Continuing Losses at Tattooed Chef Will Be a Drag on Its Stock

InvestorPlace2021-09-29

TTCF stock is not likely to move much higher until the plant-based food company is profitable. Tattooed Chef(NASDAQ:TTCF), a plant-based food company, presented further losses in its latestQ2 ...

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精彩评论

QArmieeQ
2021-10-15
QArmieeQ
Final words, wait for the bargains. Yup, thats right. What is your bargain price?
KL8388
2021-09-29
KL8388
Buy
kino318
2021-09-29
kino318
Wow
- TBPromo:
  O
tearach
2021-09-29
tearach
Wow
- tearach:
  wiw

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If that keeps up for the next several quarters, TTCF stock is not going to rise anytime soon. I wrote about the company’s losses and itsprospects last month and since then it has dropped.\nInvestors will not likely continue to tolerate a food company without profitability, even though it is plant-based food. As a result, don’t expect to see TTCF stock rise anytime soon.\nTTCF stock has essentially gone nowhere this year, although it has been a bumpy road. The stock ended last year at $22.89, but as of Sept. 27, it was down 15.8% to $19.28 per share. And this is after it spiked to well over $23 three different times this year.\nBut with the company’s continuing losses, especially its negative free cash flow (FCF), it’s not likely that TTCF stock will rebound any time soon.\nTattooed Chef’s Tattered Finances\nOne reason is that the company is burning through cash each quarter. The Tattooed Chef cash flow statement in its 10-Q filing showed negative free cash flow (FCF) last quarter.\nOnpage 5 of its June 30 10-Q, investors can see that in the past six months, the cash flow from operations was a loss of $24.372 million. After subtracting an additional $10.14 million, the FCF loss was $34.512 million during that period.\nLast quarter, the company’s 1o-Q filing (page 4) showed an FCF outflow of$20.426 million. This implies that its Q2 FCF losses were $14.086 million. So on a run-rate basis, this means that Tattooed Chef is operating on an annual rate of $56.344 million in cash burn.\nThat also implies that the company is going to quickly use up a good portion of the $140.182 million in cash it has on its balance sheet. This can be seen on page 1 of its latest 10-Q filing.\nFor example, if it uses up $60 to $65 million in cash over the next year, the balance will be just $80 million or less. At that point, if its cash burn is still this high, the market will assume that the company will have to raise more cash. That will push TTCF stock even lower.\nThe company has not tried to hide its situation. They have made it clear that they are investing in their operating capacity. They believe that with scale their plant-based food company will become profitable over the long run. For example, they recently purchased Foods of New Mexico and integrated it within the Q2 results. The company says that it could produce over $500 million in revenue or twice the rate that Tattooed Chef will make this year.\nWhat to Do With TTCF Stock\nLast month I showed that the company has lower gross margins but a significantly higher valuation on a price-to-sales (P/S) metric than its peers. For example, its Q2 margin was just 15.7%, whereas some of its peers have a much higher gross margin, well into the 20% range.\nBut those stocks trade for between 0.5 and 1.5 times P/S multiples. TTCF stock is at 6.6 2021 sales and4.9 times 2022 P/S.\nThis implies that it will be a while before Tattooed Chef grows into its present $1.587 billion market value. The2023 projection for sales is $450 million. Even if we add in a $250 million contribution from Foods of New Mexico, the total sales will be just $700 million at best.\nBut at $1.587 billion in market value, the P/S multiple is still over 2.2 times sales. That is still well over what some of its peers trade for. This implies that TTCF could tread water for at least 2 years or so.\nTherefore, most cautious investors will wait for the company to start to show some form of profitability before investing. This is the best way to wait for a bargain entry point for the stock.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":824885755,"gmtCreate":1634302237682,"gmtModify":1634302313347,"author":{"id":"3572474257232421","authorId":"3572474257232421","name":"QArmieeQ","avatar":"https://static.tigerbbs.com/4880f6ec2e047cce565a00b5fd10d91f","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Final words, wait for the bargains. Yup, thats right. What is your bargain price?","listText":"Final words, wait for the bargains. Yup, thats right. What is your bargain price?","text":"Final words, wait for the bargains. Yup, thats right. 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