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CarLotz, Inc.NasdaqGM:LOTZ 주식 보고서

시가총액 US$17.7m
주가
n/a
US$2
해당 없음내재 할인율
1Y-95.0%
7D-12.9%
1D
포트폴리오 가치
​
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CarLotz, Inc.

NasdaqGM:LOTZ 주식 리포트

시가총액: US$17.7m

This company has been acquired

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

CarLotz (LOTZ) 주식 개요

CarLotz, Inc. operates as a consignment-to-retail used vehicle marketplace that provides its corporate vehicle sourcing partners and retail sellers of used vehicles. 자세히 보기

LOTZ 펀더멘털 분석
스노우플레이크 점수
가치 평가3/6
미래 성장2/6
과거 실적0/6
재무 건전성5/6
배당0/6

강점

수익은 연간 24.3% 증가할 것으로 예상됩니다.

동종업계 및 업계 대비 좋은 가치로 거래

위험 분석

의미 있는 시가총액이 없습니다($18M)

현재 수익성이 없으며 향후 3년 동안 수익을 낼 것으로 예상되지 않습니다.

지난 1년 동안 주주가 희석되었습니다.


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CarLotz, Inc. 경쟁사

가격 이력 및 성과

CarLotz 주가의 최고가, 최저가 및 변동 요약
과거 주가
현재 주가US$0.15
52주 최고가US$2.99
52주 최저가US$0.14
베타0.61
1개월 변동-27.38%
3개월 변동-62.89%
1년 변동-94.97%
3년 변동-98.51%
5년 변동n/a
IPO 이후 변동n/a

