Investor in Beyond Meat. Thesis on personal investments. Follow at your own risk. NFA.
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I’ve seen some shady stuff but this is on another level.
Sunpower Inc ($SPWR) has issued a press release saying they have raised $26 million in cash from Sand Hill Road.
If you actually click to read the PR it says the CEO just had meetings there where some firms gave theoretical verbal commitments.
This is a matter for the SEC.
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Sometime things get overheated in intra-day ahead of bad macro overhang.
Taking a short term position in $IREZ with 170k shares until it corrects.
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Take a look at the analysts on $BYND earnings call. Barclays, JP Morgan…
For a 200m market cap stock.
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$BYND could be worth at least $20 per share in the short term and up to $40-50 in the longer term.
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At 12$ per share, $BYND is effectively valued at $30 million as a business doing $300 million per year in revenue.
Here’s the math:
Share price: $12
Cash per share: $10.50
Debt: Covered by warehouses, equipment, land, logistical infrastructure (~350m-400m)
Business value: $1.5 per share or ~$30 million.
This is the cheapest Beyond Meat has ever been.
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The $BYND thesis in a snapshot today.
Market price ~$12 per share.
Cash per share: ~$10.50
Enterprise value ~$30-35 million
Remaining debt offset by owned industrial real estate (warehouses, equipment, etc) and convertible to equity at $30+ per share.
Business has halved its burn rate over the past 6 months whilst launching a new drinks business, securing distribution and validating the thesis around its brand value and horizontal growth.
Costs to borrow for the stock have exploded to 45%+ APY with bears needing 7 days+ to buyback their shorts.
Importantly - no new shares of $BYND can be issued since it is no longer eligible for ATM sales.
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1/ Today I invested $2.1 million in $BYND, again. This is why.
To start things, Beyond Meat currently has over $10 per share in cash alone thanks to retail support last time whilst trading at just $12 per share.
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3/ $BYND fundamentals are improving.
Company has halved its burn whilst at the same time launching new products in the drinks category and growing market share in Europe.
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4/ $BYND has drastically improved its cap table, securing favorable debt terms that are fully backed by its logistical real estate (warehouses, equipment, etc) meaning the business currently sits on $10.5 per share with remaining debt offset by warehouse/equipment ownership.
Meaning the business which is currently making ~$300m in revenue per year is valued at just $32 million.
Market has this wrong.
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