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2021-12-27
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Blink Charging Has Caught Lightning In A Bottle<blockquote>Blink Charging 在瓶子里遇到了闪电</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":696972625,"tweetId":"696972625","gmtCreate":1640612168275,"gmtModify":1640612168730,"author":{"id":3584860762907200,"idStr":"3584860762907200","authorId":3584860762907200,"authorIdStr":"3584860762907200","name":"littlekitten","avatar":"https://static.tigerbbs.com/ccd59ff6c96999c839e3b5709cfb00ef","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":41,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>.</p></body></html>","htmlText":"<html><head></head><body><p>.</p></body></html>","text":".","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/696972625","repostId":1124361710,"repostType":4,"repost":{"id":"1124361710","kind":"news","pubTimestamp":1640604546,"share":"https://www.laohunote.com/m/news/1124361710?lang=zh_CN&edition=full","pubTime":"2021-12-27 19:29","market":"us","language":"en","title":"Blink Charging Has Caught Lightning In A Bottle<blockquote>Blink Charging 在瓶子里遇到了闪电</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124361710","media":"Seeking Alpha","summary":"Summary\n\n2021 was a year EV charging bulls would like to forget.\nBlink continues to make positive op","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>2021 was a year EV charging bulls would like to forget.</li> <li>Blink continues to make positive operational developments in its business model.</li> <li>The valuation still seems stretched even after the pullback this year.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/90a44cedb39ad6f73006bdd859662eae\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Serenethos/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>2021 年是电动汽车充电看涨者想要忘记的一年。</li><li>Blink 继续在其商业模式中取得积极的运营发展。</li><li>即使在今年回调之后，估值似乎仍然捉襟见肘。</li></ul><p class=\"t-img-caption\"><span>Serenethos/iStock 社论来自 Getty Images</span></p></blockquote></p><p> Blink Charging (BLNK) caught lightning in a bottle in 2021 by maintaining its relatively high market cap despite a collapse of its common shares and against trailing 12-month revenue that stood at just $15.4 million as at the end of its last reported quarter. The company has been able to catch the wave of strong investor enthusiasm over the growing EV economy, leading to a market cap that still stands substantially higher than its pre-pandemic averages even while down more than 50% from its 52-week high.</p><p><blockquote>Blink Charging (BLNK) 在 2021 年遭遇闪电，尽管其普通股暴跌，且截至上一报告季度末的 12 个月收入仅为 1540 万美元，但仍保持了相对较高的市值。该公司已经能够抓住投资者对不断增长的电动汽车经济的强烈热情，导致其市值仍然大大高于大流行前的平均水平，尽管较 52 周高点下降了 50% 以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6bc70268ab9c6868a444fd95e011c4a1\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> EV charging bulls are spoilt for choice as the now collapsed SPAC explosion saw a plethora of EV charging companies from ChargePoint (CHPT) to Volta (VLTA) and EVgo (EVGO) all go public in 2021. And like Blink, 2021 has turned out to be a relatively uneventful year for these companies as capital heavily moved away from somewhat speculative industries and small-caps to value.</p><p><blockquote>电动汽车充电多头的选择被宠坏了，因为现已崩溃的 SPAC 爆炸导致从 ChargePoint (CHPT) 到 Volta (VLTA) 和 EVgo (EVGO) 的过多电动汽车充电公司都在 2021 年上市。与 Blink 一样，2021 年对于这些公司来说也是相对平静的一年，因为资本大量从有些投机性的行业和小盘股转向价值。