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Beyond Meat: This Stock Is A Really Raw Deal

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22:26","market":"us","language":"en","title":"Beyond Meat: This Stock Is A Really Raw Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=1135197909","media":"seekingalpha","summary":"Summary\n\nShares of Beyond Meat have crumbled more than 40% from highs.\nThe company has been plagued ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shares of Beyond Meat have crumbled more than 40% from highs.</li>\n <li>The company has been plagued by a number of issues, including slowing growth and a decaying margin profile.</li>\n <li>Retail velocity is declining, suggesting that Beyond Meat's pandemic arguments of limited in-stocks have faded.</li>\n <li>The stock remains expensive against long-term profit expectations.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b94bb6c8b249f2376027245ea44295c3\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Drew Angerer/Getty Images News</span></p>\n<p>These days, the market certainly has no shortage of expensive growth stocks that have very little substance. One stock that I think is at particular risk of crumbling further is Beyond Meat (BYND), one of the first purveyors of the faux-meat trend and one of the most recognizable brands in the space.</p>\n<p>Despite the growing appeal of plant-based meats, I continue to see huge fundamental flaws in this stock. The market seems to agree, as Beyond Meat shares have slid by roughly half relative to all-time highs around ~$200 notched last October.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9414d1f0d7b86d62d6febcd8fcfae596\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p>\n<p>In my view, Beyond Meat shares have even more downside left. I continue to cite that there's a \"story\" risk to Beyond Meat: plant-based meats are popular now, but are they a passing dietary fad? The list of diet fads is a long one, ranging from keto diets and paleo diets to complete-nutrient drinks like Huel. While Beyond Meat may find itself a core customer base, I view the category's growth to be limited especially with concerns that plant-based meats are unhealthy from a sodium angle.</p>\n<p>Yet there are shorter-term risks here, too. In particular, investors should be aware that Beyond Meat's growth and demand indicators have weakened in recent quarters. Profit margin slippage is another big concern, especially when the stock is still trading so expensively as a multiple of outer-year profits.</p>\n<p>The bottom line here: Beyond Meat is a spoiling stock, and I think there's little the company can do to get back on the right track.</p>\n<p><b>Slowing growth, decaying velocity</b></p>\n<p>The first thing investors should note is that Beyond Meat has missed Wall Street's expectations for three quarters in a row. It's a small wonder that the stock has landed in investors' \"penalty box\" - in a time when a reliable \"beat and raise\" cadence has become expected for growth stocks, Beyond Meat's earnings gaffes are a huge sore spot.</p>\n<p>In Beyond Meat's most recent quarter (Q1), the company saw relatively tepid 11% y/y growth to $108.2 million in revenue, missing Wall Street's expectations of $113.3 million (+17% y/y) by a huge six-point margin. As shown below, that's an even wider miss than the $2 million gap to expectations in Q4:</p>\n<p>Figure 1. Beyond Meat earnings vs. expectations</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16650777bf67af7d8aa78be81ba77793\" tg-width=\"640\" tg-height=\"220\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p>\n<p>At a channel level, in Q1, Beyond Meat its U.S. retail sales grow by 28% y/y, but foodservice sales domestically saw a -26% y/y decline. This is concerning because throughout the March quarter, most areas and restaurants around the country had already lifted lockdown restrictions. We note that the kinds of chain locations that Beyond Meat is typically sold at, from Carls' Jr. to Dunkin' Donuts (DNKN), largely remained open during the pandemic anyway. So Beyond Meat can't really say that lockdowns and the pandemic were to blame for weaker foodservice sales: perhaps the pandemic had ended up ultimately changing consumers' menu preferences toward \"real\" meat, which is often also substantially cheaper than Beyond Meat.</p>\n<p>On the retail side, we note that Beyond Meat's velocity is dropping (a measure of how quickly inventory is selling through on store shelves). Beyond Meat argued that during the pandemic, retail sell-through was constrained by limited supply - but now, what you can see in the chart below is that retail velocity has dramatically dropped over the past four weeks. The company noted that on a year over year basis, velocity is down -18% y/y in Q1.</p>\n<p>Figure 2. Beyond Meat retail velocity</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0b42961dd5d7be04ea3206e5988ff31\" tg-width=\"640\" tg-height=\"487\" width=\"100%\" height=\"auto\"><span>Source: Beyond Meat Q1 investor presentation</span></p>\n<p>We note as well that Beyond Meat's market share growth in the retail space has slowed as well. The past four weeks only saw Beyond Meat expanding its market share by 127bps, versus 319bps over the past year.</p>\n<p><b>Margin decay</b></p>\n<p>Slowing growth isn't the only troubling indicator for Beyond Meat. The company's gross margin profile, already thin to begin with, is at risk as well. We note that in Beyond Meat's most recent quarter, gross margin slipped to 30.2%, a huge 860bps reduction from 38.8% in the year-ago quarter.</p>\n<p>Figure 3. Beyond Meat margin trends</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60a3d0d52497e6120e460f59dc453255\" tg-width=\"640\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: Beyond Meat Q1 investor presentation</span></p>\n<p>The company cited a myriad of reasons behind the decay. The company blamed the decay on rising storage/warehousing and transportation costs, which is similar to what many other consumer products companies are citing. Even more concerning, however, the company has cited rising fixed overhead costs at its production facilities. And perhaps riskiest of all is the fact that Beyond Meat notes that unfavorable product mix and higher trade discounts have also worked to push margins down.<b>In spite of the fact that Beyond Meat leaned in more heavily on trade discounts to grow sales, the company still saw tepid revenue growth and thinning market share gains.</b></p>\n<p>We note as well that Beyond Meat's adjusted EBITDA gains of $13.9 million from last Q1 turned into a -$10.8 million loss in the most recent Q1, indicating a 24-point decay in adjusted EBITDA margins. We have to wonder: is Beyond Meat structurally set up to be a profitable business?</p>\n<p>The company likes to tout the fact that it spends ~8% of its revenue on R&amp;D as a positive signal of the brand's innovation. But the other brands shown on the company's below slide are also innovators. Food brands like Kellogg and Kraft Heinz are constantly coming up with new cereal types and new flavors of their existing foods. Beyond Meat doesn't have a sole claim to innovation in the food space - yet it's spending considerably more than its peers on R&amp;D. When we note the fact that Beyond Meat's gross margin is only ~30% to begin with, spending a further 8% of revenue on R&amp;D is a steep ask.