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SNAP less dull as cashflow turns slightly positive again
SNAP Current 16 Target 17 + 8%
Jul 22, 2022
1 minute read
Sales grew 5%
Last 5 quarters
28% 9% 22% -18% 5%
Costs up profit down
Last 5 quarters
-91% -86% -77% -97% -101%
Cashflow positive again
Last 5 quarters million dollars
227, -9, 129, -982, 3
Balance sheet net cash worsened
Last 5 quarters million dollars
-1,861 -1,699 -1,752 -2,969 -3,049
Capital raised improved slightly , a 8% higher target price
Last 5 quarters million dollars
-6,602 -6,606 -6,609 -7,918 -7,917
Jul 22, 2022
1 minute read
Sales grew 5%
Last 5 quarters
28% 9% 22% -18% 5%
- Sales grew 5% in the second quarter to 1,111 million dollars -5% below our 1,169 million dollars forecast.
- This brings the average to 4% growth.
- We predict average growth of 4% again in this next 12 months to bring sales to 1,228 million dollars in the second quarter 2023.
Costs up profit down
Last 5 quarters
-91% -86% -77% -97% -101%
- The cash cost ratio went from -97% to -101% profit from -360 to -422 million dollars in the second quarter.
- The average cost ratio is at -90% now.
- We use a lower -88% cost ratio to predict a -175 million dollars profit in the second quarter 2023.
Cashflow positive again
Last 5 quarters million dollars
227, -9, 129, -982, 3
- Free cashflow went from -982 to 3 million dollars in the second quarter with 11 million dollars investment gains.
- Average quarterly Cashflow is at -215 million dollars now.
- We assume -25 million dollars investment spending which with higher sales gives 125 million dollars Cashflow in the second quarter 2023.
Balance sheet net cash worsened
Last 5 quarters million dollars
-1,861 -1,699 -1,752 -2,969 -3,049
- Cash declined 2,413 to 2,298 million dollars in the second quarter.
- Liabilities declined 5,382 to 5,347 million dollars so net cash worsened -2,969 to -3,049 million dollars .
- With our forecast cashflow & a 0 million dollars equity payout -512 million dollars liabilities payment net cash will be -2,537 million dollars in 12 months time.
Capital raised improved slightly , a 8% higher target price
Last 5 quarters million dollars
-6,602 -6,606 -6,609 -7,918 -7,917
- SNAP 26 quarter capital raised improved slightly -7,918 to -7,917 million dollars in the second quarter with + 3 million dollars from liabilities -1 million dollars from equity & will be -7,406 million dollars in12 months time.
- At the current market value of 25,449 million dollars based on our forecasts it’s at 3 X assets with a 13 years payback & a 0% yield.
- Our cashflow forecast is 500 million dollars which means a 51 X valuation. A 55 X valuation gives a 8% higher target price 17 dollars.