최근 뉴스 및 업데이트

Seeking Alpha • Aug 23

CarLotz: High-Return Merger Arb Play

Used vehicle e-commerce company Shift Technologies is acquiring peer CarLotz in an all-stock deal. At current prices, the spread stands at 17% in a hedged trade. The merger is highly rational for the buyer as it will provide Shift with CarLotz’s net cash while also allowing the company to launch its platform in East Coast markets. Spiking borrowing fees are the main risk in this merger arbitrage setup. A merger in the used vehicle ecommerce space. Shift Technologies (SFT) is buying a peer CarLotz (LOTZ) in an all-stock transaction. The exchange ratio is ~0.69 and at current prices implies a 41% spread. The main reason for the widespread seems to be SFT borrowing fees which now stand at 45%. Borrowing fees have lowered since the transaction announcement on August 9, however, there is still a risk that they spike to much higher levels which would erode the current spread in a hedged trade. Another risk is that of a forced buy-in if borrow would disappear. Current fee level would reduce the spread to 17% assuming the merger closes in Q4’22 as expected by the companies. The exchange ratio will be adjusted at closing but any changes should not be material. SFT Borrowing Fees (Interactive Brokers) Overall, the transaction seems highly rational for the buyer. First of all, the merger is basically an equity raise for SFT as the company will issue new shares worth $74m to receive $112m in LOTZ’s net cash. SFT currently has $100m in gross cash (-$156m in net cash) while the business has recently been burning ~$40-$50m in operating losses per quarter. Notably, the buyer’s cash burn should be somewhat lower going forward as the company has recently shifted its strategy to cut corporate overheads and perform most sales through online checkout sales. Nevertheless, the transaction will supply SFT with much needed liquidity. SFT’s management projects that after the merger no further financing will be needed to fund the operations through 2024 when the company is expected to reach profitability. Operationally, the merger appears to be equally synergistic. The companies have virtually no geographic overlap as LOTZ runs its business in mid-Atlantic markets whereas SFT primarily operates in West Coast states, suggesting that SFT’s platform launch in East Coast areas post-merger is likely. Moreover, given somewhat similar businesses, cost synergies coming from lower overheads and enhanced processes are expected to be significant (see below for more details on strategic rationale). Shift Technologies Investor Presentation, August 2022 Merger is subject to buyer and target shareholder approvals as well as a minimum net cash position of both companies upon closing. These conditions, however, are likely to be satisfied: LOTZ shareholder approval. 25% of the outstanding shares are held by PE firm TRP Capital Partners (19%) and sponsor Acamar Partners (6%). The Board, where directors from both TRP and Acamar have seats, has unanimously approved the merger. Other institutional shareholders, such as Tremblant (7%) and Vanguard (3%), are likely to approve the deal given premium to current share price and an all-stock deal which will allow to capture post-merger synergies. Adding other institutional equity holders, the count should easily exceed 50%. SFT shareholder approval. The management, which has already approved the merger, owns 9%. Another 16% are owned by Lithia Motors which is likely to vote for the merger given that it has been a strategic partner of SFT since 2018. Lithia helped the company obtain floor plan financing and has allowed SFT to use its facilities for car reconditioning/storage. Approval from institutional shareholders (the largest one is Nantahala Capital Management with an 8% stake) seems very likely considering the strategic rationale and LOTZ’s net cash position. Minimum cash amounts. The merger requires the companies to have at least -$10.5m (for Shift) and $58m (for CarLotz) in net cash if the merger closes in 2022 (the condition does not deduct long-term debt). Currently, SFT has $6m in gross cash less flooring line of credit, implying that the company can burn ~$16m by year-end to satisfy the requirement. This is admittedly a low figure given recent cash burn of $40-$50m per quarter. Despite the fact that management expects the new business strategy to yield $80m in standalone annual SG&A cost savings, an equity raise will likely be needed. The company has not provided any information on a potential equity raise so far. Meanwhile, for LOTZ the threshold implies that the company can have a cash burn of $25m per quarter and still make the cut. The company has recently had operating losses of $27m-$30m per quarter (excluding $11m in Q2’22 restructuring expense). However, in June LOTZ closed 50% of its stores - the move is expected to lower cash burn by ~$5m per quarter conservatively assuming the stores cannot be sub-leased. It is worth noting that if merger closing is delayed beyond year-end, the minimum cash threshold will be lowered by $5m for each additional month in 2023 for both companies. Spiking borrowing fees remain a risk in the setup. However, I believe this merger arbitrage might be worth playing without a short leg as LOTZ’s net cash position provides a margin of safety unless merger closing extends into mid-2023. Notably, there are still risks given SFT’s lackluster financial/liquidity position, the fact that SFT traded at breakeven price only recently and potential equity raises that the buyer might have to perform. Moreover, SFT would likely drop sharply in case of a deal break.