</p>\n<p>Figure 4. Beyond Meat R&amp;D spend</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be6034dec9a6fb17f07f983fc301eb96\" tg-width=\"640\" tg-height=\"437\" width=\"100%\" height=\"auto\"><span>Source: Beyond Meat Q1 investor presentation</span></p>\n<p><b>Valuation and key takeaways</b></p>\n<p>Analysts aren't really expecting Beyond Meat to generate significant profits until years down the road. As shown in the chart below, the company is only expected to pass breakeven in 2023.</p>\n<p>Figure 5. Beyond Meat earnings estimates</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b43ec61762ea332f9fcc74cabd299bb8\" tg-width=\"640\" tg-height=\"220\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p>\n<p>And even against 2026 earnings expectations of $5.30 per share, and even after Beyond Meat's correction from all-time highs above $200, the stock's current price at ~$125 sits at a steep&nbsp;<b>23.6x P/E ratio against earnings five years down the line.</b></p>\n<p>With the risks of Beyond Meat's slowing growth and unsteady gross margins, I think the chances of Beyond Meat justifying its current share price (let alone rallying substantially from current levels) are slim.</p>\n<p>Continue to avoid this stock.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Beyond Meat: This Stock Is A Really Raw Deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBeyond Meat: This Stock Is A Really Raw Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-30 22:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4443013-beyond-meat-this-stock-is-a-really-raw-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShares of Beyond Meat have crumbled more than 40% from highs.\nThe company has been plagued by a number of issues, including slowing growth and a decaying margin profile.\nRetail velocity is ...</p>\n\n<a href=\"https://seekingalpha.com/article/4443013-beyond-meat-this-stock-is-a-really-raw-deal\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BYND":"Beyond Meat, Inc."},"source_url":"https://seekingalpha.com/article/4443013-beyond-meat-this-stock-is-a-really-raw-deal","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135197909","content_text":"Summary\n\nShares of Beyond Meat have crumbled more than 40% from highs.\nThe company has been plagued by a number of issues, including slowing growth and a decaying margin profile.\nRetail velocity is declining, suggesting that Beyond Meat's pandemic arguments of limited in-stocks have faded.\nThe stock remains expensive against long-term profit expectations.\n\nDrew Angerer/Getty Images News\nThese days, the market certainly has no shortage of expensive growth stocks that have very little substance. One stock that I think is at particular risk of crumbling further is Beyond Meat (BYND), one of the first purveyors of the faux-meat trend and one of the most recognizable brands in the space.\nDespite the growing appeal of plant-based meats, I continue to see huge fundamental flaws in this stock. The market seems to agree, as Beyond Meat shares have slid by roughly half relative to all-time highs around ~$200 notched last October.\nData by YCharts\nIn my view, Beyond Meat shares have even more downside left. I continue to cite that there's a \"story\" risk to Beyond Meat: plant-based meats are popular now, but are they a passing dietary fad? The list of diet fads is a long one, ranging from keto diets and paleo diets to complete-nutrient drinks like Huel. While Beyond Meat may find itself a core customer base, I view the category's growth to be limited especially with concerns that plant-based meats are unhealthy from a sodium angle.\nYet there are shorter-term risks here, too. In particular, investors should be aware that Beyond Meat's growth and demand indicators have weakened in recent quarters. Profit margin slippage is another big concern, especially when the stock is still trading so expensively as a multiple of outer-year profits.\nThe bottom line here: Beyond Meat is a spoiling stock, and I think there's little the company can do to get back on the right track.\nSlowing growth, decaying velocity\nThe first thing investors should note is that Beyond Meat has missed Wall Street's expectations for three quarters in a row. It's a small wonder that the stock has landed in investors' \"penalty box\" - in a time when a reliable \"beat and raise\" cadence has become expected for growth stocks, Beyond Meat's earnings gaffes are a huge sore spot.\nIn Beyond Meat's most recent quarter (Q1), the company saw relatively tepid 11% y/y growth to $108.2 million in revenue, missing Wall Street's expectations of $113.3 million (+17% y/y) by a huge six-point margin. As shown below, that's an even wider miss than the $2 million gap to expectations in Q4:\nFigure 1. Beyond Meat earnings vs. expectations\nSource: Seeking Alpha\nAt a channel level, in Q1, Beyond Meat its U.S. retail sales grow by 28% y/y, but foodservice sales domestically saw a -26% y/y decline. This is concerning because throughout the March quarter, most areas and restaurants around the country had already lifted lockdown restrictions. We note that the kinds of chain locations that Beyond Meat is typically sold at, from Carls' Jr. to Dunkin' Donuts (DNKN), largely remained open during the pandemic anyway. So Beyond Meat can't really say that lockdowns and the pandemic were to blame for weaker foodservice sales: perhaps the pandemic had ended up ultimately changing consumers' menu preferences toward \"real\" meat, which is often also substantially cheaper than Beyond Meat.\nOn the retail side, we note that Beyond Meat's velocity is dropping (a measure of how quickly inventory is selling through on store shelves). Beyond Meat argued that during the pandemic, retail sell-through was constrained by limited supply - but now, what you can see in the chart below is that retail velocity has dramatically dropped over the past four weeks. The company noted that on a year over year basis, velocity is down -18% y/y in Q1.\nFigure 2. Beyond Meat retail velocity\nSource: Beyond Meat Q1 investor presentation\nWe note as well that Beyond Meat's market share growth in the retail space has slowed as well. The past four weeks only saw Beyond Meat expanding its market share by 127bps, versus 319bps over the past year.\nMargin decay\nSlowing growth isn't the only troubling indicator for Beyond Meat. The company's gross margin profile, already thin to begin with, is at risk as well. We note that in Beyond Meat's most recent quarter, gross margin slipped to 30.2%, a huge 860bps reduction from 38.8% in the year-ago quarter.\nFigure 3. Beyond Meat margin trends\nSource: Beyond Meat Q1 investor presentation\nThe company cited a myriad of reasons behind the decay. The company blamed the decay on rising storage/warehousing and transportation costs, which is similar to what many other consumer products companies are citing. Even more concerning, however, the company has cited rising fixed overhead costs at its production facilities. And perhaps riskiest of all is the fact that Beyond Meat notes that unfavorable product mix and higher trade discounts have also worked to push margins down.In spite of the fact that Beyond Meat leaned in more heavily on trade discounts to grow sales, the company still saw tepid revenue growth and thinning market share gains.