</blockquote></p><p> The question of what 2022 now holds lingers. Is it more of the same capital destruction that characterized much of this year as bears would like to believe? This is especially as the FED accelerates the tapering of its bond-buying program to position itself to start raising interest rates as early as March to contain inflation. While the market should be pricing this in already, it could see the capital flight away from companies like Blink continue. This risk is especially heightened with recent financials that fail to justify the current $1.20 billion market cap.</p><p><blockquote>2022年现在会发生什么的问题挥之不去。看空者愿意相信的那样，今年大部分时间的资本破坏是否更多？尤其是在美联储加速缩减债券购买计划，以便最早在3月份开始加息以遏制通胀的情况下。虽然市场应该已经对此进行了定价，但资本可能会继续逃离 Blink 等公司。最近的财务报告未能证明当前 12 亿美元的市值是合理的，这种风险尤其加剧。</blockquote></p><p> <b>Operational Progress Continues But Revenue Multiple Looks Stretched</b></p><p><blockquote><b>运营进展仍在继续，但收入倍数似乎捉襟见肘</b></blockquote></p><p> Blink last reported quarterly earnings for its fiscal 2021 third quarter which saw revenue come in at $6.4 million. This was a year-over-year increase of 611% and a beat of $1.68 million on consensus estimates. This hypergrowth was partly driven by a rapid increase in charging stations contacted or sold to 3,016, an increase of 351% from its year-ago figure. Services revenues, which consists of charging service revenues, network fees and ride-sharing service revenues, also jumped by 425% year-over-year to $1.38 million. Blink's bulls have justified the company's high valuation on the back of the pace of this growth. The company's management has been seizing the opportunities of the transition to EVs.</p><p><blockquote>Blink 上次公布了 2021 财年第三季度的季度收益，收入为 640 万美元。同比增长 611%，比市场普遍预期高出 168 万美元。这种快速增长的部分原因是联系或销售的充电站数量迅速增加，达到 3,016 个，比去年同期增长了 351%。服务收入（包括充电服务收入、网络费用和拼车服务收入）也同比增长 425%，达到 138 万美元。Blink 的看涨者以这种增长速度证明了该公司的高估值是合理的。该公司管理层一直在抓住向电动汽车转型的机遇。</blockquote></p><p> This momentum is likely to ramp up next year as demand for EVs continues to grow. This is a long-term structural shift in transportation that will create a substantial tailwind over the next decade. Not often does a company stand to ride such a healthy macro environment, one set to be boosted by both rising consumer sentiment and increasingly positive government action. The latter will see $7.5 billion allocated as part of the infrastructure bill toward building out the US electric vehicle charging network.</p><p><blockquote>随着电动汽车需求的持续增长，这一势头明年可能会加快。这是交通运输领域的长期结构性转变，将在未来十年产生巨大的推动力。一家公司很少能站在如此健康的宏观环境中，这种环境将受到不断上升的消费者信心和日益积极的政府行动的推动。后者将获得 75 亿美元的拨款，作为基础设施法案的一部分，用于建设美国电动汽车充电网络。</blockquote></p><p> Blink has also maintained operational momentum, recently unveiling seven new products including new EV charging equipment. The company will also launch a new network and accompanying mobile app to enhance the charging experience for its customers. And while cash flows from operations were negative at $9 million, the company still ended the quarter with cash and equivalents of $186.7 million. This provides a strong buffer for operational flexibility and expansion in the years ahead as the EV charging space heats up. This is especially as another facet of the bear case has centered around just how competitive and crowded the space is. The has created a dash for prime space as EV chargers in the best locations are likely to perform the best.</p><p><blockquote>Blink也保持了运营势头，最近推出了包括新型电动汽车充电设备在内的七款新产品。该公司还将推出新网络和配套的移动应用程序，以增强客户的充电体验。尽管运营现金流为负 900 万美元，但该公司在本季度末仍拥有 1.867 亿美元的现金及等价物。随着电动汽车充电领域的升温，这为未来几年的运营灵活性和扩张提供了强大的缓冲。尤其是因为熊案的另一个方面围绕着这个空间的竞争和拥挤程度。这为黄金空间创造了一个冲刺，因为最佳位置的电动汽车充电器可能表现最佳。</blockquote></p><p> However, in spite of the fall of Blink's common shares this year, the company still trades on a price to trailing twelve months revenue multiple of 80x. Bulls would be rights to state that the company will very quickly grow into its multiple if revenue growth in the quarters ahead continues to reflect the rate of growth in the third quarter.</p><p><blockquote>然而，尽管 Blink 的普通股今年下跌，但该公司的交易价格仍然是过去 12 个月收入倍数的 80 倍。