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Romeo Power, Inc.NYSE:RMO Aktienübersicht

Marktkapitalisierung US$65.1m
Aktienkurs
n/a
Mein Marktwert
n/v
1Y-92.7%
7D-7.3%
1D
Wert des Portfolios
​
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Romeo Power, Inc.

NYSE:RMO Lagerbericht

Marktkapitalisierung: US$65.1m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Romeo Power (RMO) Aktienübersicht

Romeo Power, Inc., an energy storage technology company, designs and manufactures lithium-ion battery modules and packs for vehicle electrification in North America. Mehr Details

RMO grundlegende Analyse
Schneeflocken-Punktzahl
Bewertung1/6
Künftiges Wachstum0/6
Vergangene Leistung0/6
Finanzielle Gesundheit4/6
Dividenden0/6

Risikoanalyse

Hat weniger als 1 Jahr Cash Runway

Die Erträge sind in den letzten 5 Jahren um 15.3% pro Jahr zurückgegangen

Die Aktionäre wurden im vergangenen Jahr verwässert

Hat keine nennenswerte Marktkapitalisierung ($65M)

+ 1 mehr Risiko

RMO Community Fair Values

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Romeo Power, Inc. Wettbewerber

Preisentwicklung & Leistung

Zusammenfassung der Höchst- und Tiefststände sowie der Veränderungen der Aktienkurse für Romeo Power
Historische Aktienkurse
Aktueller AktienkursUS$0.35
52-Wochen-HochUS$5.55
52-Wochen-TiefUS$0.32
Beta1.48
1 Monat Veränderung-39.13%
3 Monate Veränderung-39.66%
1 Jahr Veränderung-92.66%
3 Jahre Veränderung-96.45%
5 Jahre Veränderungn/a
Veränderung seit IPO-96.41%