\nWe note as well that Beyond Meat's adjusted EBITDA gains of $13.9 million from last Q1 turned into a -$10.8 million loss in the most recent Q1, indicating a 24-point decay in adjusted EBITDA margins. We have to wonder: is Beyond Meat structurally set up to be a profitable business?\nThe company likes to tout the fact that it spends ~8% of its revenue on R&D as a positive signal of the brand's innovation. But the other brands shown on the company's below slide are also innovators. Food brands like Kellogg and Kraft Heinz are constantly coming up with new cereal types and new flavors of their existing foods. Beyond Meat doesn't have a sole claim to innovation in the food space - yet it's spending considerably more than its peers on R&D. When we note the fact that Beyond Meat's gross margin is only ~30% to begin with, spending a further 8% of revenue on R&D is a steep ask.\nFigure 4. Beyond Meat R&D spend\nSource: Beyond Meat Q1 investor presentation\nValuation and key takeaways\nAnalysts aren't really expecting Beyond Meat to generate significant profits until years down the road. As shown in the chart below, the company is only expected to pass breakeven in 2023.\nFigure 5. Beyond Meat earnings estimates\nSource: Seeking Alpha\nAnd even against 2026 earnings expectations of $5.30 per share, and even after Beyond Meat's correction from all-time highs above $200, the stock's current price at ~$125 sits at a steep 23.6x P/E ratio against earnings five years down the line.\nWith the risks of Beyond Meat's slowing growth and unsteady gross margins, I think the chances of Beyond Meat justifying its current share price (let alone rallying substantially from current levels) are slim.\nContinue to avoid this stock.","news_type":1,"symbols_score_info":{"BYND":0.9}},"isVote":1,"tweetType":1,"viewCount":2885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800223467,"gmtCreate":1627306153459,"gmtModify":1703487204822,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556752673193560","idStr":"3556752673193560"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800223467","repostId":"2154957883","repostType":4,"isVote":1,"tweetType":1,"viewCount":2514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800229929,"gmtCreate":1627306062761,"gmtModify":1703487203169,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556752673193560","idStr":"3556752673193560"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800229929","repostId":"1180556152","repostType":4,"repost":{"id":"1180556152","kind":"news","pubTimestamp":1627304299,"share":"https://ttm.financial/m/news/1180556152?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:58","market":"us","language":"en","title":"3 Reasons I'm Not Worried About Netflix's Domestic Subscriber Loss","url":"https://stock-news.laohu8.com/highlight/detail?id=1180556152","media":"Motley Fool","summary":"The underlying details of the company's net addition numbers are important.","content":"<p><b>Key Points</b></p>\n<ul>\n <li>Netflix lost 430,000 subscribers in the U.S. and Canada during the second quarter.</li>\n <li>Digging into the factors impacting subscriber growth shows more bullish trends.</li>\n <li>The long-term picture also favors Netflix.</li>\n</ul>\n<p></p>\n<p>It shouldn't be a big surprise that&nbsp;<b>Netflix</b>(NASDAQ:NFLX)lost subscribers in its mature U.S. and Canada (UCAN) region during the second quarter. But the size of the loss -- a 430,000 drop in active subscribers -- still jumped off the page when Netflix released its earnings results.</p>\n<p>While the UCAN region has shown signs of saturation for several years now, there's no reason for investors to think last quarter's results are an indication of what's ahead for the video-streaming leader. Here are three reasons why the subscriber loss doesn't worry me.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac05e16288edfa9bed42606de660810c\" tg-width=\"2000\" tg-height=\"1125\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: NETFLIX.</span></p>\n<p><b>1. Improving subscriber engagement and retention</b></p>\n<p>Netflix's subscriber losses didn't come from a spike in cancellations as businesses reopened and the weather warmed up in the U.S. and Canada. In fact, management noted subscriber engagement and retention improved in the second quarter compared to the same period two years ago. The average Netflix subscriber around the world spent 17% more time streaming in this latest period than in the second quarter of 2019.</p>\n<p>That statistic is particularly impressive in light of two factors investors would expect to result in an increase in churn and a decrease in engagement. First, Netflix raised its prices yet again in the U.S. and Canada (and other markets) in late 2020 and early 2021. Management previously noted some sensitivity to its last price increase in 2019, which showed up in its second-quarter results that year.</p>\n<p>The second factor is the relatively light content slate of early 2021. COVID-19-related production delays forced much of Netflix's original content lineup to the second half of the year, more so than previous years. Management pointed out that content amortization over the first six months of the year increased just 9% year over year versus 17% in 2020 and 22% in 2019. Nonetheless, it seems Netflix's content spending is becoming more efficient as it scales.</p>\n<p>Considering&nbsp;churn is one of the most important factors&nbsp;for the video-streaming industry, seeing Netflix continue to add total paid subscribers in this environment is a great sign for long-term growth.</p>\n<p><b>2. Limited impact from competition</b></p>\n<p>Netflix has a lot more competition than it did just a couple years ago.<b>Walt Disney</b>'s Disney+ and&nbsp;<b>AT&amp;T</b>'s HBO Max have attracted a lot of attention, and other media companies have launched or expanded their&nbsp;streaming businesses.</p>\n<p>But management says their entries into the market haven't had a big impact on Netflix's business. \"Does HBO or Disney or other entries have a differential impact compared to the past?\" co-CEO Reed Hastings asked rhetorically during Netflix's second-quarter earnings call. \"[W]e're not seeing that in the detail that we have per country,\" he said before adding, \"We're not seeing it in the total viewing.\"</p>\n<p>In other words, when you look at Netflix's results in countries where the competitors are and where they aren't, management doesn't see a significant impact from the competition on its respective growth trajectories.</p>\n<p>Netflix's third-quarter outlook calls for 3.5 million global net additions. That's still a relatively low number of net additions for Netflix, but looking past the third quarter, there are a couple reasons to be optimistic.</p>\n<p>First of all, management expects net additions to normalize in the fourth quarter as the content slate catches back up, and it moves into a seasonally strong period. Netflix managed a strong fourth quarter in 2020 that was practically normal compared to 2019 and 2018. That didn't prevent the COVID-19 hangover from showing up in the first half of 2020, though. Nonetheless, a more normal fourth quarter is a sign that content is the key to driving subscriber growth and should provide confidence for 2022 and beyond.