Although the management team has a good background, Mercari is facing issues like sluggish growth and negative operating cash flow, which seem quite hopeless.
クリスのレポート
未収入金、差入保証金が多額なため営業CFがマイナスで本業からキャッシュを出せておらず、売上の伸びも鈍化している。フリーキャッシュフローはかなり多いが、財務体質が良いとは言えない。預かり金が大量にあり自己資本比率が13.3％金融業に近いイメージのため問題はない。経営陣の経歴が外資系コンサルや投資銀行など良いがあまり事業の伸びに生かせていないのでは？
Chris's report
Due to the large amount of uncollected income and security deposits, the operating cash flow is
negative, and the company is not generating cash from its core business, with sales growth also slowing down. While the free cash flow is quite substantial, the financial constitution cannot be considered strong. There is a large amount of custodial funds, and with an equity ratio of 13.3%, it resembles a financial business, so there might not be a problem. The management team has backgrounds in foreign consulting and investment banking, which is good, but perhaps this has not been effectively utilized for business growth?
メルカリよく使うけど業績はどうなんだろう？
I often use Mercari, but I wonder how its performance is?
ミナの判断
経営陣が株価を気にして経営をしていない。財務状態や事業の伸びなど考えると全く投資する価値がないと思う。
Mina's judgement
The management team is not focused on stock prices in their decision-making. Considering the
financial condition and the lack of growth in the business, I think it's not worth investing in at all.
