NEE Cashflow more negative
Current 77 Target 49 -36%
1/26/2023
1 minute read
Sales declined -8%
Last 5 quarters quarterly sales growth, quarterly ales
15% -43% 47% 59% -8%
5,046 ; 2,890 ; 4,236 ; 6,719 ; 6,164 million dollars
Margin down profit down
Last 5 quarters cash margin, profit
27% 84% 46% 34% 19%
953 ; -693 ; 1,113 ; 1,559 ; 1,267 million dollars
Cashflow more negative
Last 5 quarters operating, investment cashflow
1,317 ; 1,962 ; 2,831 ; 2,474 ; 995 million dollars
-1,746 ; -4,693 ; -4,615 ; -4,541 ; -4,510 million dollars
Net cash down
Last 5 quarters cash, liabilities
639 ; 2,061 ; 2,861 ; 2,508 ; 1,601 million dollars
95,243 ; 100,693 ; 107,163 ; 109,663 ; 109,499 million dollars
Capital (raised)
Last 5 quarters capital (raised) paid from liabilities, equity
-2,116 ; -4,889 ; -4,510 ; -1,224 ; -4,063 million dollars
764 ; 835 ; 869 ; -319 ; 1,072 million dollars
Current 77 Target 49 -36%
1/26/2023
1 minute read
- Last 12 months sales growth + 22%
- Last 12 months cash flow -7% of market cap
- Last 12 months Capital (debt & equity) paid (raised) -8% of market cap
- Latest cash minus liabilities -71% of market cap
Sales declined -8%
Last 5 quarters quarterly sales growth, quarterly ales
15% -43% 47% 59% -8%
5,046 ; 2,890 ; 4,236 ; 6,719 ; 6,164 million dollars
- Sales declined -8% in the fourth quarter to 6,164 million dollars ; our total forecasts v actual sales are + 3% now.
- This brings the average to 14% growth.
- We predict average growth of 5% in this next 12 months to bring sales to 6,842 million dollars in the fourth quarter 2023.
Margin down profit down
Last 5 quarters cash margin, profit
27% 84% 46% 34% 19%
953 ; -693 ; 1,113 ; 1,559 ; 1,267 million dollars
- The cash margin went from 34% to 19% profit from 1,559 to 1,267 million dollars in the fourth quarter.
- The average cash margin is at 46% now.
- We use a 44% cash margin to predict a 1,826 million dollars profit in the fourth quarter 2023.
Cashflow more negative
Last 5 quarters operating, investment cashflow
1,317 ; 1,962 ; 2,831 ; 2,474 ; 995 million dollars
-1,746 ; -4,693 ; -4,615 ; -4,541 ; -4,510 million dollars
- Free cashflow went from -2,067 to -3,515 million dollars in the fourth quarter with -4,510 million dollars investment cashflow.
- Average quarterly Cashflow is at -2,524 million dollars now.
- We assume -1,746 million dollars investment spending which with higher sales gives 907 million dollars average Cashflow in the next 12 months.
Net cash down
Last 5 quarters cash, liabilities
639 ; 2,061 ; 2,861 ; 2,508 ; 1,601 million dollars
95,243 ; 100,693 ; 107,163 ; 109,663 ; 109,499 million dollars
- Cash declined 2,508 to 1,601 million dollars in the fourth quarter.
- Liabilities declined 109,663 to 109,499 million dollars so net cash was down -107,155 to -107,898 million dollars .
- With our forecast cashflow & a -1,802 million dollars equity payout -1,825 million dollars liabilities net cash will be -106,073 million dollars in 12 months time.
Capital (raised)
Last 5 quarters capital (raised) paid from liabilities, equity
-2,116 ; -4,889 ; -4,510 ; -1,224 ; -4,063 million dollars
764 ; 835 ; 869 ; -319 ; 1,072 million dollars
- NEE (raised) -2,991 million dollars in the fourth quarter -4,063 million dollars liabilities 1,072 million dollars equity, will pay 3,626 million dollars this next 12 months.
- At the current market cap of 152,197 million dollars based on our forecasts it’s at 0.94 X assets with a 44 years payback & a 1% yield.
- Our cashflow forecast is 3,626 million dollars which means a 42 X valuation. A 27 X valuation gives a -36% lower target price 49 dollars.