Aktuelle Nachrichten und Updates

Seeking Alpha • Aug 09

Romeo Power: Merger With Nikola Is A Must

Infamous electric truck manufacturer Nikola is buying electric vehicle battery manufacturer Romeo Power. This merger arbitrage case is currently offering a 24% annualized return. The acquisition is likely to be approved by Romeo Power’s shareholders as the transaction has a strong strategic rationale while also providing the target with much needed liquidity. Vertical merger in the commercial electric vehicle (EV) space. Heavy-duty EV manufacturer Nikola (NKLA) is acquiring its lithium-ion battery supplier Romeo Power (RMO). The consideration is all-stock and values each RMO share at 0.1186 of NKLA stock. At current prices, the spread is at 8% and seems to be largely explained by borrowing fees which stand at ~10% on IB. A spike in borrowing fees remains a risk here and could erode the entire spread. Expected closing is in Oct'22 which would imply a 24% annualized return after deducting borrowing fees. NKLA Borrow Fees (Interactive Brokers) To acquire RMO, NKLA will launch a tender offer. The merger requires that at least 50% of RMO's shareholders participate in the exchange. All shares not tendered will be canceled and an amount equivalent to stock-consideration will be paid to these equity holders in cash. Other merger conditions, including regulatory approval and no bankruptcy of the target before the merger closes (discussed below), do not seem likely to present any issues here. For this reason, merger close hinges on the majority of shareholders participating in the tender. I see several reasons why this is likely: The transaction has strong strategic rationale as both companies are already tightly vertically integrated - RMO is NKLA's key battery pack supplier. Moreover, the combined company is projected to realize substantial cost synergies. The merger is expected to ease RMO's liquidity issues and avoid bankruptcy as the combined company will be able more easily raise funding for its operations. Moreover, NKLA will provide the target company with interim funding before the merger closes. The acquisition values RMO at a significant premium to the unaffected share price. RMO's shareholder base, which is largely institutional, has not voiced any concerns over the transaction. Strategic Rationale Strategic rationale for the combined company seems evident as NKLA seeks to secure and expand the supply of battery packs used in its electric semi-trucks. NKLA has recently emphasized that a short supply of battery packs, which are essential and the most expensive elements in electric truck production, has been one of the biggest obstacles in scaling NKLA's truck production. Despite the fact that NKLA already purchases the majority of RMO's battery packs - the buyer made 62% of the company's revenues in 2021 - capturing the remaining RMO's battery cell supply seems like a clear strategic benefit for NKLA in the current supply chain environment. With the transaction, NKLA will acquire RMO's newly built battery manufacturing facility and start to develop its in-house battery production capabilities. What is important to emphasize here is that RMO produces high-volume nickel-based battery cells as opposed to entry-level low-cost lithium iron phosphate or high performance specialty application technologies. Put simply, the company focuses on battery packs that can produce the longest range performance in trucks. Meanwhile, long range has been a focus of NKLA and has been highlighted as a key competitive advantage. In this light, the products of both companies seem highly complementary. NKLA's CEO during Q2'22 earnings call discussing the company's Tre BEV semi-truck: And as you point out, at this point, we have the longest range truck that we know about out there and it's performing extremely well. Romeo Power Investor Presentation, May 9, 2022 Moreover, the companies already have a strong ongoing engineering collaboration as some of NKLA's engineers have been working with RMO on battery packs which were produced for NKLA. More specifically, the companies worked closely on battery module and pack architecture, thermal systems and software battery management systems. With NKLA's knowledge of the target company and highly overlapping cell technology used/produced, the company estimates annual cost savings of up to $350m by 2026 - very significant compared to $694m and $96m in NKLA's and RMO's operating expenses in 2021. Cost synergies are expected to come from non-cell related battery pack costs (mostly battery enclosure cost savings) which are projected to be lower by 30%-40% by the end of 2023. Shareholders I expect RMO's shareholders to approve the merger given its strong strategic rationale. The all-stock structure of the deal will allow current RMO shareholders to realize synergies expected for the combined company. Moreover, the merger was announced at a 34% premium to RMO's closing price. At current NKLA share price, the premium to RMO's pre-announcement closing price is even higher at 56%. RMO's shareholder base appears to a significant degree institutional - six largest institutional shareholders, including Vanguard, Blackrock and Renaissance Technologies, hold a combined 24% stake. Another 10% is owned by Yorkville Advisors who acquired its stake via an equity purchase agreement (SEPA) with the company in Feb'22 at the average price of ~$1.50/share. I see incentives for these shareholders to approve the transaction to preserve the value of their shares given RMO's risk of bankruptcy and NKLA's superior liquidity position (see Financials below). Adding the company's management (2.5% stake) and smaller institutional shareholders, the count should handily exceed 50%. So far, none of the shareholders have voiced any opposition to the merger. Proxy advisory firms ISS and Glass Lewis have not issued their recommendations yet. Financials Ever since the IPO in Apr'19, RMO has been struggling to reach profitability. Recently, cash burn from SG&A and R&D has stood at around $25m-$30m while the current net cash position is at ~$38m. Production has picked up significantly this year, however, even assuming that the management could execute on its revenue guidance of $40m-$50m in 2022, the standalone company could realistically maintain its operations only through around H1'23. This suggests that there is a risk of bankruptcy should the company continue as a standalone entity. That said, the company becoming insolvent before the merger closes does not seem likely given recent production pick-up, current net cash position and interim funding to be provided by NKLA. Selected RMO financial data: 2019 2020 Q1'21 Q2'21 Q3'21 Q4'21 2021 2022 Q1 2022 Q2 Revenues 8.5 9.0 1.1 0.9 5.8 9.1 16.8 11.6 5.7 Gross Income -9.0 -8.7 -3.8 -5.0 -4.7 -7.8 -21.3 -17.7 -14.0 SG&A 13.9 17.3 18.0 22.9 17.6 22.2 80.7 22.2 18.7 R&D 11.2 8.0 3.8 1.8 4.7 5.0 15.3 6.7 7.1 Operating Income -38.5 34.3 -25.5 -29.7 -27.0 -35.0 -117.3 -82.0 -39.8 Net Income -59.9 -7.6 90.0* -28.7 -18.0 -33.4 10.0 -81.1 -40.4

