· 个股论点
涉及标的： $BAER
我研究了 $BAER。正如你提到的，需要注意的有：2.029亿美元+的债务，4.003亿美元+的优先股负债（需计提利息），以及新的3.315亿美元融资方案。此外，你还需要在模型中计入每年约2400万美元+的债务利息，这会大幅削减自由现金流(FCF)。因此，保守估计自由现金流约为1300万-1900万美元。鉴于有2亿美元+的高级债务和4亿美元+的优先股，这1900万美元的自由现金流基本被“锁定”，用于偿还债务。话虽如此，这些只是我复核过的资产负债表计算，我尚未深入研究公司的业务（如果其盈利能力足够强，或许能随时间推移抵消负债影响）。
I looked into $BAER. Something to look out for as you mentioned is that there's $202.9M+ debt, and $400.3 Million + preferred stock liabilities (which accrues interest), and that new $331.5 Million financing package. Then you need to model in that there's ~$24M+ debt interest a year, which does cut into any FCF a ton. So conservative FCF would be ~$13-19M or so, that ~$200M+ in senior debt and $400M+ in preferreds, that $19M in FCF is basically "trapped" and is being used to pay off debt. That being said these are just the balance sheet calculations that I double checked, I haven't looked much into what the company is doing (maybe it would overshadow liabilities over time if they're that profitable )