看涨者说，如果未来几个季度的收入增长继续反映第三季度的增长率，该公司将很快增长到其倍数，这是正确的。</blockquote></p><p> <b>EVs, Charging, And The Future Of Transportation</b></p><p><blockquote><b>电动汽车、充电和交通的未来</b></blockquote></p><p> EVs are undeniably going to play a dominant role in the future of transport and chargers will be required to keep them going. Hence, while 2021 was a terrible year for Blink, the broader long-term macro environment is positive and its conditions are conducive to the prerequisites for shareholder value creation.</p><p><blockquote>不可否认，电动汽车将在未来的交通中发挥主导作用，需要充电器来保持它们的运行。因此，尽管2021年对Blink来说是糟糕的一年，但更广泛的长期宏观环境是积极的，其条件有利于股东创造价值的先决条件。</blockquote></p><p></p><p> There is definitely a race amongst EV charging companies to build out their network as fast as possible to gain scale and seize the leases for the best locations. Hence, I do not expect Blink to chase or even be able to attain cash flow breakeven in the near term. That said, it is hard to recommend Blink as a buy. Yes, the company is growing quickly and has a substantial cash balance to continue to ride the ever-growing EV wave. But the valuation is still steep, and a slowdown would see the common shares experience an even more brutal downward re-rating.</p><p><blockquote>电动汽车充电公司之间肯定存在一场竞赛，以尽快建立他们的网络，以扩大规模并抓住最佳位置的租赁权。因此，我预计 Blink 不会在短期内追赶甚至能够实现现金流收支平衡。也就是说，很难推荐 Blink 买入。是的，该公司发展迅速，并拥有大量现金余额，可以继续乘着不断增长的电动汽车浪潮。但估值仍然很高，如果经济放缓，普通股将经历更加残酷的下调评级。</blockquote></p><p></p>","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>Blink Charging Has Caught Lightning In A Bottle<blockquote>Blink Charging 在瓶子里遇到了闪电</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nBlink Charging Has Caught Lightning In A Bottle<blockquote>Blink Charging 在瓶子里遇到了闪电</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-27 19:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>2021 was a year EV charging bulls would like to forget.</li> <li>Blink continues to make positive operational developments in its business model.</li> <li>The valuation still seems stretched even after the pullback this year.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/90a44cedb39ad6f73006bdd859662eae\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Serenethos/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>2021 年是电动汽车充电看涨者想要忘记的一年。</li><li>Blink 继续在其商业模式中取得积极的运营发展。</li><li>即使在今年回调之后，估值似乎仍然捉襟见肘。</li></ul><p class=\"t-img-caption\"><span>Serenethos/iStock 社论来自 Getty Images</span></p></blockquote></p><p> Blink Charging (BLNK) caught lightning in a bottle in 2021 by maintaining its relatively high market cap despite a collapse of its common shares and against trailing 12-month revenue that stood at just $15.4 million as at the end of its last reported quarter. The company has been able to catch the wave of strong investor enthusiasm over the growing EV economy, leading to a market cap that still stands substantially higher than its pre-pandemic averages even while down more than 50% from its 52-week high.</p><p><blockquote>Blink Charging (BLNK) 在 2021 年遭遇闪电，尽管其普通股暴跌，且截至上一报告季度末的 12 个月收入仅为 1540 万美元，但仍保持了相对较高的市值。该公司已经能够抓住投资者对不断增长的电动汽车经济的强烈热情，导致其市值仍然大大高于大流行前的平均水平，尽管较 52 周高点下降了 50% 以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6bc70268ab9c6868a444fd95e011c4a1\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> EV charging bulls are spoilt for choice as the now collapsed SPAC explosion saw a plethora of EV charging companies from ChargePoint (CHPT) to Volta (VLTA) and EVgo (EVGO) all go public in 2021. And like Blink, 2021 has turned out to be a relatively uneventful year for these companies as capital heavily moved away from somewhat speculative industries and small-caps to value.</p><p><blockquote>电动汽车充电多头的选择被宠坏了，因为现已崩溃的 SPAC 爆炸导致从 ChargePoint (CHPT) 到 Volta (VLTA) 和 EVgo (EVGO) 的过多电动汽车充电公司都在 2021 年上市。