Loading
0

Aurora Cannabis(NYSE:ACB)的投资者因其惨淡的财务状况而失眠

Aurora Cannabis(NYSE:ACB)的投资者因其惨淡的财务状况而失眠

ZUOZHE:Easterly Winds

摘要

  • 加拿大娱乐大麻销售开始后,Aurora Cannabis的财务业绩仍然很糟糕。
  • 在平均销售价格和每克现金成本增加的背景下,每克毛利率呈下降趋势。
  • 随着即将到来的金融季度基本面越来越成为焦点,变革之风正在吹响。

YINWEIAuroraJIXUYANZHEYIDALIANGXIANJINRANSHAOHEBUDUANZENGJIADEZHAIWUFUDANDEYINGLIJIEGUO,SHIGONGSIXIANRUTANHUAN。BUYINGGAIZHEIYANG,DANGUANLICENGBUXIYIQIEDAIJIAWANQUANSHIXIANZENGZHANGDEJIEGUOYINGGAIBUZUWEIQI。TAMENDESHOUGOUFANGSHIYIJIANGQIZICHANFUZHAIBIAOZHUANBIANWEIMAXIBIAOYANDEDISANMU。2019NIANDISANJIDUMODEJINGZHAIWUKENENGWEI6YIMEIYUAN,SHI2019CAINIANYUJISHOURUDE3BEI,BENCAINIANZHIJINDEFUZIYOUXIANJINLIUKENENGWEI3.25YIMEIYUAN,YIJIWUXINGZICHANHESHANGYUJIANGZENGZHANGDAOJINGZICHANDE80%。

DUIYUZHEIYANGDEJIBENMIAN,AOLUOLADEWEILAISHIANDANDE。DANGLIANGHAODECAIWUYEJIWUXIAOJIXUKUODASHI,GUDONGMENJIANGYUELAIYUEDUODIBAOZHEXIANGAOLUOTEZAICronosHEConstellation BrandsZAICanopy GrowthZHONGSUOZUOCHUDETOUZIDEXIWANG。ZHEIHUIFASHENGMA?HUOXU,DANJUEDUIDESHI,XIANJINFENSHAOSHITIDEZHAIWULIANGYUELAIYUEDA,ERFEIZICHANDEZENGJIAJIANGHUIXIAJIANG。

由大量无资产负债表支持的经济财务表现

ZAIAuroraDECAIBAODIANHUAHUIYISHANG,SHOUXIZHIXINGGUANTELI·BUSI(Terry Booth)GAOSUFENXISHIHETOUZIZHE,TADUIAOLUOLA(Aurora)YIJIDAMAXINGYEGONGYINGQUANQIUSHICHANGDENENGLI“SHIMIAN”。YIGEQIGUAIDESHIQINGSHI,TADEGONGSIDEJIBENMIANZHILIANGRENGRANBUSHIZUILIXIANGDE。SHENCHU$ 10MEIYUANSHIYIDEGUZHI。

相关图片

XIAOENSHIZIHUA

2018年第三季度 2018年第四季度 2019年第一季度 2019年第二季度
美元收入 $ 12,480,000 $14,560,000 $ 22,970,000 $ 39,690,000
净运营现金流量(OCF),单位为美元 -$20,870,000 -$34,320,000 -$53,470,000 - $ 46,800,000
以美元计算的自由现金流量 -$171,810,000 -$99,990,000 -$122,140,000 -$108,850,000
OCF占收入的百分比 -167.23% -235.71% -232.78% -117.91%

极光可能会在接下来的两个财政季度损失约2亿美元 - 2.85亿美元。它不应该是这样的,但这是一系列在各个地区传播并以没有连贯的叙述方式执行的一系列违规行为的结果。

2019年第二季度 2019年第一季度 %变化
以CAD计算的每克现金销售成本 $ 1.92 $ 1.45 33%
CAD中干燥大麻的平均净销售价格 $ 6.23 $ 8.39 -26%
CAD中大麻提取物的平均净销售价格 $ 10.00 $ 12.12 -18%