</p>\n<p>Second, the secular growth of streaming is still in its early stages. Management pointed to&nbsp;<b>Nielsen</b>&nbsp;data that showedstreaming accounted for just 26% of screen timein the U.S., and the vast majority of time spent watching television still goes to linear networks. Nielsen expects streaming to increase its share of screen time to 33% by the end of the year and to keep growing in 2022 and beyond. Netflix should be a beneficiary of this secular trend as more people cut the cord and shift to streaming as their primary source of video entertainment.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Reasons I'm Not Worried About Netflix's Domestic Subscriber Loss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Reasons I'm Not Worried About Netflix's Domestic Subscriber Loss\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-26 20:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/25/3-reasons-im-not-worried-netflixs-subscriber-loss/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Points\n\nNetflix lost 430,000 subscribers in the U.S. and Canada during the second quarter.\nDigging into the factors impacting subscriber growth shows more bullish trends.\nThe long-term picture ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/25/3-reasons-im-not-worried-netflixs-subscriber-loss/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/07/25/3-reasons-im-not-worried-netflixs-subscriber-loss/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180556152","content_text":"Key Points\n\nNetflix lost 430,000 subscribers in the U.S. and Canada during the second quarter.\nDigging into the factors impacting subscriber growth shows more bullish trends.\nThe long-term picture also favors Netflix.\n\n\nIt shouldn't be a big surprise that Netflix(NASDAQ:NFLX)lost subscribers in its mature U.S. and Canada (UCAN) region during the second quarter. But the size of the loss -- a 430,000 drop in active subscribers -- still jumped off the page when Netflix released its earnings results.\nWhile the UCAN region has shown signs of saturation for several years now, there's no reason for investors to think last quarter's results are an indication of what's ahead for the video-streaming leader. Here are three reasons why the subscriber loss doesn't worry me.\nIMAGE SOURCE: NETFLIX.\n1. Improving subscriber engagement and retention\nNetflix's subscriber losses didn't come from a spike in cancellations as businesses reopened and the weather warmed up in the U.S. and Canada. In fact, management noted subscriber engagement and retention improved in the second quarter compared to the same period two years ago. The average Netflix subscriber around the world spent 17% more time streaming in this latest period than in the second quarter of 2019.\nThat statistic is particularly impressive in light of two factors investors would expect to result in an increase in churn and a decrease in engagement. First, Netflix raised its prices yet again in the U.S. and Canada (and other markets) in late 2020 and early 2021. Management previously noted some sensitivity to its last price increase in 2019, which showed up in its second-quarter results that year.\nThe second factor is the relatively light content slate of early 2021. COVID-19-related production delays forced much of Netflix's original content lineup to the second half of the year, more so than previous years. Management pointed out that content amortization over the first six months of the year increased just 9% year over year versus 17% in 2020 and 22% in 2019. Nonetheless, it seems Netflix's content spending is becoming more efficient as it scales.\nConsidering churn is one of the most important factors for the video-streaming industry, seeing Netflix continue to add total paid subscribers in this environment is a great sign for long-term growth.\n2. Limited impact from competition\nNetflix has a lot more competition than it did just a couple years ago.Walt Disney's Disney+ and AT&T's HBO Max have attracted a lot of attention, and other media companies have launched or expanded their streaming businesses.\nBut management says their entries into the market haven't had a big impact on Netflix's business. \"Does HBO or Disney or other entries have a differential impact compared to the past?\" co-CEO Reed Hastings asked rhetorically during Netflix's second-quarter earnings call. \"[W]e're not seeing that in the detail that we have per country,\" he said before adding, \"We're not seeing it in the total viewing.\"\nIn other words, when you look at Netflix's results in countries where the competitors are and where they aren't, management doesn't see a significant impact from the competition on its respective growth trajectories.\nNetflix's third-quarter outlook calls for 3.5 million global net additions. That's still a relatively low number of net additions for Netflix, but looking past the third quarter, there are a couple reasons to be optimistic.\nFirst of all, management expects net additions to normalize in the fourth quarter as the content slate catches back up, and it moves into a seasonally strong period. Netflix managed a strong fourth quarter in 2020 that was practically normal compared to 2019 and 2018. That didn't prevent the COVID-19 hangover from showing up in the first half of 2020, though. Nonetheless, a more normal fourth quarter is a sign that content is the key to driving subscriber growth and should provide confidence for 2022 and beyond.\nSecond, the secular growth of streaming is still in its early stages. Management pointed to Nielsen data that showedstreaming accounted for just 26% of screen timein the U.S., and the vast majority of time spent watching television still goes to linear networks. Nielsen expects streaming to increase its share of screen time to 33% by the end of the year and to keep growing in 2022 and beyond. Netflix should be a beneficiary of this secular trend as more people cut the cord and shift to streaming as their primary source of video entertainment.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":2202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800267930,"gmtCreate":1627305930620,"gmtModify":1703487199371,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556752673193560","idStr":"3556752673193560"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800267930","repostId":"2154950089","repostType":4,"isVote":1,"tweetType":1,"viewCount":1746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":806275534,"gmtCreate":1627661881328,"gmtModify":1703494413465,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556752673193560","authorIdStr":"3556752673193560"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806275534","repostId":"1135197909","repostType":4,"repost":{"id":"1135197909","kind":"news","pubTimestamp":1627655217,"share":"https://ttm.financial/m/news/1135197909?lang=en_US&edition=fundamental","pubTime":"2021-07-30 22:26","market":"us","language":"en","title":"Beyond Meat: This Stock Is A Really Raw Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=1135197909","media":"seekingalpha","summary":"Summary\n\nShares of Beyond Meat have crumbled more than 40% from highs.\nThe company has been plagued ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shares of Beyond Meat have crumbled more than 40% from highs.