Recent updates

Seeking Alpha • Aug 09

Romeo Power: Merger With Nikola Is A Must

Infamous electric truck manufacturer Nikola is buying electric vehicle battery manufacturer Romeo Power. This merger arbitrage case is currently offering a 24% annualized return. The acquisition is likely to be approved by Romeo Power’s shareholders as the transaction has a strong strategic rationale while also providing the target with much needed liquidity. Vertical merger in the commercial electric vehicle (EV) space. Heavy-duty EV manufacturer Nikola (NKLA) is acquiring its lithium-ion battery supplier Romeo Power (RMO). The consideration is all-stock and values each RMO share at 0.1186 of NKLA stock. At current prices, the spread is at 8% and seems to be largely explained by borrowing fees which stand at ~10% on IB. A spike in borrowing fees remains a risk here and could erode the entire spread. Expected closing is in Oct'22 which would imply a 24% annualized return after deducting borrowing fees. NKLA Borrow Fees (Interactive Brokers) To acquire RMO, NKLA will launch a tender offer. The merger requires that at least 50% of RMO's shareholders participate in the exchange. All shares not tendered will be canceled and an amount equivalent to stock-consideration will be paid to these equity holders in cash. Other merger conditions, including regulatory approval and no bankruptcy of the target before the merger closes (discussed below), do not seem likely to present any issues here. For this reason, merger close hinges on the majority of shareholders participating in the tender. I see several reasons why this is likely: The transaction has strong strategic rationale as both companies are already tightly vertically integrated - RMO is NKLA's key battery pack supplier. Moreover, the combined company is projected to realize substantial cost synergies. The merger is expected to ease RMO's liquidity issues and avoid bankruptcy as the combined company will be able more easily raise funding for its operations. Moreover, NKLA will provide the target company with interim funding before the merger closes. The acquisition values RMO at a significant premium to the unaffected share price. RMO's shareholder base, which is largely institutional, has not voiced any concerns over the transaction. Strategic Rationale Strategic rationale for the combined company seems evident as NKLA seeks to secure and expand the supply of battery packs used in its electric semi-trucks. NKLA has recently emphasized that a short supply of battery packs, which are essential and the most expensive elements in electric truck production, has been one of the biggest obstacles in scaling NKLA's truck production. Despite the fact that NKLA already purchases the majority of RMO's battery packs - the buyer made 62% of the company's revenues in 2021 - capturing the remaining RMO's battery cell supply seems like a clear strategic benefit for NKLA in the current supply chain environment. With the transaction, NKLA will acquire RMO's newly built battery manufacturing facility and start to develop its in-house battery production capabilities. What is important to emphasize here is that RMO produces high-volume nickel-based battery cells as opposed to entry-level low-cost lithium iron phosphate or high performance specialty application technologies. Put simply, the company focuses on battery packs that can produce the longest range performance in trucks. Meanwhile, long range has been a focus of NKLA and has been highlighted as a key competitive advantage. In this light, the products of both companies seem highly complementary. NKLA's CEO during Q2'22 earnings call discussing the company's Tre BEV semi-truck: And as you point out, at this point, we have the longest range truck that we know about out there and it's performing extremely well. Romeo Power Investor Presentation, May 9, 2022 Moreover, the companies already have a strong ongoing engineering collaboration as some of NKLA's engineers have been working with RMO on battery packs which were produced for NKLA. More specifically, the companies worked closely on battery module and pack architecture, thermal systems and software battery management systems. With NKLA's knowledge of the target company and highly overlapping cell technology used/produced, the company estimates annual cost savings of up to $350m by 2026 - very significant compared to $694m and $96m in NKLA's and RMO's operating expenses in 2021. Cost synergies are expected to come from non-cell related battery pack costs (mostly battery enclosure cost savings) which are projected to be lower by 30%-40% by the end of 2023. Shareholders I expect RMO's shareholders to approve the merger given its strong strategic rationale. The all-stock structure of the deal will allow current RMO shareholders to realize synergies expected for the combined company. Moreover, the merger was announced at a 34% premium to RMO's closing price. At current NKLA share price, the premium to RMO's pre-announcement closing price is even higher at 56%. RMO's shareholder base appears to a significant degree institutional - six largest institutional shareholders, including Vanguard, Blackrock and Renaissance Technologies, hold a combined 24% stake. Another 10% is owned by Yorkville Advisors who acquired its stake via an equity purchase agreement (SEPA) with the company in Feb'22 at the average price of ~$1.50/share. I see incentives for these shareholders to approve the transaction to preserve the value of their shares given RMO's risk of bankruptcy and NKLA's superior liquidity position (see Financials below). Adding the company's management (2.5% stake) and smaller institutional shareholders, the count should handily exceed 50%. So far, none of the shareholders have voiced any opposition to the merger. Proxy advisory firms ISS and Glass Lewis have not issued their recommendations yet. Financials Ever since the IPO in Apr'19, RMO has been struggling to reach profitability. Recently, cash burn from SG&A and R&D has stood at around $25m-$30m while the current net cash position is at ~$38m. Production has picked up significantly this year, however, even assuming that the management could execute on its revenue guidance of $40m-$50m in 2022, the standalone company could realistically maintain its operations only through around H1'23. This suggests that there is a risk of bankruptcy should the company continue as a standalone entity. That said, the company becoming insolvent before the merger closes does not seem likely given recent production pick-up, current net cash position and interim funding to be provided by NKLA. Selected RMO financial data: 2019 2020 Q1'21 Q2'21 Q3'21 Q4'21 2021 2022 Q1 2022 Q2 Revenues 8.5 9.0 1.1 0.9 5.8 9.1 16.8 11.6 5.7 Gross Income -9.0 -8.7 -3.8 -5.0 -4.7 -7.8 -21.3 -17.7 -14.0 SG&A 13.9 17.3 18.0 22.9 17.6 22.2 80.7 22.2 18.7 R&D 11.2 8.0 3.8 1.8 4.7 5.0 15.3 6.7 7.1 Operating Income -38.5 34.3 -25.5 -29.7 -27.0 -35.0 -117.3 -82.0 -39.8 Net Income -59.9 -7.6 90.0* -28.7 -18.0 -33.4 10.0 -81.1 -40.4
Seeking Alpha • Mar 01

Where Art Thou Cash, Romeo?