与 Blink 一样，2021 年对于这些公司来说也是相对平静的一年，因为资本大量从有些投机性的行业和小盘股转向价值。</blockquote></p><p> The question of what 2022 now holds lingers. Is it more of the same capital destruction that characterized much of this year as bears would like to believe? This is especially as the FED accelerates the tapering of its bond-buying program to position itself to start raising interest rates as early as March to contain inflation. While the market should be pricing this in already, it could see the capital flight away from companies like Blink continue. This risk is especially heightened with recent financials that fail to justify the current $1.20 billion market cap.</p><p><blockquote>2022年现在会发生什么的问题挥之不去。看空者愿意相信的那样，今年大部分时间的资本破坏是否更多？尤其是在美联储加速缩减债券购买计划，以便最早在3月份开始加息以遏制通胀的情况下。虽然市场应该已经对此进行了定价，但资本可能会继续逃离 Blink 等公司。最近的财务报告未能证明当前 12 亿美元的市值是合理的，这种风险尤其加剧。</blockquote></p><p> <b>Operational Progress Continues But Revenue Multiple Looks Stretched</b></p><p><blockquote><b>运营进展仍在继续，但收入倍数似乎捉襟见肘</b></blockquote></p><p> Blink last reported quarterly earnings for its fiscal 2021 third quarter which saw revenue come in at $6.4 million. This was a year-over-year increase of 611% and a beat of $1.68 million on consensus estimates. This hypergrowth was partly driven by a rapid increase in charging stations contacted or sold to 3,016, an increase of 351% from its year-ago figure. Services revenues, which consists of charging service revenues, network fees and ride-sharing service revenues, also jumped by 425% year-over-year to $1.38 million. Blink's bulls have justified the company's high valuation on the back of the pace of this growth. The company's management has been seizing the opportunities of the transition to EVs.</p><p><blockquote>Blink 上次公布了 2021 财年第三季度的季度收益，收入为 640 万美元。同比增长 611%，比市场普遍预期高出 168 万美元。这种快速增长的部分原因是联系或销售的充电站数量迅速增加，达到 3,016 个，比去年同期增长了 351%。服务收入（包括充电服务收入、网络费用和拼车服务收入）也同比增长 425%，达到 138 万美元。Blink 的看涨者以这种增长速度证明了该公司的高估值是合理的。该公司管理层一直在抓住向电动汽车转型的机遇。</blockquote></p><p> This momentum is likely to ramp up next year as demand for EVs continues to grow. This is a long-term structural shift in transportation that will create a substantial tailwind over the next decade. Not often does a company stand to ride such a healthy macro environment, one set to be boosted by both rising consumer sentiment and increasingly positive government action. The latter will see $7.5 billion allocated as part of the infrastructure bill toward building out the US electric vehicle charging network.</p><p><blockquote>随着电动汽车需求的持续增长，这一势头明年可能会加快。这是交通运输领域的长期结构性转变，将在未来十年产生巨大的推动力。一家公司很少能站在如此健康的宏观环境中，这种环境将受到不断上升的消费者信心和日益积极的政府行动的推动。后者将获得 75 亿美元的拨款，作为基础设施法案的一部分，用于建设美国电动汽车充电网络。</blockquote></p><p> Blink has also maintained operational momentum, recently unveiling seven new products including new EV charging equipment. The company will also launch a new network and accompanying mobile app to enhance the charging experience for its customers. And while cash flows from operations were negative at $9 million, the company still ended the quarter with cash and equivalents of $186.7 million. This provides a strong buffer for operational flexibility and expansion in the years ahead as the EV charging space heats up. This is especially as another facet of the bear case has centered around just how competitive and crowded the space is. The has created a dash for prime space as EV chargers in the best locations are likely to perform the best.</p><p><blockquote>Blink也保持了运营势头，最近推出了包括新型电动汽车充电设备在内的七款新产品。该公司还将推出新网络和配套的移动应用程序，以增强客户的充电体验。尽管运营现金流为负 900 万美元，但该公司在本季度末仍拥有 1.867 亿美元的现金及等价物。随着电动汽车充电领域的升温，这为未来几年的运营灵活性和扩张提供了强大的缓冲。尤其是因为熊案的另一个方面围绕着这个空间的竞争和拥挤程度。这为黄金空间创造了一个冲刺，因为最佳位置的电动汽车充电器可能表现最佳。