</li>\n <li>The company has been plagued by a number of issues, including slowing growth and a decaying margin profile.</li>\n <li>Retail velocity is declining, suggesting that Beyond Meat's pandemic arguments of limited in-stocks have faded.</li>\n <li>The stock remains expensive against long-term profit expectations.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b94bb6c8b249f2376027245ea44295c3\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Drew Angerer/Getty Images News</span></p>\n<p>These days, the market certainly has no shortage of expensive growth stocks that have very little substance. One stock that I think is at particular risk of crumbling further is Beyond Meat (BYND), one of the first purveyors of the faux-meat trend and one of the most recognizable brands in the space.</p>\n<p>Despite the growing appeal of plant-based meats, I continue to see huge fundamental flaws in this stock. The market seems to agree, as Beyond Meat shares have slid by roughly half relative to all-time highs around ~$200 notched last October.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9414d1f0d7b86d62d6febcd8fcfae596\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p>\n<p>In my view, Beyond Meat shares have even more downside left. I continue to cite that there's a \"story\" risk to Beyond Meat: plant-based meats are popular now, but are they a passing dietary fad? The list of diet fads is a long one, ranging from keto diets and paleo diets to complete-nutrient drinks like Huel. While Beyond Meat may find itself a core customer base, I view the category's growth to be limited especially with concerns that plant-based meats are unhealthy from a sodium angle.</p>\n<p>Yet there are shorter-term risks here, too. In particular, investors should be aware that Beyond Meat's growth and demand indicators have weakened in recent quarters. Profit margin slippage is another big concern, especially when the stock is still trading so expensively as a multiple of outer-year profits.</p>\n<p>The bottom line here: Beyond Meat is a spoiling stock, and I think there's little the company can do to get back on the right track.</p>\n<p><b>Slowing growth, decaying velocity</b></p>\n<p>The first thing investors should note is that Beyond Meat has missed Wall Street's expectations for three quarters in a row. It's a small wonder that the stock has landed in investors' \"penalty box\" - in a time when a reliable \"beat and raise\" cadence has become expected for growth stocks, Beyond Meat's earnings gaffes are a huge sore spot.</p>\n<p>In Beyond Meat's most recent quarter (Q1), the company saw relatively tepid 11% y/y growth to $108.2 million in revenue, missing Wall Street's expectations of $113.3 million (+17% y/y) by a huge six-point margin. As shown below, that's an even wider miss than the $2 million gap to expectations in Q4:</p>\n<p>Figure 1. Beyond Meat earnings vs. expectations</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16650777bf67af7d8aa78be81ba77793\" tg-width=\"640\" tg-height=\"220\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p>\n<p>At a channel level, in Q1, Beyond Meat its U.S. retail sales grow by 28% y/y, but foodservice sales domestically saw a -26% y/y decline. This is concerning because throughout the March quarter, most areas and restaurants around the country had already lifted lockdown restrictions. We note that the kinds of chain locations that Beyond Meat is typically sold at, from Carls' Jr. to Dunkin' Donuts (DNKN), largely remained open during the pandemic anyway. So Beyond Meat can't really say that lockdowns and the pandemic were to blame for weaker foodservice sales: perhaps the pandemic had ended up ultimately changing consumers' menu preferences toward \"real\" meat, which is often also substantially cheaper than Beyond Meat.</p>\n<p>On the retail side, we note that Beyond Meat's velocity is dropping (a measure of how quickly inventory is selling through on store shelves). Beyond Meat argued that during the pandemic, retail sell-through was constrained by limited supply - but now, what you can see in the chart below is that retail velocity has dramatically dropped over the past four weeks. The company noted that on a year over year basis, velocity is down -18% y/y in Q1.</p>\n<p>Figure 2. Beyond Meat retail velocity</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0b42961dd5d7be04ea3206e5988ff31\" tg-width=\"640\" tg-height=\"487\" width=\"100%\" height=\"auto\"><span>Source: Beyond Meat Q1 investor presentation</span></p>\n<p>We note as well that Beyond Meat's market share growth in the retail space has slowed as well. The past four weeks only saw Beyond Meat expanding its market share by 127bps, versus 319bps over the past year.</p>\n<p><b>Margin decay</b></p>\n<p>Slowing growth isn't the only troubling indicator for Beyond Meat. The company's gross margin profile, already thin to begin with, is at risk as well. We note that in Beyond Meat's most recent quarter, gross margin slipped to 30.2%, a huge 860bps reduction from 38.8% in the year-ago quarter.</p>\n<p>Figure 3. Beyond Meat margin trends</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60a3d0d52497e6120e460f59dc453255\" tg-width=\"640\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: Beyond Meat Q1 investor presentation</span></p>\n<p>The company cited a myriad of reasons behind the decay. The company blamed the decay on rising storage/warehousing and transportation costs, which is similar to what many other consumer products companies are citing. Even more concerning, however, the company has cited rising fixed overhead costs at its production facilities. And perhaps riskiest of all is the fact that Beyond Meat notes that unfavorable product mix and higher trade discounts have also worked to push margins down.<b>In spite of the fact that Beyond Meat leaned in more heavily on trade discounts to grow sales, the company still saw tepid revenue growth and thinning market share gains.</b></p>\n<p>We note as well that Beyond Meat's adjusted EBITDA gains of $13.9 million from last Q1 turned into a -$10.8 million loss in the most recent Q1, indicating a 24-point decay in adjusted EBITDA margins. We have to wonder: is Beyond Meat structurally set up to be a profitable business?</p>\n<p>The company likes to tout the fact that it spends ~8% of its revenue on R&amp;D as a positive signal of the brand's innovation. But the other brands shown on the company's below slide are also innovators. Food brands like Kellogg and Kraft Heinz are constantly coming up with new cereal types and new flavors of their existing foods. Beyond Meat doesn't have a sole claim to innovation in the food space - yet it's spending considerably more than its peers on R&amp;D. When we note the fact that Beyond Meat's gross margin is only ~30% to begin with, spending a further 8% of revenue on R&amp;D is a steep ask.</p>\n<p>Figure 4. Beyond Meat R&amp;D spend</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be6034dec9a6fb17f07f983fc301eb96\" tg-width=\"640\" tg-height=\"437\" width=\"100%\" height=\"auto\"><span>Source: Beyond Meat Q1 investor presentation</span></p>\n<p><b>Valuation and key takeaways</b></p>\n<p>Analysts aren't really expecting Beyond Meat to generate significant profits until years down the road. As shown in the chart below, the company is only expected to pass breakeven in 2023.