Planet42
Kommentaari jätmiseks loo konto või logi sisse
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Otsign ei andnud tulemust, seega alustasin uut teemat. Üks järgmisi ükssarviku staatuse kandidaate, samas kaasamas olulises mahus laenuraha Eestist. Kasvu on. Marginaali on raske hinnata kasvustaadiumis.
Potentsiaali ja sellele vastavat ambitsiooni on palju - ise arvan, et sellest ehk ongi tihti puudu. Ja just selles järjekorras - potentsiaalile vastavat ambitsiooni. Kutsun üles kas Planet42 oma inimesi siia võimaluste piires panustama. Discount rate kukub. -
kui momentum pole teemat teinud, siis jae-raha sisse ei voola.
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Aga miks see ükssarviku staatus nii oluline on? Kõigest üks number ju, aga kedratakse nagu mingit mantrat. Kõrvad hakkavad vaikselt juba ****vett jooksma.
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Pakkuda müügiks Planet42 osakuid, huvilistel palun kirjutada aktsiatehingud@gmail.com
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Kuidas osakute ostmine-müümine käib Planet42 puhul? Cleveron näiteks on noteeritud Nasdaq börsil ja on võimalik jälgida ka tehingute statistikat ning samas foorumis võis saada ligikaudse ettekujutuse osaku hinnast.
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"seitsmes"
Kuidas osakute ostmine-müümine käib Planet42 puhul? Cleveron näiteks on noteeritud Nasdaq börsil ja on võimalik jälgida ka tehingute statistikat ning samas foorumis võis saada ligikaudse ettekujutuse osaku hinnast.
Cleveron ei ole noteeritud Nasdaqi börsi.
See, et näed tehinguid veebilehelt, mille kujundus meenutab Nasdaq Balti börside veebilehte või seal on peal logo NASDAQ, ei tähenda veel seda, et ta on NASDAQ börsil noteeritud. Tehinguinfot näed seetõttu, et ta on oma osad registreerinud Eesti väärtpaberite registris, mis samal ajal kuulub Nasdaqile.
Osta/Müüa saad samamoodi nagu kõiki mittenoteeritud aktsiaid - pangas makse vastu või makseta väärtpaberikorraldus. -
Kindel, et saab? Esimene küsimus vast oleks, et mis riigi äriühingust on juttu. Planet42 on ju LAVis tegutsev äriühing. Mis riigi ühingus omavad investorid osalust on omaette küsimus.
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Strange that there is no discussion here about the company that has raised more than 30m+ euros (Jaak Roosaare seems to have raised close to 10m+(?) from small investors) an unsecured debt capital and probably around 5m euros as equity capital from Estonian investors.
(Some year old statements that were shared to potential bond investors in February 2023. Current situation seems a lot worse.)
As I was offered some Planet42 23.02.2026 bonds by another investor then I took a closer look. I am not sure it would be reasonable in current financial situation to buy(?) these bonds, or what would be acceptable price to pay/YTM % to accept with these bonds considering the companies financial trends?
I would probably be behind all these investors, who are hoping to get their unsecured (30m+ euros) loans back in coming years, and everything depends on the potential to raise substantial amount of equity(?) with huge discount to recent valuations (people are talking 90-100m valuation(?)). Not sure who would pay that price in current interest rate environment with these kind of business yields.
What I have seen from the financials and reports, it looks like they are heavily spending unsecured loans money on business costs and almost 1/3rd of that 30m+ euros of unsecured debt is gone for now. So if you have lent them 1 euro, then around 66 cents is still there based on gross portfolio figures and total debt under liabilities. Impairment allowance of 6m euros would make the picture even more bleak, but maybe people have time to wait for their money thru portfolio sell-off if needed.
With current balance sheet they are in a real need to raise separate 10m euros of equity capital to just get their gross portfolio vs total debt figure on 1:1 terms and make unsecured debt investors „whole“ again.
Although they had substantial cash balance (around 4.5m euros) at the end of Q3´23, then it seems to be all accounting figure as unrealized foreign currency loss at the same time is 5.4m euros, which would wipe out all the money if investors would call back EUR denominated unsecured loans and this unrealized currency loss (between Estonian and LAV entities) needs to be realized.
