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⭐️Delimobil bonds🚙 are still better than shares
⭐️Delimobil🚙 Bonds are still better than stocks
We are a company that specializes in analyzing and selecting 🚮 companies! Our selection is here, and we have already reviewed the Afanasy brewery, Henderson, Sunlight, the Kuzina coffee shop chain, and others. Among the most famous companies are Mvideo, Segezha, and Control Leasing.
Before analyzing the report, we asked Neuro what is better: taxi or car sharing. There is no universal answer, but it is worth considering the pros and cons...
High credit rating (A+) and excellent yield (prime rate premium up to 3.5%) – everything we love. Liquidity of shares is expected to be below secondary or tertiary level. Volume 2 billion (4.5 billion each for 2 and 3)
Delimobil is the largest car sharing company in Russia with a fleet of over 30,000 cars❗. The company operates in 12 cities (+ Ufa and Sochi). In some places there is only Delimobil, no Yandex, no City and especially no Belka.
Delimobil is vertically integrated: from servicing and refueling cars to independent repairs. This is done by subsidiaries.
Do you want to go to work? - Please; Do you want to go for a drive around the neighborhood this weekend? - Sure.
The industry feels comfortable in the segment between taxis and other types of transport.
— Taxi and car sharing for individual trips. Question: Alone or with a driver?
❗We once laughed at the cost of maintaining a car, which exceeds $1 million per year. This study was prepared as part of the IPO in Delhi.
Last time we celebrated breakeven. And now high debt servicing costs are putting pressure on its financials.
Despite all the difficulties, the business is growing. Can we talk about protection from inflation and devaluation (all assets are imported)? There are both pros and cons. Please write your thoughts in the comments.
· Easy to scale: the app is there, the process is set up, and the city is empty.
· Operational plus and IPO success: the capital hole is plugged❗
· Large profitable cities are occupied. The number of million-plus cities is limited. We do not believe in expectations that the market will grow sevenfold in six years.
· In many cases, insurance still does not compensate for the damage, which makes it difficult to actually find the culprit.
· We don't fully understand the financial life cycle of a car, i.e. its financial performance taking into account leasing. We'll find out.
· Car sharing is a capital-intensive business, and calculating the debt burden as EBITDA (reduced depreciation and amortization) is inaccurate (our unpopular opinion).
We like this company a lot, and even put it on our watchlist for promotion. But not now. High debt (including rent), slowing growth, and declining profitability will not go unnoticed. However, once monetary policy starts to ease, we will return to the stock.
Bonds are also interesting and most of the risks described do not affect solvency. But we are closely watching how the interest debt on payment increases. However, the reporting has not yet "absorbed" high base rates. Other issues with coupons of 12.7-13.7%
We participate in placements. And I will think about including this in my portfolio 👵🤟 Grandma at maximum speed