Recent updates

Seeking Alpha • Aug 23

CarLotz: High-Return Merger Arb Play

Used vehicle e-commerce company Shift Technologies is acquiring peer CarLotz in an all-stock deal. At current prices, the spread stands at 17% in a hedged trade. The merger is highly rational for the buyer as it will provide Shift with CarLotz’s net cash while also allowing the company to launch its platform in East Coast markets. Spiking borrowing fees are the main risk in this merger arbitrage setup. A merger in the used vehicle ecommerce space. Shift Technologies (SFT) is buying a peer CarLotz (LOTZ) in an all-stock transaction. The exchange ratio is ~0.69 and at current prices implies a 41% spread. The main reason for the widespread seems to be SFT borrowing fees which now stand at 45%. Borrowing fees have lowered since the transaction announcement on August 9, however, there is still a risk that they spike to much higher levels which would erode the current spread in a hedged trade. Another risk is that of a forced buy-in if borrow would disappear. Current fee level would reduce the spread to 17% assuming the merger closes in Q4’22 as expected by the companies. The exchange ratio will be adjusted at closing but any changes should not be material. SFT Borrowing Fees (Interactive Brokers) Overall, the transaction seems highly rational for the buyer. First of all, the merger is basically an equity raise for SFT as the company will issue new shares worth $74m to receive $112m in LOTZ’s net cash. SFT currently has $100m in gross cash (-$156m in net cash) while the business has recently been burning ~$40-$50m in operating losses per quarter. Notably, the buyer’s cash burn should be somewhat lower going forward as the company has recently shifted its strategy to cut corporate overheads and perform most sales through online checkout sales. Nevertheless, the transaction will supply SFT with much needed liquidity. SFT’s management projects that after the merger no further financing will be needed to fund the operations through 2024 when the company is expected to reach profitability. Operationally, the merger appears to be equally synergistic. The companies have virtually no geographic overlap as LOTZ runs its business in mid-Atlantic markets whereas SFT primarily operates in West Coast states, suggesting that SFT’s platform launch in East Coast areas post-merger is likely. Moreover, given somewhat similar businesses, cost synergies coming from lower overheads and enhanced processes are expected to be significant (see below for more details on strategic rationale). Shift Technologies Investor Presentation, August 2022 Merger is subject to buyer and target shareholder approvals as well as a minimum net cash position of both companies upon closing. These conditions, however, are likely to be satisfied: LOTZ shareholder approval. 25% of the outstanding shares are held by PE firm TRP Capital Partners (19%) and sponsor Acamar Partners (6%). The Board, where directors from both TRP and Acamar have seats, has unanimously approved the merger. Other institutional shareholders, such as Tremblant (7%) and Vanguard (3%), are likely to approve the deal given premium to current share price and an all-stock deal which will allow to capture post-merger synergies. Adding other institutional equity holders, the count should easily exceed 50%. SFT shareholder approval. The management, which has already approved the merger, owns 9%. Another 16% are owned by Lithia Motors which is likely to vote for the merger given that it has been a strategic partner of SFT since 2018. Lithia helped the company obtain floor plan financing and has allowed SFT to use its facilities for car reconditioning/storage. Approval from institutional shareholders (the largest one is Nantahala Capital Management with an 8% stake) seems very likely considering the strategic rationale and LOTZ’s net cash position. Minimum cash amounts. The merger requires the companies to have at least -$10.5m (for Shift) and $58m (for CarLotz) in net cash if the merger closes in 2022 (the condition does not deduct long-term debt). Currently, SFT has $6m in gross cash less flooring line of credit, implying that the company can burn ~$16m by year-end to satisfy the requirement. This is admittedly a low figure given recent cash burn of $40-$50m per quarter. Despite the fact that management expects the new business strategy to yield $80m in standalone annual SG&A cost savings, an equity raise will likely be needed. The company has not provided any information on a potential equity raise so far. Meanwhile, for LOTZ the threshold implies that the company can have a cash burn of $25m per quarter and still make the cut. The company has recently had operating losses of $27m-$30m per quarter (excluding $11m in Q2’22 restructuring expense). However, in June LOTZ closed 50% of its stores - the move is expected to lower cash burn by ~$5m per quarter conservatively assuming the stores cannot be sub-leased. It is worth noting that if merger closing is delayed beyond year-end, the minimum cash threshold will be lowered by $5m for each additional month in 2023 for both companies. Spiking borrowing fees remain a risk in the setup. However, I believe this merger arbitrage might be worth playing without a short leg as LOTZ’s net cash position provides a margin of safety unless merger closing extends into mid-2023. Notably, there are still risks given SFT’s lackluster financial/liquidity position, the fact that SFT traded at breakeven price only recently and potential equity raises that the buyer might have to perform. Moreover, SFT would likely drop sharply in case of a deal break.
Seeking Alpha • Mar 16

CarLotz - Time To Abandon Ship

CEO summarily dismissed is a negative sign. Near-term trends look poor, and the Company is running out of time. Don't believe strategic value exists to lure a white knight at a large premium to cash.
Seeking Alpha • Jan 04

Why CarLotz Stock Looks Attractive Right Now

In Q3 2021, net revenue of the company increased by 128% to $68 million. Net losses increased to $3.5 million in the Q3 from $0.5 million in the year ago quarter. The company has opened 14 new hubs in 2021 to reach a cumulative number of 22 hubs. The new hubs are not generating results as expected and the pandemic has adversely affected the business. The company offers a digital and hassle-free process for its retail buyers, including a whole range of services like financing, insurance, and extended warranties.
Seeking Alpha • Nov 19