</blockquote></p><p> However, in spite of the fall of Blink's common shares this year, the company still trades on a price to trailing twelve months revenue multiple of 80x. Bulls would be rights to state that the company will very quickly grow into its multiple if revenue growth in the quarters ahead continues to reflect the rate of growth in the third quarter.</p><p><blockquote>然而，尽管 Blink 的普通股今年下跌，但该公司的交易价格仍然是过去 12 个月收入倍数的 80 倍。看涨者说，如果未来几个季度的收入增长继续反映第三季度的增长率，该公司将很快增长到其倍数，这是正确的。</blockquote></p><p> <b>EVs, Charging, And The Future Of Transportation</b></p><p><blockquote><b>电动汽车、充电和交通的未来</b></blockquote></p><p> EVs are undeniably going to play a dominant role in the future of transport and chargers will be required to keep them going. Hence, while 2021 was a terrible year for Blink, the broader long-term macro environment is positive and its conditions are conducive to the prerequisites for shareholder value creation.</p><p><blockquote>不可否认，电动汽车将在未来的交通中发挥主导作用，需要充电器来保持它们的运行。因此，尽管2021年对Blink来说是糟糕的一年，但更广泛的长期宏观环境是积极的，其条件有利于股东创造价值的先决条件。</blockquote></p><p></p><p> There is definitely a race amongst EV charging companies to build out their network as fast as possible to gain scale and seize the leases for the best locations. Hence, I do not expect Blink to chase or even be able to attain cash flow breakeven in the near term. That said, it is hard to recommend Blink as a buy. Yes, the company is growing quickly and has a substantial cash balance to continue to ride the ever-growing EV wave. But the valuation is still steep, and a slowdown would see the common shares experience an even more brutal downward re-rating.</p><p><blockquote>电动汽车充电公司之间肯定存在一场竞赛，以尽快建立他们的网络，以扩大规模并抓住最佳位置的租赁权。因此，我预计 Blink 不会在短期内追赶甚至能够实现现金流收支平衡。也就是说，很难推荐 Blink 买入。是的，该公司发展迅速，并拥有大量现金余额，可以继续乘着不断增长的电动汽车浪潮。但估值仍然很高，如果经济放缓，普通股将经历更加残酷的下调评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476811-blink-charging-has-caught-lightning-in-a-bottle\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BLNK":"Blink Charging"},"source_url":"https://seekingalpha.com/article/4476811-blink-charging-has-caught-lightning-in-a-bottle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124361710","content_text":"Summary\n\n2021 was a year EV charging bulls would like to forget.\nBlink continues to make positive operational developments in its business model.\nThe valuation still seems stretched even after the pullback this year.\n\nSerenethos/iStock Editorial via Getty Images\nBlink Charging (BLNK) caught lightning in a bottle in 2021 by maintaining its relatively high market cap despite a collapse of its common shares and against trailing 12-month revenue that stood at just $15.4 million as at the end of its last reported quarter. The company has been able to catch the wave of strong investor enthusiasm over the growing EV economy, leading to a market cap that still stands substantially higher than its pre-pandemic averages even while down more than 50% from its 52-week high.\nData by YCharts\nEV charging bulls are spoilt for choice as the now collapsed SPAC explosion saw a plethora of EV charging companies from ChargePoint (CHPT) to Volta (VLTA) and EVgo (EVGO) all go public in 2021. And like Blink, 2021 has turned out to be a relatively uneventful year for these companies as capital heavily moved away from somewhat speculative industries and small-caps to value.\nThe question of what 2022 now holds lingers. Is it more of the same capital destruction that characterized much of this year as bears would like to believe? This is especially as the FED accelerates the tapering of its bond-buying program to position itself to start raising interest rates as early as March to contain inflation. While the market should be pricing this in already, it could see the capital flight away from companies like Blink continue. This risk is especially heightened with recent financials that fail to justify the current $1.20 billion market cap.