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2021-09-01
Overvalue
ChargePoint Has Potential, But Is Too Pricey
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Back then the stock was going for $42.51 a share. Recently, CHPT stock has been trading around $21. The selloff placed CHPT stock where many investors may think it is a bargain.</p>\n<p>To me, it is far beyond that. Who says a cheap stock price cannot become cheaper?</p>\n<p>My pre-merger argument in January was:</p>\n<blockquote>\n “The company claims it is the world’s largest network of electric vehicle (EV) charging stations in North America and Europe. But is this enough to send the SBE stock to a meteoric rise for building an electric vehicle infrastructure? To me, this valuation is not justified.”\n</blockquote>\n<p>I recommended avoiding SBE stock. History at least now proves that I was correct. And by no means do I brag about this or make any false promises whatsoever about predicting stock prices. I cannot.</p>\n<p>This selloff for CHPT stock was inevitable. It was a SPAC irrational exuberance that came to its end. Now that Chargepoint is a publicly traded, what should you know about this company seeking to make the electrification of mobility easier and more feasible?</p>\n<p><b>CHPT Stock May Benefit From Politics</b></p>\n<p>News that theSenate passedboth a bipartisan infrastructure bill and a budget resolution that paves the way for Democrats’ $3.5 trillion spending package is positive for Chargepoint. The infrastructure bill proposes $7.5 billion for electric vehicle charging stations. There will be a focus on “routes that connect rural and disadvantaged communities.”</p>\n<p>Good news: It’s the first-ever investment in EV chargers by the federal government.</p>\n<p>Bad news: It’s about half of what President Joe Biden wanted to build a robust EV charging network.</p>\n<p>I guess it is never easy for politicians to find the optimal solutions for boosting the economy. But there could be even more spending as Democrats consider the $3.5 trillion spending package.</p>\n<p><b>Are Earnings Enough to Cause Excitement?</b></p>\n<p>ChargePoint reported first-quarter Fiscal 2022 financial resultsthat showed positive momentum in revenue and new customers. Some of the highlights were that “Revenue increased 24% year over year – networked charging revenue increased 36% year over year, Record number of new customers, bringing total to more than 5,000, $610 million cash balance to support growth.”</p>\n<p>For revenue, it was reported that, “For the first quarter, revenue was $40.5 million, an increase of 24% from $32.8 million in last year’s first quarter.”</p>\n<p>What about net income and profitability? It was reported that “First quarter GAAP net income was $82.3 million, which included a $53.0 million gain from the change in fair value of warrant liabilities and an $84.4 million gain from the change in fair value of contingent earn-out liability, partially offset by $7.0 million in offering costs allocated to warrant liabilities.”</p>\n<p>I would also like to add that “GAAP net loss in the prior year’s first quarter was $30.1 million. And that “Non-GAAP net loss in the first quarter was $39.4 million, compared to $29.0 million in the prior year’s first quarter.”</p>\n<p>The non-GAAP earnings reported are important because they exclude one-time transactions that may distort the true financial performance of the main business operations. And we see that this net income was due to one-time events, not from main operations.</p>\n<p>So, I would like to see progress in the next quarters about profitability from core operating activities.</p>\n<p><b>CHPT Stock Valuation</b></p>\n<p>A secondary offering of an additional 12 million shares priced at $23.50 eachseems to be another reason for the CHPT stock moving lower. This reflects the negative stock dilution effects.</p>\n<p>I estimate that in the event the stock makes a rally, the management of ChargePoint may consider also raising cash to fund its expansion goals.</p>\n<p>If we take the upper range of the forecast for revenue in FY 2022 from the latest earnings report then we note that ChargePoint “confirms its revenue outlook of $195 – $205 million for the fiscal year ending January 31, 2022.”</p>\n<p>With $205 million, the current market capitalization of $6.867 billion is a multiple of 33.49 based on market cap and future sales. It is too high to me. And although we have still very little financial data because ChargePoint went public in 2021,<i>MarketWatch</i>reports that there is a history of burning cash and negative free cash flows as of 2018.</p>\n<p>For these two reasons, I consider ChargePoint to be too expensive. I see plenty of potential for its business operations. But with very little financial data, the wise decision for now is to be on the sidelines.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ChargePoint Has Potential, But Is Too Pricey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChargePoint Has Potential, But Is Too Pricey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-01 14:17 GMT+8 <a href=https://investorplace.com/2021/08/chargepoint-has-potential-but-is-too-pricey/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Although there are issues, CHPT stock is set to benefit from the infrastructure legislation.\n\nChargePoint Holdings Inc. stock has been making headlines after it became publicly traded in March ...