YINCI,MAOLILVCONG70%XIAJIANGZHI54%。AuroraXUANCHENGQIDANWEIZHIBIAOEHUADEYUANYINSHIXIAOFEISHUIDEYINRU,JIANADADEPIFADINGJIAJIEGOU,YIJIYUXINJIANGUANYAOQIUXIANGGUANDEZENGJIADEBAOZHUANGCHENGBEN。HAISHUOMINGLEZHUNBEIKAISHIXIUXIANDAMAXIAOSHOUSUOCHANSHENGDECHUBUYUNZUOXIAOLVDIXIA。

DANGZHEIXIEZAIXIAYIJIDUJINYIBUEHUASHIHUIYOUSHENMEJIEKOU?

扩大国际化的立场

ZAIAurora 2019NIANDIERJIDUCAIBAODIANHUAHUIYIQIANYITIANZAOSHANG,GAIGONGSIXUANBUYIJINGSHOUCIXIANGYINGGUOCHUKOU“SHANGYECHANPIN”。

ZHEIFANYINGLECHENGSHUDEJIANADADAMALPKOUTOUSHAN,YIKUODAQUANQIUDAMASHICHANGMUQIANDADAOZUYIWEICHIJIANADAXIUXIANDAMAXIAOSHOUKAISHIHOUQUEDINGDESHOURUGUIJIDEJIAXIANG。

AuroraDESHOURUDIYUZUHERENGRANYANZHONGQINGXIANGYUJIANADA,ZHANZONGSHOURUDE91.87%。ZHEIBIJIEZHI2017NIAN12YUE31RIDESANGEYUEDE76.96%YOUSUOSHANGSHENG。

奥罗拉地理地图

TASIHUZAIDITUSHANGLUANRENGGEZHONGDIAN,MEIYOUGUANYUZHEIXIEGUOJIARUHECHANSHENGSHOURUHELIRUNDELIANGUANXUSHUDUIYUDAMATOUZIZHELAISHUOSHIWANQUANZUGOUDE。JIEKEGONGHEGUODEDAMAGONGSIDEJIANGUANHUANJINGSHISHENME?WEISHENMEMEIYOUYIGEGUOJIAANGUOJIAFENLEI?

ZHEIXIEGUOJIAZHONGDEMEIYIGEDOUJIANGCONGGENBENSHANGCHENGXIANCHUDUTEDEFAGUI,JINGZHENGHESHUISHOUSHUIPING。DANJINGUANZHEISHIAuroraGUZHIDEZHUYAOQUDONGYINSU,DANGAIGONGSISIHUHENRONGYIJIANGZHEIXIEGUANJIANXINXIYUANLIQIGUDONGJICHU。

变化之风吹向大麻

CONGGENBENSHANGLAISHUO,BUYIMUQIANDEJIAGEDUIAurora CannabisFAQIZUOKONGSHIFEICHANGYUCHUNDE,DANSUIZHEWODETOUZIZUHEZHUANXIANGCHENGDANGENGDIDEFENGXIAN,ZHEIZHONGJINSHENDEXINGDONGZAIDUANQINEICHAOCHULEFANWEI。

DUIAOLUOLALAISHUO,BIANGEZHIFENGZHENGZAISINVE,YEJIUSHISHUO,MUQIANKANDAOYIJIAGONGSIDEJINRONGYEQIANJINGJIBENCANDAN,QIGUZHIGUODI,ZHEIJIANGSHILIANXUJIGEJIDUDEDALIANGXIANJINRANSHAOHEBUDUANZENGZHANGDEZHAIWUYUE。

ZAIMOUXIESHIHOU,GUDONGMENHUIYISHIDAOTAMENYIJINGWEIYIJIAZAIFANZHONGDEJIANADADAMASHICHANGJINGYINGDENONGYEGONGSITIGONGLE90YIMEIYUANDEGUZHI。DANGZHEIZHONGQINGKUANGFASHENGSHI,GUOWANGDESUOYOURENHESUOYOUGUOWANGDEMAKENDINGWUFAZAIJIANGAOLUOLAZHONGXINZUHEZAIYIQI。