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BYND, a -61% lower target price
Current 65 Target 25 -61%

December 11th 2021
1 minute read

Sales slumped -29%
  • Sales slumped back down -29% in the third quarter to 106 million dollars vs our 109 million dollars forecast.
  • This brings the quarterly average to 6% growth.
  • We predict slow average growth of 2% in this next 12 months to bring sales to 113 million dollars in the third quarter of 2022.
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Costs up, bigger loss
  • The cash cost ratio was higher again at -138% in the third quarter giving a -55 million dollars net profit.
  • The average cost ratio is at -116% now.
  • We use a hopeful -98% cost ratio to predict a -12 million dollars profit in the third quarter of 2022.
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Cashflow more negative, we assume investment is slashed
  • Free cashflow was more negative at -123 million dollars in the third quarter with higher -52 million dollars investment Cashflow.
  • Average quarterly Cashflow is at -82 million dollars now.
  • We assume they slash to -4 million dollars investment spending which with higher sales gives a less negative -1 million dollars Cashflow in the third quarter of 2022.
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Balance sheet, higher leverage
  • Cash declined from 1,009 to 886 million dollars in the third quarter.
  • Liabilities increased from 1,212 to 1,225 million dollars so net cash worsened from -203 to -339 million dollars
  • With our forecast cashflow & a 0 million dollars equity payout net cash will be -345 million dollars in 12 months time.
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Valuation, a -61% lower target price
  • BYND capital from the last 15 quarters was flat at -1,322 million dollars in the third quarter & will be -1,328 million dollars in12 months time.
  • At the current market value of 4,085 million dollars based on our forecasts it’s at 3 X assets with a 0% yield.
  • Our 12 month sales forecast is 452 million dollars which means an 9 X valuation. A 4 X valuation gives a -61% lower target price of 25 rupiah.
Data file & model
  • Files1
  • ADMF
  • AVIA
  • BBTN
  • BNII
  • ITMG
  • MEGA
  • MPMX
  • MTEL
  • NISP
  • VICI
  • WOMF4
  • Home
  • CVX
  • FB
  • MAR
  • TSN
  • TWTR
  • Presents
  • Kenny
  • Ranks
  • Palmweekly
  • WEHA
  • stockbit
  • TIRA