SPOT average cashflow ~zero
SPOT Current 119 Target 62 -48%
Aug 6, 2022
1 minute read
Last 12 months cash flow + 0% of market cap
Last 12 months Capital -0% of market cap
Latest net cash -10% of market cap
Sales grew 8%
Last 5 quarters growth & sales million euros
9% 7% 8% -1% 8%
2,331, 2,501, 2,689, 2,661, 2,864
Costs up profit negative
Last 5 quarters cost ratio & profit million euros
-95% -93% -97% -96% -101%
-20 2 -39 131 -125
Cashflow less negative
Last 5 quarters operating & investment million euros
46 114 109 18 38
-39 -121 87 -156 -57
Net cash down
Last 5 quarters cash & liabilities million euros
2,440 2,512 2,744 2,721 2,786
4,782 4,872 5,051 4,892 5,087
Capital improved slightly
Last 5 quarters cumulative capital , liabilities & equity
-1,493 -1,521 -1,506 -1,547 -1,528
0 -7 0 0 -2
0 -21 15 -41 21
Aug 6, 2022
1 minute read
Last 12 months cash flow + 0% of market cap
Last 12 months Capital -0% of market cap
Latest net cash -10% of market cap
Sales grew 8%
Last 5 quarters growth & sales million euros
9% 7% 8% -1% 8%
2,331, 2,501, 2,689, 2,661, 2,864
- Sales grew 8% in the second quarter to 2,864 million euros; our forecasts v sales is -1% now.
- This brings the average to 5% growth.
- We predict average growth of 5% again in this next 12 months to bring sales to 3,409 million euros in the second quarter 2023.
Costs up profit negative
Last 5 quarters cost ratio & profit million euros
-95% -93% -97% -96% -101%
-20 2 -39 131 -125
- The cash cost ratio went from -96% to -101% profit from 131 to -125 million euros as non cash gains reversed in the second quarter.
- The average cost ratio is at -97% now.
- We use the average -97% cost ratio to predict a 18 million euros profit in the second quarter 2023.
Cashflow less negative
Last 5 quarters operating & investment million euros
46 114 109 18 38
-39 -121 87 -156 -57
- Free cashflow went from -138 to -19 million euros in the second quarter with -57 investment cashflow, positive working capital.
- Average quarterly Cashflow is at 8 million euros now.
- We assume the same -57 million euros investment cashflow which with higher sales gives positive 29 million euros average Cashflow in the next 12 months.
Net cash down
Last 5 quarters cash & liabilities million euros
2,440 2,512 2,744 2,721 2,786
4,782 4,872 5,051 4,892 5,087
- Cash increased 2,721 to 2,786 million euros in the second quarter.
- Liabilities increased 4,892 to 5,087 million euros so net cash was down -2,171 to -2,301 million euros .
- With our forecast cashflow & a 0 million euros equity payout -118 million euros liabilities payment net cash will be -2,144 million euros in 12 months time.
Capital improved slightly
Last 5 quarters cumulative capital , liabilities & equity
-1,493 -1,521 -1,506 -1,547 -1,528
0 -7 0 0 -2
0 -21 15 -41 21
- SPOT cumulative capital improved -1,547 to -1,528 million euros with - 2 & + 21 million euros from liabilities, equity in the second quarter & will be 3,065 million euros in12 months time.
- At the current market value of 23,286 million euros based on our forecasts it’s at 3.2 X assets with a 39 years payback & a 0% yield.
- Our cashflow forecast is 118 million euros which means a 198 X valuation. A 100 X valuation gives a -48% lower target price 62 dollars.