History shows that only companies that need to raise cash urgently do Equity Lines of Credit. Other public companies in the space saw their share price decline 50% to 70% after issuance on their Equity Lines commenced. RMO's proposed Equity Line of Credit, relative to starting market cap, is about 18x larger than the Equity Line that NKLA embarked on before its stock declined 50%!
Seeking Alpha • Sep 17

Romeo Power: Battery Technology Junior May Have Got Strategy Wrong

Romeo Power is a small EV battery manufacturer based out of Los Angeles, California. The product of a SPAC deal consummated pre-pandemic, the timing could not have been harsher. Premised on out-of-the park growth and revenue numbers, the venture may have missed shifts in the automotive supply chain. With OEMs progressively looking to control battery manufacturing, this firm could possibly be left out in the cold.
Analyseartikel • Aug 24

Romeo Power's (NYSE:RMO) Shareholders May Want To Dig Deeper Than Statutory Profit

Romeo Power, Inc.'s ( NYSE:RMO ) healthy profit numbers didn't contain any surprises for investors. We think this is...

Aktionärsrenditen

RMOUS ElectricalUS Markt
7D-7.3%-11.0%-4.1%
1Y-92.7%59.0%20.6%

Rendite im Vergleich zur Industrie: RMO unter dem Niveau der Branche US Electrical , die im vergangenen Jahr eine Rendite von 59% erzielte.

Rendite vs. Markt: RMO hinter dem Markt US zurück, der im vergangenen Jahr eine Rendite von 20.6 erzielte.

Preisvolatilität

Is RMO's price volatile compared to industry and market?
RMO volatility
RMO Average Weekly Movement15.0%
Electrical Industry Average Movement12.9%
Market Average Movement7.2%
10% most volatile stocks in US Market16.6%
10% least volatile stocks in US Market3.1%

Stabiler Aktienkurs: Der Aktienkurs von RMO war in den letzten 3 Monaten im Vergleich zum US -Markt volatil.

Volatilität im Zeitverlauf: RMODie wöchentliche Volatilität (15%) war im vergangenen Jahr stabil, liegt aber immer noch höher als bei 75 % der US Aktien.

Über das Unternehmen

GegründetMitarbeiterCEOWebsite
2014294Susan Brennanromeopower.com

Romeo Power, Inc.'s Grundlagenzusammenfassung

Wie verhalten sich die Erträge und Einnahmen von Romeo Power im Vergleich zum Marktanteil des Unternehmens?
RMO grundlegende Statistiken
MarktanteilUS$65.07m
Gewinn(TTM)-US$176.99m
Umsatz(TTM)US$32.12m
2.0x
Kurs-Umsatz-Verhältnis
-0.4x
Kurs-Gewinn-Verhältnis

Ist RMO zu teuer?

Siehe Fair Value und Bewertungsanalyse

Erträge & Einnahmen

Wichtige Rentabilitätsstatistiken aus dem letzten Ergebnisbericht (TTM)
RMO Gewinn- und Verlustrechnung (TTM)
EinnahmenUS$32.12m
Kosten der EinnahmenUS$76.33m
Bruttogewinn-US$44.21m
Sonstige AusgabenUS$132.78m
Gewinn-US$176.99m

Zuletzt gemeldete Gewinne

Jun 30, 2022

Datum des nächsten Gewinnberichts

k.A.

Gewinn per Aktie (EPS)-0.95
Bruttomarge-137.61%
Nettogewinnspanne-550.95%
Schulden/Eigenkapital-Verhältnis0%

Wie hat sich RMO auf lange Sicht entwickelt?

Historische Performance und Vergleiche

Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2022/10/16 17:42
Aktienkurs zum Tagesende2022/10/14 00:00
Gewinne2022/06/30
Jährliche Einnahmen2021/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Einzelheiten zu dem Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite. Außerdem bieten wir Leitfäden zur Verwendung unserer Berichte und Tutorials auf YouTube an.

Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.

Metriken für Industrie und Sektor

Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.

Analysten-Quellen

Romeo Power, Inc. wird von 3 Analysten beobachtet. dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Gregory LewisBTIG
Adam JonasMorgan Stanley
Gabriel DaoudTD Cowen