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NEE dull with more negative cashflow
NEE Current 74 Target 66 -10%
Apr 26, 2022
1 minute read
Sales slumped -43%
Last 5 quarters
-15% 5% 11% 15% -43%
Costs down profit to loss
Last 5 quarters
-58% -39% -37% -73% -16%
Cashflow more negative
Last 5 quarters million dollars
-3,128 -1,538 -943 -429 -2,731
Balance sheet net cash worsened
Last 5 quarters million dollars
-85,249 -81,653 -93,824 -94,604 -98,632
Capital raised worsened , a -10% lower target price
Last 5 quarters million dollars
-28,735 -29,541 -30,058 -31,410 -35,464
Apr 26, 2022
1 minute read
Sales slumped -43%
Last 5 quarters
-15% 5% 11% 15% -43%
- Sales slumped -43% in the first quarter to 2,890 million dollars -42% below our 4,996 million dollars forecast.
- This brings the average to -3% growth.
- We predict average growth of 8% in this next 12 months to bring sales to 3,834 million dollars in the first quarter 2023.
Costs down profit to loss
Last 5 quarters
-58% -39% -37% -73% -16%
- The cash cost ratio went from -73% to -16% profit from 953 to -693 million dollars in the first quarter.
- The average cost ratio is at -41% now.
- We use the average -41% cost ratio to predict a 177 million dollars profit in the first quarter 2023.
Cashflow more negative
Last 5 quarters million dollars
-3,128 -1,538 -943 -429 -2,731
- Free cashflow went more negative from -429 to -2,731 million dollars in the first quarter with -4,693 million dollars investment spending.
- Average quarterly Cashflow is at -1,410 million dollars now.
- We assume lower -2,715 million dollars investment spending which with higher sales gives -458 million dollars Cashflow in the first quarter 2023.
Balance sheet net cash worsened
Last 5 quarters million dollars
-85,249 -81,653 -93,824 -94,604 -98,632
- Cash increased 639 to 2,061 million dollars in the first quarter.
- Liabilities increased 95,243 to 100,693 million dollars so net cash worsened -94,604 to -98,632 million dollars.
- With our forecast cashflow & a 0 million dollars equity payout 2,190 million dollars liabilities payment net cash will be -100,822 million dollars in 12 months time.
Capital raised worsened , a -10% lower target price
Last 5 quarters million dollars
-28,735 -29,541 -30,058 -31,410 -35,464
- NEE 29 quarter capital raised worsened -31,410 to -35,464 million dollars in the first quarter with 4,889 million dollars liabilities -835 million dollars equity & will be -37,654 million dollars in12 months time.
- At the current market value of 145,270 million dollars based on our forecasts it’s at 1.0 X assets with a 16 years payback & a 0% yield.
- Our cashflow forecast is 8,670 million dollars which means an 17 X valuation. A 15 X valuation gives a -10% lower target price 66 dollars.