My DCF Model And Marketing Expenditures Make CarLotz A Buy

CarLotz offers a consignment-to-retail used vehicle marketplace. In the last annual report, the company noted that marketing expenditures would increase from around $4 million to more than $15 million. As a result, I expect revenue growth. I expect the company’s technology and data analytics tools to successfully offer real-time information about prices, sellers, and buyers. As a result, the company will decrease the days-to-sale figure. If the company continues to build hubs, revenue growth would also continue. Notice that management needs the hubs to support the reconditioning fees charged to LOTZ’s corporate vehicle sourcing partners. Notice that I am using a WACC of 15%, which was above the discount used by other investment advisors. Investors lost a fortune on the stock, and the volatility in the past was significant. I want to be very cautious with LOTZ.
Seeking Alpha • Aug 14

CarLotz Is A Buy At 1.15x Forward Sales

CarLotz, Inc. runs a vehicle consignment and remarketing business. Over the last six months, LOTZ opened a significant number of new hub locations. The number of employees also increased, and major marketing initiatives took place. If we assume a share price of $4, close to 66% of the company’s share price is represented by cash or assets that the company can sell. If we assume a market capitalization of $450 million, the enterprise value is equal to $230 million. With sales of $200 million, the company’s EV/Sales is 1.15x, which is cheap. Many individuals in social media are claiming that the company is highly undervalued.

주주 수익률

LOTZUS Specialty RetailUS 시장
7D-12.9%2.6%-0.8%
1Y-95.0%-0.5%27.1%

수익률 대 산업: LOTZ은 지난 1년 동안 -0.5%의 수익을 기록한 US Specialty Retail 산업보다 저조한 성과를 냈습니다.

수익률 대 시장: LOTZ은 지난 1년 동안 27.1%를 기록한 US 시장보다 저조한 성과를 냈습니다.

주가 변동성

Is LOTZ's price volatile compared to industry and market?
LOTZ volatility
LOTZ Average Weekly Movement10.2%
Specialty Retail Industry Average Movement7.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.3%
10% least volatile stocks in US Market3.2%

안정적인 주가: LOTZ의 주가는 지난 3개월 동안 US 시장보다 변동성이 컸습니다.

시간에 따른 변동성: LOTZ의 주간 변동성(10%)은 지난 1년 동안 안정적이었습니다.

회사 소개

설립직원 수CEO웹사이트
2011492Lev Pekerwww.carlotz.com

CarLotz, Inc. 기초 지표 요약

CarLotz의 순이익과 매출은 시가총액과 어떻게 비교됩니까?
LOTZ 기초 통계
시가총액US$17.72m
순이익 (TTM)-US$98.22m
매출 (TTM)US$273.46m
0.1x
주가매출비율(P/S)
-0.2x
주가수익비율(P/E)

LOTZ는 고평가되어 있습니까?

공정 가치 및 평가 분석 보기

순이익 및 매출

최근 실적 보고서(TTM)의 주요 수익성 지표
LOTZ 손익계산서 (TTM)
매출US$273.46m
매출원가US$267.10m
총이익US$6.35m
기타 비용US$104.57m
순이익-US$98.22m

최근 보고된 실적

Sep 30, 2022

다음 실적 발표일

해당 없음

주당순이익(EPS)-0.82
총이익률2.32%
순이익률-35.92%
부채/자본 비율4.1%

LOTZ의 장기 실적은 어땠습니까?

과거 실적 및 비교 보기

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2022/12/11 06:30
종가2022/12/08 00:00
수익2022/09/30
연간 수익2021/12/31

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

CarLotz, Inc.는 3명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Gary PrestopinoBarrington Research Associates, Inc.
Emmanuel RosnerDeutsche Bank
Sharon ZackfiaWilliam Blair & Company L.L.C.