On top of that they need to raise additional 15-20m euros to cover Business costs for 2024 when they try to get back on growth track? As 2023 seems to be „lost“ year and sideways action in growth terms. Hence the burnt unsecured loan money. Company has substantially underperformed vs forecast shared during February 2023 bond issue (only 1.6m raised from 10m ask) organized by Redgate Capital.
So, it seems that unsecured debt with 14-20% interest they have offered historically, is viewed and used as convertible dept (that do not have conversion terms in place) by the company. It has a big risk to be converted into equity with unfavorable terms. Actually it would be the most logical step by the company in current situation to just convert the unsecured debt into equity.
Based on the recent financials I have seen, then secured debt is yielding lenders almost the same interest as unsecured loans to estonian retail investors. But what actually would be the reasonable yield for unsecured debt in this 4% interest rate environment or what YTM to pay for offered bonds?
Finally, the information company has constantly communicated to unsecured loan investors is that to actually execute growth plans they also need to keep raising unsecured debt to get secured debt for car purchases while at the same time trying to bring interest costs down. If estonian retail investors have lent them 30m+ euros so far, and a lot of it has been used to pay investors the high interest rate, then where will this additional unsecured loan capital come from? Or what kind of yield should an investor accept to continue to lend them the money and hope for the best? Can they survive this high yielding environment?
So it seems that 2023 Christmas for P42 unsecured lenders will be one big poker party, where everybody tries to make a good calm impression and convince that they are all rolling over their loans, while lenders who have closer maturity loans see that best course of action is to call your loan back. At the same time, lending them a new money means that you are bailing out old lenders who have already earned substantial yield, while losing 30% of their capital. But they are ok, if you go and buy their 66 cents for 1 euro…
Additionally for every net unsecured loan euro called back by the lenders, other lenders losses will increase because first guys get all their money back while you are left to hold an empty bag while waiting for your December 2024 or 2025 maturity.
And if you are the „lucky“ one who owns the 2026 bonds, then yes, these seem to be worthless in current situation, where there is so much debt maturing before these bonds.
In conclusion the situation has gone so far, that no new investor could be comfortable lending them unsecured debt as long as current unsecured debt is not converted into equity capital. Risk vs reward seems just way off to make such a bet.
But some people believe in Santa Claus..
So am I missing something, everything is super good and I should take up the bond offer?
* It seems that Estonian retail investors have not yet realized that unsecured debt earns you profit only after you have got back your initial investment. Until then all the interest you have received is essentially your own money. Hence the unsecured aspect. -
Your article raises the question, why is it not possible to take short positions during the issuance of bonds?
Financial technologists still have room for improvement here. -
good thinking well done good to see smart person who actually knows about anything.... european economy is one big gamble and casino If we compare euro with other currencies we see USD got a lot demand becouse of oil ..Canada Same russia Same ..gbp is just economic powerhourse where all the trading happens but in Europe ? It's just debt and now Europe raised intrests rates to protect euro value but it needs better than this as we know that Market bull run will start 2024 march -may until to 2025-2026 the question is how they gona start bond buying ...i think they don't they just make it look it's some real QE my opinion european bonds are just Junk bonds
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See laen vist liigitub pigem sinna facebooki finantsvabaduse sihtgruppi.
Elmo´ga sai vahepeal sellist 16% aastaintressiga sõitu tehtud, kus aga iga 5 000 eurot põhiosa tagasimakset oli tagatud riigi määratud elektriauto toetusega (mis iganes see reaalses elus oleks tähendanud). Küll, aga läks neil asi ühel hetkel lappama kui hakati arvama, et võiks pigem startupi mängida ning põletusahjud pandi korralikult tööle.
Terve 2022 aasta sai korralikult hinge kinni hoitud, et detsembri maturity´ks leitaks vajalikud vahendid. Hoolimata väidetavatest tehnilistest viivitustest, suudeti 2022 aasta lõpuks kohustused nõuetekohaselt arveldada. Muidu oleks ehk ka sunnitud osalema sealses saneerimisprotsessis. -
Eks siin olegi küsimus, kuidas "runwayd" defineerida ja kellele mida see täpselt tähendab...