</p>\n\n<a href=\"https://investorplace.com/2021/08/chargepoint-has-potential-but-is-too-pricey/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHPT":"ChargePoint Holdings Inc."},"source_url":"https://investorplace.com/2021/08/chargepoint-has-potential-but-is-too-pricey/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136153067","content_text":"Although there are issues, CHPT stock is set to benefit from the infrastructure legislation.\n\nChargePoint Holdings Inc. stock has been making headlines after it became publicly traded in March following its merger with a special purpose acquisition company (SPAC).\nSometimes while investing you need patience, as shown by my pre-merger article last January when I wrote thatthe SPAC could easily crumble. Back then the stock was going for $42.51 a share. Recently, CHPT stock has been trading around $21. The selloff placed CHPT stock where many investors may think it is a bargain.\nTo me, it is far beyond that. Who says a cheap stock price cannot become cheaper?\nMy pre-merger argument in January was:\n\n “The company claims it is the world’s largest network of electric vehicle (EV) charging stations in North America and Europe. But is this enough to send the SBE stock to a meteoric rise for building an electric vehicle infrastructure? To me, this valuation is not justified.”\n\nI recommended avoiding SBE stock. History at least now proves that I was correct. And by no means do I brag about this or make any false promises whatsoever about predicting stock prices. I cannot.\nThis selloff for CHPT stock was inevitable. It was a SPAC irrational exuberance that came to its end. Now that Chargepoint is a publicly traded, what should you know about this company seeking to make the electrification of mobility easier and more feasible?\nCHPT Stock May Benefit From Politics\nNews that theSenate passedboth a bipartisan infrastructure bill and a budget resolution that paves the way for Democrats’ $3.5 trillion spending package is positive for Chargepoint. The infrastructure bill proposes $7.5 billion for electric vehicle charging stations. There will be a focus on “routes that connect rural and disadvantaged communities.”\nGood news: It’s the first-ever investment in EV chargers by the federal government.\nBad news: It’s about half of what President Joe Biden wanted to build a robust EV charging network.\nI guess it is never easy for politicians to find the optimal solutions for boosting the economy. But there could be even more spending as Democrats consider the $3.5 trillion spending package.\nAre Earnings Enough to Cause Excitement?\nChargePoint reported first-quarter Fiscal 2022 financial resultsthat showed positive momentum in revenue and new customers. Some of the highlights were that “Revenue increased 24% year over year – networked charging revenue increased 36% year over year, Record number of new customers, bringing total to more than 5,000, $610 million cash balance to support growth.”\nFor revenue, it was reported that, “For the first quarter, revenue was $40.5 million, an increase of 24% from $32.8 million in last year’s first quarter.”\nWhat about net income and profitability? It was reported that “First quarter GAAP net income was $82.3 million, which included a $53.0 million gain from the change in fair value of warrant liabilities and an $84.4 million gain from the change in fair value of contingent earn-out liability, partially offset by $7.0 million in offering costs allocated to warrant liabilities.”\nI would also like to add that “GAAP net loss in the prior year’s first quarter was $30.1 million. And that “Non-GAAP net loss in the first quarter was $39.4 million, compared to $29.0 million in the prior year’s first quarter.”\nThe non-GAAP earnings reported are important because they exclude one-time transactions that may distort the true financial performance of the main business operations. And we see that this net income was due to one-time events, not from main operations.\nSo, I would like to see progress in the next quarters about profitability from core operating activities.\nCHPT Stock Valuation\nA secondary offering of an additional 12 million shares priced at $23.50 eachseems to be another reason for the CHPT stock moving lower. This reflects the negative stock dilution effects.\nI estimate that in the event the stock makes a rally, the management of ChargePoint may consider also raising cash to fund its expansion goals.\nIf we take the upper range of the forecast for revenue in FY 2022 from the latest earnings report then we note that ChargePoint “confirms its revenue outlook of $195 – $205 million for the fiscal year ending January 31, 2022.”\nWith $205 million, the current market capitalization of $6.867 billion is a multiple of 33.49 based on market cap and future sales. It is too high to me. And although we have still very little financial data because ChargePoint went public in 2021,MarketWatchreports that there is a history of burning cash and negative free cash flows as of 2018.\nFor these two reasons, I consider ChargePoint to be too expensive. I see plenty of potential for its business operations. But with very little financial data, the wise decision for now is to be on the sidelines.","news_type":1},"isVote":1,"tweetType":1,"viewCount":124,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/816825949"}
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