{"id":87662,"date":"2023-11-22T18:17:24","date_gmt":"2023-11-22T23:17:24","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/atrenew-reported-sound-q3-earnings-but-stock-remains-undervalued-nyserere\/"},"modified":"2023-11-22T18:17:26","modified_gmt":"2023-11-22T23:17:26","slug":"atrenew-reported-sound-q3-earnings-but-stock-remains-undervalued-nyserere","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87662","title":{"rendered":"ATRenew Reported Sound Q3 Earnings, But Stock Remains Undervalued (NYSE:RERE)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<\/p>\n<p><strong>ATRenew Inc.<\/strong> (<span class=\"ticker-hover-wrapper\">NYSE:RERE<\/span>) has just reported very sound quarterly results. The company&#8217;s stock has not been doing very well, however. In my view, this is mostly due to the stock market not experiencing its best<span class=\"paywall-full-content invisible\"> days, and also the fact that RERE is not a classical &#8220;blue chip.&#8221; But apart from an impressive set of results, there have been plenty of positive developments. So, RERE seems to be quite undervalued. But let me explain this later on in this article.<\/span><\/p>\n<h2 class=\"paywall-full-content invisible\">ATRenew &#8211; quarterly earnings<\/h2>\n<p class=\"paywall-full-content invisible\">Here is a summary of the company&#8217;s recent earnings.<\/p>\n<ul class=\"paywall-full-content invisible\">\n<li> <strong>ATRenew&#8217;s total net revenues<\/strong> increased by a whopping 28.4% to RMB 3,256.8 million, or US $446.4 million, from RMB 2,536.0 million in 3Q 2022.<\/li>\n<li> <strong>The company&#8217;s loss from operations <\/strong>was RMB 28.1 million, or US$3.8 million, compared to a loss from operations of<span class=\"paywall-full-content no-summary-bullets invisible\"> RMB 110.0 million in 3Q 2022.<\/span> <\/li>\n<li class=\"paywall-full-content no-summary-bullets invisible\"> <strong><strong>The a<\/strong>djusted <strong><strong>non-GAAP <\/strong><\/strong>income from operations <\/strong>totaled RMB 73.8 million or US$10.1 million, compared to RMB 10.8 million in 3Q 2022.<\/li>\n<li class=\"paywall-full-content no-summary-bullets invisible\"> <strong>The number of consumer products transacted, <\/strong>however, totaled 8.2 million, compared to 8.3 million in the third quarter of 2022.<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Let us have a look at the table and graphs below to see how the company is doing.<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col span=\"11\"> <\/colgroup>\n<tr>\n<td colspan=\"11\"><strong>RERE quarterly earnings (in million RMB)<\/strong><\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>Time period<\/td>\n<td>Q1 21<\/td>\n<td>Q2 21<\/td>\n<td>Q3 21<\/td>\n<td>Q4 21<\/td>\n<td>1Q 22<\/td>\n<td>2Q 22<\/td>\n<td>3Q 22<\/td>\n<td>4Q 22<\/td>\n<td>1Q 23<\/td>\n<td>2Q 23<\/td>\n<td>3Q 23<\/td>\n<\/tr>\n<tr>\n<td>Revenue<\/td>\n<td>1514<\/td>\n<td>1868<\/td>\n<td>1962<\/td>\n<td>2436<\/td>\n<td>2207<\/td>\n<td>2146<\/td>\n<td>2536<\/td>\n<td>2981<\/td>\n<td>2872<\/td>\n<td>2964<\/td>\n<td>3257<\/td>\n<\/tr>\n<tr>\n<td>GAAP net profit<\/td>\n<td>-95<\/td>\n<td>-506<\/td>\n<td>-122<\/td>\n<td>-104<\/td>\n<td>-161<\/td>\n<td>-125<\/td>\n<td>-30<\/td>\n<td>-2151<\/td>\n<td>-50<\/td>\n<td>-65<\/td>\n<td>-44<\/td>\n<\/tr>\n<tr>\n<td>Non-GAAP net profit<\/td>\n<td>-36<\/td>\n<td>-60<\/td>\n<td>-23<\/td>\n<td>-50<\/td>\n<td>-36<\/td>\n<td>-13<\/td>\n<td>77<\/td>\n<td>22<\/td>\n<td>50<\/td>\n<td>36<\/td>\n<td>48<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><em>Source: Prepared by the author based on ATRenew&#8217;s data.<\/em><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In my view, the best part of the earnings story is ATRenew&#8217;s sales history. The company&#8217;s revenues have been steadily rising for a while.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/50290581-17006482323034446.png\" alt=\"ATRenew revenue\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>ATRenew<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As concerns ATRenew&#8217;s GAAP and non-GAAP net profits, these have been quite stable for a few consecutive quarters. But the Q3 2023 GAAP net loss was somewhat lower compared to Q2 2023. So there are some improvements, too.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/50290581-17006483377155995.png\" alt=\"ATRenew profit\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>ATRenew<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Since Q2 2022, the company&#8217;s non-GAAP net profits have been positive.