</p>\n<p>Figure 5. Beyond Meat earnings estimates</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b43ec61762ea332f9fcc74cabd299bb8\" tg-width=\"640\" tg-height=\"220\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p>\n<p>And even against 2026 earnings expectations of $5.30 per share, and even after Beyond Meat's correction from all-time highs above $200, the stock's current price at ~$125 sits at a steep&nbsp;<b>23.6x P/E ratio against earnings five years down the line.</b></p>\n<p>With the risks of Beyond Meat's slowing growth and unsteady gross margins, I think the chances of Beyond Meat justifying its current share price (let alone rallying substantially from current levels) are slim.</p>\n<p>Continue to avoid this stock.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Beyond Meat: This Stock Is A Really Raw Deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBeyond Meat: This Stock Is A Really Raw Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-30 22:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4443013-beyond-meat-this-stock-is-a-really-raw-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShares of Beyond Meat have crumbled more than 40% from highs.\nThe company has been plagued by a number of issues, including slowing growth and a decaying margin profile.\nRetail velocity is ...</p>\n\n<a href=\"https://seekingalpha.com/article/4443013-beyond-meat-this-stock-is-a-really-raw-deal\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BYND":"Beyond Meat, Inc."},"source_url":"https://seekingalpha.com/article/4443013-beyond-meat-this-stock-is-a-really-raw-deal","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135197909","content_text":"Summary\n\nShares of Beyond Meat have crumbled more than 40% from highs.\nThe company has been plagued by a number of issues, including slowing growth and a decaying margin profile.\nRetail velocity is declining, suggesting that Beyond Meat's pandemic arguments of limited in-stocks have faded.\nThe stock remains expensive against long-term profit expectations.\n\nDrew Angerer/Getty Images News\nThese days, the market certainly has no shortage of expensive growth stocks that have very little substance. One stock that I think is at particular risk of crumbling further is Beyond Meat (BYND), one of the first purveyors of the faux-meat trend and one of the most recognizable brands in the space.\nDespite the growing appeal of plant-based meats, I continue to see huge fundamental flaws in this stock. The market seems to agree, as Beyond Meat shares have slid by roughly half relative to all-time highs around ~$200 notched last October.\nData by YCharts\nIn my view, Beyond Meat shares have even more downside left. I continue to cite that there's a \"story\" risk to Beyond Meat: plant-based meats are popular now, but are they a passing dietary fad? The list of diet fads is a long one, ranging from keto diets and paleo diets to complete-nutrient drinks like Huel. While Beyond Meat may find itself a core customer base, I view the category's growth to be limited especially with concerns that plant-based meats are unhealthy from a sodium angle.\nYet there are shorter-term risks here, too. In particular, investors should be aware that Beyond Meat's growth and demand indicators have weakened in recent quarters. Profit margin slippage is another big concern, especially when the stock is still trading so expensively as a multiple of outer-year profits.\nThe bottom line here: Beyond Meat is a spoiling stock, and I think there's little the company can do to get back on the right track.\nSlowing growth, decaying velocity\nThe first thing investors should note is that Beyond Meat has missed Wall Street's expectations for three quarters in a row. It's a small wonder that the stock has landed in investors' \"penalty box\" - in a time when a reliable \"beat and raise\" cadence has become expected for growth stocks, Beyond Meat's earnings gaffes are a huge sore spot.\nIn Beyond Meat's most recent quarter (Q1), the company saw relatively tepid 11% y/y growth to $108.2 million in revenue, missing Wall Street's expectations of $113.3 million (+17% y/y) by a huge six-point margin. As shown below, that's an even wider miss than the $2 million gap to expectations in Q4:\nFigure 1. Beyond Meat earnings vs. expectations\nSource: Seeking Alpha\nAt a channel level, in Q1, Beyond Meat its U.S. retail sales grow by 28% y/y, but foodservice sales domestically saw a -26% y/y decline. This is concerning because throughout the March quarter, most areas and restaurants around the country had already lifted lockdown restrictions. We note that the kinds of chain locations that Beyond Meat is typically sold at, from Carls' Jr. to Dunkin' Donuts (DNKN), largely remained open during the pandemic anyway. So Beyond Meat can't really say that lockdowns and the pandemic were to blame for weaker foodservice sales: perhaps the pandemic had ended up ultimately changing consumers' menu preferences toward \"real\" meat, which is often also substantially cheaper than Beyond Meat.\nOn the retail side, we note that Beyond Meat's velocity is dropping (a measure of how quickly inventory is selling through on store shelves). Beyond Meat argued that during the pandemic, retail sell-through was constrained by limited supply - but now, what you can see in the chart below is that retail velocity has dramatically dropped over the past four weeks. The company noted that on a year over year basis, velocity is down -18% y/y in Q1.\nFigure 2. Beyond Meat retail velocity\nSource: Beyond Meat Q1 investor presentation\nWe note as well that Beyond Meat's market share growth in the retail space has slowed as well. The past four weeks only saw Beyond Meat expanding its market share by 127bps, versus 319bps over the past year.\nMargin decay\nSlowing growth isn't the only troubling indicator for Beyond Meat. The company's gross margin profile, already thin to begin with, is at risk as well. We note that in Beyond Meat's most recent quarter, gross margin slipped to 30.2%, a huge 860bps reduction from 38.8% in the year-ago quarter.\nFigure 3. Beyond Meat margin trends\nSource: Beyond Meat Q1 investor presentation\nThe company cited a myriad of reasons behind the decay. The company blamed the decay on rising storage/warehousing and transportation costs, which is similar to what many other consumer products companies are citing. Even more concerning, however, the company has cited rising fixed overhead costs at its production facilities. And perhaps riskiest of all is the fact that Beyond Meat notes that unfavorable product mix and higher trade discounts have also worked to push margins down.In spite of the fact that Beyond Meat leaned in more heavily on trade discounts to grow sales, the company still saw tepid revenue growth and thinning market share gains.\nWe note as well that Beyond Meat's adjusted EBITDA gains of $13.9 million from last Q1 turned into a -$10.8 million loss in the most recent Q1, indicating a 24-point decay in adjusted EBITDA margins. We have to wonder: is Beyond Meat structurally set up to be a profitable business?