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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

为什么 Incannex Healthcare(纳斯达克股票代码:IXHL)的收益比看起来要弱
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.

投资者对Incannex Healthcare Inc.感到失望。”s(纳斯达克股票代码:IXHL)最近发布的财报。我们进行了一些挖掘,发现了一些令人担忧的潜在数字。

earnings-and-revenue-history
NasdaqGM:IXHL Earnings and Revenue History May 22nd 2024
NasdaqGM: IXHL 收益和收入历史记录 2024 年 5 月 22 日

Examining Cashflow Against Incannex Healthcare's Earnings

根据Incannex Healthcare的收益检查现金流

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'.

许多投资者还没有听说过现金流的应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。简而言之,该比率从净利润中减去FCF,然后将该数字除以该时期公司的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。

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,负应计比率对公司来说是正数,而正应计比率是负数。这并不意味着我们应该担心应计比率为正,但值得注意的是,应计比率相当高的地方。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。

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的应计比率为1.78。从统计学上讲,这对未来的收益来说确实是负面的。换句话说,该公司在那段时间内没有产生一点自由现金流。尽管该公司报告了1,960万美元的利润,但从自由现金流来看,它实际上在去年消耗了1500万美元。在去年自由现金流为负的背景下,我们想象一些股东可能会怀疑其今年1500万美元的现金消耗是否表明存在高风险。话虽如此,故事还有更多。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。

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

注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对Incannex Healthcare的资产负债表分析。

How Do Unusual Items Influence Profit?

不寻常的物品如何影响利润?

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.

该公司去年有不寻常的项目将利润提高了3500万美元,这一事实可能在某种程度上可以解释其应计比率为何如此疲软。我们不能否认更高的利润通常会让我们感到乐观,但如果利润是可持续的,我们更愿意这样做。我们统计了全球大多数上市公司的数字,不寻常的物品在自然界中很常见。而且,毕竟,这正是会计术语的含义。我们可以看到,相对于截至2024年3月的一年中,Incannex Healthcare的不寻常积极项目相对于其利润相当可观。在其他条件相同的情况下,这可能会使法定利润成为衡量潜在盈利能力的不良指导。

Our Take On Incannex Healthcare's Profit Performance

我们对Incannex Healthcare利润表现的看法

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.

总而言之,Incannex Healthcare从不寻常的项目中获得了不错的利润提振,但其纸面利润无法与自由现金流相提并论。经过反思,上述因素给我们留下了深刻的印象,即根据法定利润数字,Incannex Healthcare的潜在盈利能力并不像看起来那样好。如果您想进一步了解Incannex Healthcare作为一家企业,请务必了解其面临的任何风险。我们的分析显示 Incannex Healthcare 有 4 个警告信号(3 个不要坐得太好!)我们强烈建议您在投资之前先看看这些。

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.

在这篇文章中,我们研究了许多可能损害利润数字效用的因素,我们采取了谨慎的态度。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份拥有大量内幕持股的股票清单很有用。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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