODD, payouts starting now
🎯 💊 📈 USD213.8
Last 12-month cashflow +USD 159 million ⬆️
November 29th
1 minute read
Sales
Sales growth was +3% in the third quarter which brings the last 12 months average quarter growth to 5.3%. Sales have been increasing at a steady rate and our forecasts are only 2% different to the actual. We expect sales to continue at the same rate and rise from USD 234 million now to USD 286 million by the third quarter 2021.
Cashflow
Cash flow has turned positive since last year and risen to an average of USD 40 million in the last 12 months and USD 26 million in the third quarter. Investment spending has declined and turned positive. We expect investment to stay low and with higher sales average quarterly free cash flow will rise to USD 56 million in this next 12 months.
1 minute read
Sales
Sales growth was +3% in the third quarter which brings the last 12 months average quarter growth to 5.3%. Sales have been increasing at a steady rate and our forecasts are only 2% different to the actual. We expect sales to continue at the same rate and rise from USD 234 million now to USD 286 million by the third quarter 2021.
Cashflow
Cash flow has turned positive since last year and risen to an average of USD 40 million in the last 12 months and USD 26 million in the third quarter. Investment spending has declined and turned positive. We expect investment to stay low and with higher sales average quarterly free cash flow will rise to USD 56 million in this next 12 months.
Sales growth continues, low investment, growing cashflow, expensive, share target lower...
Balance sheet
The balance sheet net debt has declined from USD 700 million at the beginning of the year to USD 25 million in the third quarter from positive Cashflow and a new equity issue. With our forecast for stranger Cashflow and a dividend payout, USD 102 million, the net debt will turn into net cash USD 99 million in 12 mouths.
Profit
Net profit was slightly lower at USD 12 million in the third quarter as the cash costs ratio of net profit add back depreciation minus sales as a percentage of sales increased to 82%. We assume the trend of costs is still improving and use the average 80% to predict the next 12 months profit more than triples to USD 102 million.
Value
PODD has raised USD 843 million in the last five years, but can now start to pay back. At current value of USD 16.58 million, it’s 15.64x sales, 10.44x assets, 27.87x equity with a profitability of 28.4% and a yield of 0.6%. Our Cashflow forecast is USD 225 million. At 1.6% with no discount gives a slightly lower target price USD 213.8.
The balance sheet net debt has declined from USD 700 million at the beginning of the year to USD 25 million in the third quarter from positive Cashflow and a new equity issue. With our forecast for stranger Cashflow and a dividend payout, USD 102 million, the net debt will turn into net cash USD 99 million in 12 mouths.
Profit
Net profit was slightly lower at USD 12 million in the third quarter as the cash costs ratio of net profit add back depreciation minus sales as a percentage of sales increased to 82%. We assume the trend of costs is still improving and use the average 80% to predict the next 12 months profit more than triples to USD 102 million.
Value
PODD has raised USD 843 million in the last five years, but can now start to pay back. At current value of USD 16.58 million, it’s 15.64x sales, 10.44x assets, 27.87x equity with a profitability of 28.4% and a yield of 0.6%. Our Cashflow forecast is USD 225 million. At 1.6% with no discount gives a slightly lower target price USD 213.8.