\nThe company likes to tout the fact that it spends ~8% of its revenue on R&D as a positive signal of the brand's innovation. But the other brands shown on the company's below slide are also innovators. Food brands like Kellogg and Kraft Heinz are constantly coming up with new cereal types and new flavors of their existing foods. Beyond Meat doesn't have a sole claim to innovation in the food space - yet it's spending considerably more than its peers on R&D. When we note the fact that Beyond Meat's gross margin is only ~30% to begin with, spending a further 8% of revenue on R&D is a steep ask.\nFigure 4. Beyond Meat R&D spend\nSource: Beyond Meat Q1 investor presentation\nValuation and key takeaways\nAnalysts aren't really expecting Beyond Meat to generate significant profits until years down the road. As shown in the chart below, the company is only expected to pass breakeven in 2023.\nFigure 5. Beyond Meat earnings estimates\nSource: Seeking Alpha\nAnd even against 2026 earnings expectations of $5.30 per share, and even after Beyond Meat's correction from all-time highs above $200, the stock's current price at ~$125 sits at a steep 23.6x P/E ratio against earnings five years down the line.\nWith the risks of Beyond Meat's slowing growth and unsteady gross margins, I think the chances of Beyond Meat justifying its current share price (let alone rallying substantially from current levels) are slim.\nContinue to avoid this stock.","news_type":1,"symbols_score_info":{"BYND":0.9}},"isVote":1,"tweetType":1,"viewCount":2885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800223467,"gmtCreate":1627306153459,"gmtModify":1703487204822,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556752673193560","authorIdStr":"3556752673193560"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800223467","repostId":"2154957883","repostType":4,"isVote":1,"tweetType":1,"viewCount":2514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806274334,"gmtCreate":1627661977028,"gmtModify":1703494414296,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556752673193560","authorIdStr":"3556752673193560"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806274334","repostId":"1125288486","repostType":4,"isVote":1,"tweetType":1,"viewCount":1881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805103616,"gmtCreate":1627863706535,"gmtModify":1703496661045,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556752673193560","authorIdStr":"3556752673193560"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805103616","repostId":"1192595122","repostType":4,"isVote":1,"tweetType":1,"viewCount":2023,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806503071,"gmtCreate":1627662411593,"gmtModify":1703494419464,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556752673193560","authorIdStr":"3556752673193560"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806503071","repostId":"1113574238","repostType":4,"isVote":1,"tweetType":1,"viewCount":2370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800229929,"gmtCreate":1627306062761,"gmtModify":1703487203169,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556752673193560","authorIdStr":"3556752673193560"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800229929","repostId":"1180556152","repostType":4,"repost":{"id":"1180556152","kind":"news","pubTimestamp":1627304299,"share":"https://ttm.financial/m/news/1180556152?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:58","market":"us","language":"en","title":"3 Reasons I'm Not Worried About Netflix's Domestic Subscriber Loss","url":"https://stock-news.laohu8.com/highlight/detail?id=1180556152","media":"Motley Fool","summary":"The underlying details of the company's net addition numbers are important.","content":"<p><b>Key Points</b></p>\n<ul>\n <li>Netflix lost 430,000 subscribers in the U.S. and Canada during the second quarter.</li>\n <li>Digging into the factors impacting subscriber growth shows more bullish trends.</li>\n <li>The long-term picture also favors Netflix.</li>\n</ul>\n<p></p>\n<p>It shouldn't be a big surprise that&nbsp;<b>Netflix</b>(NASDAQ:NFLX)lost subscribers in its mature U.S. and Canada (UCAN) region during the second quarter. But the size of the loss -- a 430,000 drop in active subscribers -- still jumped off the page when Netflix released its earnings results.</p>\n<p>While the UCAN region has shown signs of saturation for several years now, there's no reason for investors to think last quarter's results are an indication of what's ahead for the video-streaming leader. Here are three reasons why the subscriber loss doesn't worry me.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac05e16288edfa9bed42606de660810c\" tg-width=\"2000\" tg-height=\"1125\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: NETFLIX.</span></p>\n<p><b>1. Improving subscriber engagement and retention</b></p>\n<p>Netflix's subscriber losses didn't come from a spike in cancellations as businesses reopened and the weather warmed up in the U.S. and Canada. In fact, management noted subscriber engagement and retention improved in the second quarter compared to the same period two years ago. The average Netflix subscriber around the world spent 17% more time streaming in this latest period than in the second quarter of 2019.</p>\n<p>That statistic is particularly impressive in light of two factors investors would expect to result in an increase in churn and a decrease in engagement. First, Netflix raised its prices yet again in the U.S. and Canada (and other markets) in late 2020 and early 2021. Management previously noted some sensitivity to its last price increase in 2019, which showed up in its second-quarter results that year.</p>\n<p>The second factor is the relatively light content slate of early 2021. COVID-19-related production delays forced much of Netflix's original content lineup to the second half of the year, more so than previous years. Management pointed out that content amortization over the first six months of the year increased just 9% year over year versus 17% in 2020 and 22% in 2019. Nonetheless, it seems Netflix's content spending is becoming more efficient as it scales.</p>\n<p>Considering&nbsp;churn is one of the most important factors&nbsp;for the video-streaming industry, seeing Netflix continue to add total paid subscribers in this environment is a great sign for long-term growth.</p>\n<p><b>2. Limited impact from competition</b></p>\n<p>Netflix has a lot more competition than it did just a couple years ago.<b>Walt Disney</b>'s Disney+ and&nbsp;<b>AT&amp;T</b>'s HBO Max have attracted a lot of attention, and other media companies have launched or expanded their&nbsp;streaming businesses.</p>\n<p>But management says their entries into the market haven't had a big impact on Netflix's business. \"Does HBO or Disney or other entries have a differential impact compared to the past?\" co-CEO Reed Hastings asked rhetorically during Netflix's second-quarter earnings call. \"[W]e're not seeing that in the detail that we have per country,\" he said before adding, \"We're not seeing it in the total viewing.\"</p>\n<p>In other words, when you look at Netflix's results in countries where the competitors are and where they aren't, management doesn't see a significant impact from the competition on its respective growth trajectories.