Blink Charging Co. (NASDAQ: BLNK)

Sector: Industrials Industry: Engineering & Construction CIK: 0001429764
Market Cap 76.99 Mn
P/B 0.85
P/E -0.61
P/S 0.72
ROIC (Qtr) -265.30
Div Yield % 0.00
Rev 1y % (Qtr) 7.32
Total Debt (Qtr) 8.02 Mn
Debt/Equity (Qtr) 0.09

About

Blink Charging Co., known by its stock symbol BLNK, is a prominent player in the rapidly expanding electric vehicle (EV) industry, specializing in the manufacturing, ownership, operation, and provision of EV charging equipment and networked EV charging services. The company's operations span across various locations, enabling EV drivers to recharge at numerous residential and commercial sites. Blink's core business activities involve the provision of EV charging networks, which encompass the operation, maintenance, and management of Blink charging...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 23.20M provide 8.35x coverage of short-term debt 2.78M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of (43.87M) provides exceptional 609.33x coverage of interest expenses (72000), showing strong debt service capability.
  • Robust free cash flow of (43.76M) exceeds capital expenditure of (116000) by 377.21x, indicating strong organic growth funding capability.
  • Strong tangible asset base of 143.24M provides 17.87x coverage of total debt 8.02M, indicating robust asset backing and low credit risk.
  • Free cash flow of (43.76M) provides exceptional 607.72x coverage of interest expense (72000), showing strong debt service ability.

Bear case

  • Operating cash flow of (43.87M) barely covers its investment activities of 25.05M, with a coverage ratio of -1.75, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Cash reserves of 23.20M provide limited coverage of acquisition spending of (207000), which is -112.06x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of (43.87M) provides insufficient coverage of deferred revenue obligations of 23.89M, which is -1.84x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (43.87M) shows concerning coverage of stock compensation expenses of 2.83M, with a -15.48 ratio indicating potential earnings quality issues.
  • Operating cash flow of (43.87M) provides minimal -62.41x coverage of tax expenses of 703000, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Product and Service Breakdown of Revenue (2024)

Product and Service Breakdown of Revenue (2024)

Peer comparison

Companies in the Engineering & Construction
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 PWR Quanta Services, Inc. 62.71 Bn 61.60 2.31 6.02 Bn
2 FER Ferrovial SE 48.08 Bn 14.25 5.05 -
3 FIX Comfort Systems Usa Inc 35.76 Bn 42.69 4.30 0.39 Bn
4 EME EMCOR Group, Inc. 29.29 Bn 25.91 1.80 0.42 Bn
5 APG APi Group Corp 17.37 Bn 111.36 2.27 3.05 Bn
6 MTZ Mastec Inc 17.01 Bn 51.39 1.24 2.77 Bn
7 J Jacobs Solutions Inc. 16.94 Bn 58.56 1.41 2.71 Bn
8 BLD TopBuild Corp 13.35 Bn 23.52 2.55 3.09 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.36 1.61
EV to Cash from Ops. EV/CFO -1.39 6.94
EV to Debt EV to Debt 7.63 11.81
EV to EBIT EV/EBIT -0.49 17.80
EV to EBITDA EV/EBITDA -0.56 13.77
EV to Free Cash Flow [EV/FCF] EV/FCF -1.40 55.77
EV to Market Cap EV to Market Cap 0.79 1.20
EV to Revenue EV/Rev 0.57 1.65
Price to Book Value [P/B] P/B 0.85 5.81
Price to Earnings [P/E] P/E -0.61 35.89
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 2.51
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 25.81
Dividend per Basic Share Div per Share (Qtr) 0.00 0.24
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 4.05
Interest Coverage Int. cover (Qtr) 1,744.89 80.15
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 101.10 -166.01
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -64.13 637.72
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 5.87
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 11.44 92.47
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 16.11 8.04
EBIT Growth (1y) % EBIT 1y % (Qtr) 11.66 85.34
EBT Growth (1y) % EBT 1y % (Qtr) 12.72 42.07
EPS Growth (1y) % EPS 1y % (Qtr) 13.38 43.76
FCF Growth (1y) % FCF 1y % (Qtr) 33.47 -20.95
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -39.19 32.46
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.62 1.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 0.38 0.38
Current Ratio Curr Ratio (Qtr) 1.60 1.55
Debt to Equity Ratio Debt/Equity (Qtr) 0.09 0.89
Interest Cover Ratio Int Coverage (Qtr) 1,744.89 80.15
Times Interest Earned Times Interest Earned (Qtr) 1,744.89 80.15
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -101.70 0.40
EBIT Margin % EBIT Margin % (Qtr) -117.82 -2.31
EBT Margin % EBT Margin % (Qtr) -117.75 -4.59
Gross Margin % Gross Margin % (Qtr) 25.00 20.38
Net Profit Margin % Net Margin % (Qtr) -118.40 -5.96