\nOperational Progress Continues But Revenue Multiple Looks Stretched\nBlink last reported quarterly earnings for its fiscal 2021 third quarter which saw revenue come in at $6.4 million. This was a year-over-year increase of 611% and a beat of $1.68 million on consensus estimates. This hypergrowth was partly driven by a rapid increase in charging stations contacted or sold to 3,016, an increase of 351% from its year-ago figure. Services revenues, which consists of charging service revenues, network fees and ride-sharing service revenues, also jumped by 425% year-over-year to $1.38 million. Blink's bulls have justified the company's high valuation on the back of the pace of this growth. The company's management has been seizing the opportunities of the transition to EVs.\nThis momentum is likely to ramp up next year as demand for EVs continues to grow. This is a long-term structural shift in transportation that will create a substantial tailwind over the next decade. Not often does a company stand to ride such a healthy macro environment, one set to be boosted by both rising consumer sentiment and increasingly positive government action. The latter will see $7.5 billion allocated as part of the infrastructure bill toward building out the US electric vehicle charging network.\nBlink has also maintained operational momentum, recently unveiling seven new products including new EV charging equipment. The company will also launch a new network and accompanying mobile app to enhance the charging experience for its customers. And while cash flows from operations were negative at $9 million, the company still ended the quarter with cash and equivalents of $186.7 million. This provides a strong buffer for operational flexibility and expansion in the years ahead as the EV charging space heats up. This is especially as another facet of the bear case has centered around just how competitive and crowded the space is. The has created a dash for prime space as EV chargers in the best locations are likely to perform the best.\nHowever, in spite of the fall of Blink's common shares this year, the company still trades on a price to trailing twelve months revenue multiple of 80x. Bulls would be rights to state that the company will very quickly grow into its multiple if revenue growth in the quarters ahead continues to reflect the rate of growth in the third quarter.\nEVs, Charging, And The Future Of Transportation\nEVs are undeniably going to play a dominant role in the future of transport and chargers will be required to keep them going. Hence, while 2021 was a terrible year for Blink, the broader long-term macro environment is positive and its conditions are conducive to the prerequisites for shareholder value creation.\nThere is definitely a race amongst EV charging companies to build out their network as fast as possible to gain scale and seize the leases for the best locations. Hence, I do not expect Blink to chase or even be able to attain cash flow breakeven in the near term. That said, it is hard to recommend Blink as a buy. Yes, the company is growing quickly and has a substantial cash balance to continue to ride the ever-growing EV wave. But the valuation is still steep, and a slowdown would see the common shares experience an even more brutal downward re-rating.","news_type":1,"symbols_score_info":{"BLNK":0.9}},"isVote":1,"tweetType":1,"viewCount":2824,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/696972625"}
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