</p>\n<p>Netflix's third-quarter outlook calls for 3.5 million global net additions. That's still a relatively low number of net additions for Netflix, but looking past the third quarter, there are a couple reasons to be optimistic.</p>\n<p>First of all, management expects net additions to normalize in the fourth quarter as the content slate catches back up, and it moves into a seasonally strong period. Netflix managed a strong fourth quarter in 2020 that was practically normal compared to 2019 and 2018. That didn't prevent the COVID-19 hangover from showing up in the first half of 2020, though. Nonetheless, a more normal fourth quarter is a sign that content is the key to driving subscriber growth and should provide confidence for 2022 and beyond.</p>\n<p>Second, the secular growth of streaming is still in its early stages. Management pointed to&nbsp;<b>Nielsen</b>&nbsp;data that showedstreaming accounted for just 26% of screen timein the U.S., and the vast majority of time spent watching television still goes to linear networks. Nielsen expects streaming to increase its share of screen time to 33% by the end of the year and to keep growing in 2022 and beyond. Netflix should be a beneficiary of this secular trend as more people cut the cord and shift to streaming as their primary source of video entertainment.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Reasons I'm Not Worried About Netflix's Domestic Subscriber Loss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Reasons I'm Not Worried About Netflix's Domestic Subscriber Loss\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-26 20:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/25/3-reasons-im-not-worried-netflixs-subscriber-loss/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Points\n\nNetflix lost 430,000 subscribers in the U.S. and Canada during the second quarter.\nDigging into the factors impacting subscriber growth shows more bullish trends.\nThe long-term picture ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/25/3-reasons-im-not-worried-netflixs-subscriber-loss/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/07/25/3-reasons-im-not-worried-netflixs-subscriber-loss/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180556152","content_text":"Key Points\n\nNetflix lost 430,000 subscribers in the U.S. and Canada during the second quarter.\nDigging into the factors impacting subscriber growth shows more bullish trends.\nThe long-term picture also favors Netflix.\n\n\nIt shouldn't be a big surprise that Netflix(NASDAQ:NFLX)lost subscribers in its mature U.S. and Canada (UCAN) region during the second quarter. But the size of the loss -- a 430,000 drop in active subscribers -- still jumped off the page when Netflix released its earnings results.\nWhile the UCAN region has shown signs of saturation for several years now, there's no reason for investors to think last quarter's results are an indication of what's ahead for the video-streaming leader. Here are three reasons why the subscriber loss doesn't worry me.\nIMAGE SOURCE: NETFLIX.\n1. Improving subscriber engagement and retention\nNetflix's subscriber losses didn't come from a spike in cancellations as businesses reopened and the weather warmed up in the U.S. and Canada. In fact, management noted subscriber engagement and retention improved in the second quarter compared to the same period two years ago. The average Netflix subscriber around the world spent 17% more time streaming in this latest period than in the second quarter of 2019.\nThat statistic is particularly impressive in light of two factors investors would expect to result in an increase in churn and a decrease in engagement. First, Netflix raised its prices yet again in the U.S. and Canada (and other markets) in late 2020 and early 2021. Management previously noted some sensitivity to its last price increase in 2019, which showed up in its second-quarter results that year.\nThe second factor is the relatively light content slate of early 2021. COVID-19-related production delays forced much of Netflix's original content lineup to the second half of the year, more so than previous years. Management pointed out that content amortization over the first six months of the year increased just 9% year over year versus 17% in 2020 and 22% in 2019. Nonetheless, it seems Netflix's content spending is becoming more efficient as it scales.\nConsidering churn is one of the most important factors for the video-streaming industry, seeing Netflix continue to add total paid subscribers in this environment is a great sign for long-term growth.\n2. Limited impact from competition\nNetflix has a lot more competition than it did just a couple years ago.Walt Disney's Disney+ and AT&T's HBO Max have attracted a lot of attention, and other media companies have launched or expanded their streaming businesses.\nBut management says their entries into the market haven't had a big impact on Netflix's business. \"Does HBO or Disney or other entries have a differential impact compared to the past?\" co-CEO Reed Hastings asked rhetorically during Netflix's second-quarter earnings call. \"[W]e're not seeing that in the detail that we have per country,\" he said before adding, \"We're not seeing it in the total viewing.\"\nIn other words, when you look at Netflix's results in countries where the competitors are and where they aren't, management doesn't see a significant impact from the competition on its respective growth trajectories.\nNetflix's third-quarter outlook calls for 3.5 million global net additions. That's still a relatively low number of net additions for Netflix, but looking past the third quarter, there are a couple reasons to be optimistic.\nFirst of all, management expects net additions to normalize in the fourth quarter as the content slate catches back up, and it moves into a seasonally strong period. Netflix managed a strong fourth quarter in 2020 that was practically normal compared to 2019 and 2018. That didn't prevent the COVID-19 hangover from showing up in the first half of 2020, though. Nonetheless, a more normal fourth quarter is a sign that content is the key to driving subscriber growth and should provide confidence for 2022 and beyond.\nSecond, the secular growth of streaming is still in its early stages. Management pointed to Nielsen data that showedstreaming accounted for just 26% of screen timein the U.S., and the vast majority of time spent watching television still goes to linear networks. Nielsen expects streaming to increase its share of screen time to 33% by the end of the year and to keep growing in 2022 and beyond. Netflix should be a beneficiary of this secular trend as more people cut the cord and shift to streaming as their primary source of video entertainment.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":2202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800267930,"gmtCreate":1627305930620,"gmtModify":1703487199371,"author":{"id":"3556752673193560","authorId":"3556752673193560","name":"Hsbehxbwj","avatar":"https://static.tigerbbs.com/c523d48ce5cb178e04ff16dc5e061515","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556752673193560","authorIdStr":"3556752673193560"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800267930","repostId":"2154950089","repostType":4,"isVote":1,"tweetType":1,"viewCount":1746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}