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/50290581-17006483537316139.png\" alt=\"ATRenew profit\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>ATRenew<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">But let me explain the last set of results as well as the management&#8217;s outlook for the business.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">The market outlook and management&#8217;s comments<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ATRenew&#8217;s CEO and founder Mr. Kerry Xuefeng Chen has again confirmed the company&#8217;s positive outlook. For Q4 2023, ATRenew currently expects its total revenues to total between RMB 3,730.0 million and RMB 3,830.0 million.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">According to the company&#8217;s CEO, the 1P business, the one that involves buying recycled goods directly from consumers, is doing well. So, it has been recording a sustainable year-over-year growth rate of over 30% in product sales thanks to stable user demand for recycling and exchanging used items for new ones. The company&#8217;s multi-category recycling business expanded rapidly as consumers showed great interest in exchanging second-hand luxury goods for cash at AHS Recycle.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Mr. Chen, the company&#8217;s Chief Financial Officer commented on a non-GAAP income from operations of RMB 73.8 million. This positive result was due to ATRenew&#8217;s automated quality inspection capabilities. Thanks to improved regional and city-level facilities and logistics, ATRenew&#8217;s cost efficiency also got better. Also, compared to the same period of 2022, the marketing expenses decreased.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As concerns ATRenew&#8217;s capital utilization, the company invested in strategic collaborations with manufacturers, and managed its liquidity and stocks. It even allocated USD $4 million for share buybacks this quarter. As of the end of the Q3 2023, ATRenew&#8217;s cash, cash equivalents, restricted cash, short-term investments, and funds receivable totaled RMB 2.3 billion, which is very reasonable for the company the size of ATRenew. But I will touch on the company&#8217;s debt and liquidity position later on in this article.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Other news and developments<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ATRenew joined Apple&#8217;s official recycling and trade-in program in the third quarter. According to Mr. Chen, the partnership is gaining traction. ATRenew expects it could eventually add between 1 billion yuan ($138 million) and 1.5 billion yuan in annual sales. That is equal to as much as 15% of its current total.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Moreover, the company has started co-operating with Swappie, a renowned EU second-hand smartphone recycling and sales platform, to market the artificial intelligence self-service cell phone recycling machine solution to land in Sweden. The first 10 self-service cell phone recycling machines have been installed in ICA&#8217;s stores in Stockholm, Uppsala, Helsingborg, and Malm\u00f6, allowing consumers to conveniently recycle their old cell phones.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">There were also some positive announcements for the company&#8217;s business reputation. First, ATRenew announced its recognition by the Reuters Responsible Business Awards 2023 in the Circular Transition category. ATRenew was &#8216;Highly Commended&#8217; by 25 expert judges. In other words, the company was recognized for its recycling and sustainability initiatives.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Second, ATRenew has joined the United Nations Global Compact (UNGC) initiative, a platform for the development, implementation, and disclosure of responsible business practices. UNGC is the largest sustainability initiative in the world. More than 15,000 companies, including ATRenew and 4,000 non-business signatories operating in more than 160 countries have already joined.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">You might argue that these reputational developments do not directly add to the company&#8217;s profitability. However, sustainability, recycling, and other &#8220;green&#8221; initiatives are very popular nowadays. And they add to ATRenew&#8217;s recognition. If the company decides to expand to EU countries or the U.S., for example, it will be very useful for RERE&#8217;s promotion. It seems to me that given ATRenew&#8217;s cooperation with Sweden&#8217;s Swappie and Apple, the company might further expand to other countries and continents.