Global-E Online Ltd. (NASDAQ: GLBE)

Sector: Consumer Cyclical Industry: Internet Retail CIK: 0001835963
Market Cap 5.97 Bn
P/B 6.40
P/E 815.25
P/S 6.72
ROIC (Qtr) 1.36
Div Yield % 0.00
Rev 1y % (Qtr) 25.46
Total Debt (Qtr) 23.97 Mn
Debt/Equity (Qtr) 0.03

About

Global-E Online Ltd. (GLBE) is a leading provider of global e-commerce enablement solutions, operating in the vast and rapidly growing e-commerce industry. The company's main business activities revolve around helping merchants sell and scale globally by providing a comprehensive platform that overcomes the complexities associated with international e-commerce. With a presence in over 30 countries, Global-E has established itself as a key player in the industry. Global-E generates revenue through its primary products and services, which include...

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Price action

Investment thesis

Bull case

  • Strong operating cash flow of 196.49M provides robust 8.20x coverage of total debt 23.97M, indicating excellent debt servicing capability and financial flexibility.
  • Healthy cash reserves of 251.38M provide 52.04x coverage of short-term debt 4.83M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 837.14M provides 34.92x coverage of total debt 23.97M, indicating robust asset backing and low credit risk.
  • Operating cash flow of 196.49M provides exceptional 31.05x coverage of interest expenses 6.33M, showing strong debt service capability.
  • Robust free cash flow of 193.31M exceeds capital expenditure of 3.19M by 60.69x, indicating strong organic growth funding capability.

Bear case

  • Operating cash flow of 196.49M barely covers its investment activities of (170.75M), with a coverage ratio of -1.15, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (170.75M) provide weak support for R&D spending of 117.97M, which is -1.45x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of 196.49M provides minimal -2847.71x coverage of tax expenses of (69000), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of 13.59M show weak coverage of depreciation charges of 20.29M, with a 0.67 ratio indicating high capital intensity and potential reinvestment needs.
  • Retained earnings of (526.58M) provide limited buffer against comprehensive income items of 3.95M, which is -133.28x, indicating elevated exposure to market risks.

Peer comparison

Companies in the Internet Retail
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 AMZN Amazon Com Inc 2,240.82 Bn 28.85 3.13 152.99 Bn
2 BABA Alibaba Group Holding Ltd 376.37 Bn 21.36 2.65 39.55 Bn
3 PDD PDD Holdings Inc. 146.78 Bn 10.22 2.50 1.50 Bn
4 MELI Mercadolibre Inc 99.88 Bn 48.09 3.81 9.88 Bn
5 DASH DoorDash, Inc. 77.19 Bn 89.45 6.11 3.26 Bn
6 SE Sea Ltd 64.15 Bn 45.22 3.05 4.24 Bn
7 JD JD.com, Inc. 40.42 Bn 8.94 0.22 15.74 Bn
8 EBAY Ebay Inc 40.35 Bn 18.49 3.77 7.02 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 4.53 1.44
EV to Cash from Ops. EV/CFO 29.48 10.32
EV to Debt EV to Debt 241.64 11.03
EV to EBIT EV/EBIT 426.38 18.24
EV to EBITDA EV/EBITDA 171.01 16.97
EV to Free Cash Flow [EV/FCF] EV/FCF 29.97 15.91
EV to Market Cap EV to Market Cap 0.97 -40.94
EV to Revenue EV/Rev 6.52 -2.40
Price to Book Value [P/B] P/B 6.40 5.28
Price to Earnings [P/E] P/E 815.25 32.69
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -93.84
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -203.90
Dividend per Basic Share Div per Share (Qtr) 0.00 0.08
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -3.46
Interest Coverage Int. cover (Qtr) 2.15 37.32
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -14.61 -39.22
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 21.25 58.76
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 113.89 -370.47
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 145.41 -113.32
EBIT Growth (1y) % EBIT 1y % (Qtr) 114.13 -1,110.85
EBT Growth (1y) % EBT 1y % (Qtr) 107.52 -130.57
EPS Growth (1y) % EPS 1y % (Qtr) 106.90 2.19
FCF Growth (1y) % FCF 1y % (Qtr) 47.76 -50.73
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 34.66 0.67
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.69 1.16
Cash Payout Ratio Cash Payout Ratio 0.00 -0.04
Cash Ratio Cash Ratio (Qtr) 0.77 2.15
Current Ratio Curr Ratio (Qtr) 2.44 3.66
Debt to Equity Ratio Debt/Equity (Qtr) 0.03 0.49
Interest Cover Ratio Int Coverage (Qtr) 2.15 37.32
Times Interest Earned Times Interest Earned (Qtr) 2.15 37.32
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 3.80 3.67
EBIT Margin % EBIT Margin % (Qtr) 1.53 -28.93
EBT Margin % EBT Margin % (Qtr) 0.82 -42.42
Gross Margin % Gross Margin % (Qtr) 45.00 44.90
Net Profit Margin % Net Margin % (Qtr) 0.80 -42.23