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Why Incannex Healthcare's (NASDAQ:IXHL) Earnings Are Weaker Than They Seem

Why Incannex Healthcare's (NASDAQ:IXHL) Earnings Are Weaker Than They Seem

爲什麼 Incannex Healthcare(納斯達克股票代碼:IXHL)的收益比看起來要弱
Simply Wall St ·  05/22 20:27

Investors were disappointed with Incannex Healthcare Inc.'s (NASDAQ:IXHL) recent earnings release. We did some digging and found some underlying numbers that are worrying.

投資者對Incannex Healthcare Inc.感到失望。”s(納斯達克股票代碼:IXHL)最近發佈的業績。我們進行了一些挖掘,發現了一些令人擔憂的潛在數字。

earnings-and-revenue-history
NasdaqGM:IXHL Earnings and Revenue History May 22nd 2024
NasdaqGM: IXHL 收益和收入歷史記錄 2024 年 5 月 22 日

Examining Cashflow Against Incannex Healthcare's Earnings

根據Incannex Healthcare的收益檢查現金流

Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

許多投資者還沒有聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)在多大程度上支持利潤的有用指標。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.

因此,負應計比率對公司來說是正數,而正應計比率是負數。這並不意味着我們應該擔心應計比率爲正,但值得注意的是,應計比率相當高的地方。值得注意的是,有一些學術證據表明,總的來說,高應計率對短期利潤來說是個壞兆頭。

For the year to March 2024, Incannex Healthcare had an accrual ratio of 1.78. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of US$19.6m, a look at free cash flow indicates it actually burnt through US$15m in the last year. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of US$15m, this year, indicates high risk. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.

在截至2024年3月的一年中,Incannex Healthcare的應計比率爲1.78。從統計學上講,這對未來的收益來說確實是負面的。換句話說,該公司在那段時間內沒有產生一點自由現金流。儘管該公司報告了1,960萬美元的利潤,但從自由現金流來看,它實際上在去年消耗了1500萬美元。在去年自由現金流爲負的背景下,我們想象一些股東可能會懷疑其今年1500萬美元的現金消耗是否表明存在高風險。話雖如此,故事還有更多。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Incannex Healthcare.

注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對Incannex Healthcare的資產負債表分析。

How Do Unusual Items Influence Profit?

不尋常的物品如何影響利潤?

The fact that the company had unusual items boosting profit by US$35m, in the last year, probably goes some way to explain why its accrual ratio was so weak. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And, after all, that's exactly what the accounting terminology implies. We can see that Incannex Healthcare's positive unusual items were quite significant relative to its profit in the year to March 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

該公司去年有不尋常的項目將利潤提高了3500萬美元,這一事實可能在某種程度上可以解釋其應計比率爲何如此疲軟。我們不能否認更高的利潤通常會讓我們感到樂觀,但如果利潤是可持續的,我們更願意這樣做。我們統計了全球大多數上市公司的數字,不尋常的物品在自然界中很常見。而且,畢竟,這正是會計術語的含義。我們可以看到,相對於截至2024年3月的一年中,Incannex Healthcare的不尋常積極項目相對於其利潤相當可觀。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。

Our Take On Incannex Healthcare's Profit Performance

我們對Incannex Healthcare利潤表現的看法

Summing up, Incannex Healthcare received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. On reflection, the above-mentioned factors give us the strong impression that Incannex Healthcare'sunderlying earnings power is not as good as it might seem, based on the statutory profit numbers. If you'd like to know more about Incannex Healthcare as a business, it's important to be aware of any risks it's facing. Our analysis shows 4 warning signs for Incannex Healthcare (3 don't sit too well with us!) and we strongly recommend you look at these before investing.

總而言之,Incannex Healthcare從不尋常的項目中獲得了不錯的利潤提振,但其紙面利潤無法與自由現金流相提並論。經過反思,上述因素給我們留下了深刻的印象,即根據法定利潤數字,Incannex Healthcare的潛在盈利能力並不像看起來那樣好。如果您想進一步了解Incannex Healthcare作爲一家企業,請務必了解其面臨的任何風險。我們的分析顯示 Incannex Healthcare 有 4 個警告信號(3 個不要坐得太好!)我們強烈建議您在投資之前先看看這些。

In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.

在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份擁有大量內幕持股的股票清單很有用。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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