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Fundamental indicators and valuations<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In spite of the fact that ATRenew cannot boast a long history of GAAP profitability, it is enjoying very good liquidity.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/50290581-17005791817625296.png\" alt=\"ATRenew's liquidity\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>GuruFocus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The same is true of its debt versus cash ratio. The cash levels have been rising since 2020, whilst the debt level has been decreasing.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/50290581-1700579610559467.png\" alt=\"ATRenew cash versus debt\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>GuruFocus<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<tr>\n<td>\n<p><strong>Indicator<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Sector relative grade<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>RERE<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>P\/E Non-GAAP (TTM)<\/strong><\/p>\n<\/td>\n<td>\n<p>B<\/p>\n<\/td>\n<td>\n<p>11.27<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>EV\/Sales (TTM)<\/strong><\/p>\n<\/td>\n<td>\n<p>A+<\/p>\n<\/td>\n<td>\n<p>0.09<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Price\/Sales (TTM)<\/strong><\/p>\n<\/td>\n<td>\n<p>A-<\/p>\n<\/td>\n<td>\n<p>0.28<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Price\/Book (TTM)<\/strong><\/p>\n<\/td>\n<td>\n<p>A-<\/p>\n<\/td>\n<td>\n<p>0.83<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Price\/Cash Flow (TTM) <\/strong><\/p>\n<\/td>\n<td>\n<p>A<\/p>\n<\/td>\n<td>\n<p>3.08<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><em>Source: Seeking Alpha.<\/em><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Although ATRenew is not a classical blue chip, its stock is very undervalued, especially if we have a look at the company&#8217;s EV\/Sales ratio. Almost all of its valuation indicators suggest undervaluation.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Even after having reported a sound set of results, RERE stock is facing some downside pressure, which is not fair, in my opinion.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/saupload_0d094267d995524d795af7d8f51b139f.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So, RERE stock seems to be undervalued.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Risks<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Like every business, ATRenew is facing its own risks. First of all, the company cannot boast a long profitability history. Some investors prefer to buy highly stable, dividend-paying, and very large companies. So, RERE might not be an investment for them. Then, ATRenew is a Chinese business, which means it can be affected by deteriorating relations between the U.S. and China.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">But I personally see that ATRenew is facing plenty of excellent opportunities, even though a recession is also likely ahead. However, I think that all these risks are already factored into the stock price.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Conclusion<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ATRenew Inc. has reported good earnings, announced some strategic partnerships, and also improved its business reputation. In spite of these positive developments, the stock is trading too low in my view, suggesting undervaluation. Although RERE stock might not be a perfect fit for conservative investors, market participants interested in undervalued Chinese companies with growth potential might do well if they buy ATRenew&#8217;s shares.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4653768-atrenew-reported-very-sound-q3-earnings-but-the-stock-remains-undervalued?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ATRenew Inc. (NYSE:RERE) has just reported very sound quarterly results. The company&#8217;s stock has not been doing very well, however. In my view, this is mostly due to the stock market not experiencing its best days, and also the fact that RERE is not a classical &#8220;blue chip.&#8221; But apart from an impressive set of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-87662","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ATRenew Reported Sound Q3 Earnings, But Stock Remains Undervalued (NYSE:RERE) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"ATRenew Inc. (NYSE:RERE) has just reported very sound quarterly results. The company&#039;s stock has not been doing very well, however. 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