Okta, Atlassian Are 'Zombie Stocks' In Danger Of Dropping To $0: Analyst
Okta, Atlassian Are 'Zombie Stocks' In Danger Of Dropping To $0: Analyst
New Constructs CEO David Trainer added Atlassian Corp (NASDAQ:TEAM) and Okta Inc (NASDAQ:OKTA) to his Zombie Stock list. Atlassian shares are down 63.1% and Okta shares are down 71.1% year-to-date, but Trainer said this week both stocks may still have more pain ahead.
新构造首席执行官戴维·特雷纳补充说 阿特拉斯安公司 （纳斯达克股票代码：TEAM）和 Okta Inc. （纳斯达克股票代码：OKTA）对他来说 僵尸股票 清单。今年迄今为止，Atlassian股价下跌了63.1％，Okta股价下跌了71.1％，但Trainer本周表示，这两只股票未来可能还会有更多的痛苦。
Atlassian Struggling: Trainer's bear case on Atlassian was based on a breakdown of the company's fundamentals since the beginning of fiscal 2022. He said Atlassian's net operating profit after-tax (NOPAT) margin has dropped from 5% in fiscal 2021 to -6% in the past 12 months.
Atlassian 奋斗着： Trainer对Atlassian的熊市是基于该公司自2022财年初以来的基本面细分。他说，Atlassian的税后净营业利润（NOPAT）利润率已从2021财年的5％下降到过去12个月的-6％。
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Unfortunately, rising interest rates mean the company can no longer access cheap capital, and Trainer said Atlassian has burned through $838 million in cash since the first quarter of fiscal 2021.
不幸的是，利率上升意味着该公司无法再获得廉价资金，Trainer表示，自2021财年第一季度以来，Atlassian已经耗尽了8.38亿美元的现金。
"Companies that inherently struggle to produce real cash flows, like Atlassian, are at risk of seeing their stock price go to $0," Trainer said.
Trainer说：“本质上难以产生实际现金流的公司，例如Atlassian，有可能看到股价跌至0美元。”
Okta's Cash Burn: He said Okta was also burning cash at an alarming rate with no end in sight. The company burned $3.8 billion in free cash flow since 2018, and the company was facing stiff competition from larger, more profitable companies, such as Microsoft Corp (NASDAQ:MSFT) and Oracle Corporation (NYSE:ORCL). Trainer estimated Microsoft's NOPAT margin was 35%, Oracle's was 30% and Okta's was -52%.
Okta 的 Cash Burn： 他说，奥克塔还以惊人的速度消耗现金，看不到尽头。自2018年以来，该公司消耗了38亿美元的自由现金流，该公司正面临来自规模更大、利润更高的公司的激烈竞争，例如 微软公司 （纳斯达克股票代码：MSFT）和 甲骨文公司 （纽约证券交易所代码：ORCL）。Trainer估计，微软的NOPAT利润率为35％，甲骨文的利润率为30％，Okta的利润率为-52％。
"While Okta will struggle to fund its cash burn, its profitable competition will be better positioned to increase market share," Trainer said.
Trainer说：“尽管Okta难以为其现金消耗提供资金，但其有利可图的竞争对手将更有能力增加市场份额。”
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Benzinga's Take: Regardless of whether Atlassian or Okta shares eventually drop to zero, there's not much to like about the direction in which the companies or their stocks are headed at the moment.
Benzinga 的看法： 无论Atlassian还是Okta的股价最终跌至零，目前这些公司或其股票的发展方向都没什么好喜欢的。
Trainer has been dead-on so far in 2022 with similar bearish calls on stocks such as Blue Apron Holdings Inc (NYSE:APRN) and AMC Entertainment Holdings Inc (NYSE:AMC), so investors should certainly think twice before buying the dips in Atlassian or Okta.
到目前为止，Trainer 在 2022 年一直处于僵持状态，对股票也持类似的看跌看涨态度，例如 Blue Apron 控股公司 （纽约证券交易所代码：APRN）和 AMC 娱乐控股公司 （纽约证券交易所代码：AMC），因此，在逢低买入Atlassian或Okta之前，投资者当然应该三思而后行。
Photo: Stockimo via Shutterstock
照片：Stockimo 通过 Shutterstoc
译文内容由第三方软件翻译。