<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/02/midnight-side-profile-on-tarmac-1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/02/midnight-side-profile-on-tarmac-1.jpg"/></p>
<p>Archer Aviation（ACHR）股價在過去幾年中暴跌，主要是由於對稀釋和整體電動垂直起降（eVTOL）行業的擔憂持續存在。它從 2021 年的最高紀錄價 18.55 美元暴跌至 3.10 美元。與此同時，流通股數量從超過 5000 萬股增加到近 3 億股。</p>
<p>Archer Aviation 並非陷入困境的唯一 eVTOL 公司。Lilium 股價從 2021 年的 15.5 美元下跌至 0.6665 美元，而 Joby Aviation 從 17 美元跌至 4.77 美元。</p>
<p>這些股票大多因相似原因而下跌。它們都在燒錢，處於一個未經驗證的市場，並從投資者那裏籌集了大量資金。</p>
<h2>分析師對 ACHR 持樂觀態度</h2>
<p>儘管 eVTOL 行業前景黯淡，但一些分析師開始對 Archer Aviation 持樂觀態度，這是該行業最大的公司之一。在最近的一份報告中，坎特菲茨傑（Cantor Fitzgerald）的分析師保持了他們樂觀的觀點和 10 美元的目標價。這意味着他們預計股價將上漲超過 228%。</p>
<p>同時，HC Wainwright 的分析師開始覆蓋該股，並設定了 12.50 美元的目標價。在他們的報告中，分析師指出該公司在測試和銷售方面取得了很大進展，這意味着未來幾年可能會起飛。Benchmark 和 JP 摩根的分析師也對 Archer 持樂觀態度。</p>
<p>分析師對 Archer Aviation 的平均目標股價為 9.50 美元，這意味着股價需要從當前水平上漲超過 250%。</p>
<h2>Archer Aviation 取得了進展</h2>
<p>我認為 Archer Aviation - 以及 Joby Aviation - 在商業化之前在其發展方面取得了實質性進展。</p>
<p>在我看來，最重要的進展之一是與 Jeep 和 Chrysler 的母公司 Stellantis 的合作。作為交易的一部分，Stellantis 收購了該公司的大量股份並提供了其製造專業知識。</p>
<p>最近，Stellantis 向 Archer 投資約 5000 萬美元，使其總投資額達到 3 億美元。</p>
<p>根據這項交易，Stellantis 將負責製造其飛機，而 Archer 將專注於研發。在此過程中，Stellantis 將以新發行的股份換取季度股票獎勵。</p>
<p>總的來説，Archer Aviation 將成為一家專注於研發和銷售的資產輕型公司，至少在最初階段是這樣。</p>
<h2>稀釋是投資者面臨的主要風險</h2>
<p>正如我之前所寫的，Archer Aviation 面臨的最大風險之一是稀釋，即公司發行新股。</p>
<p>在過去幾年中，Archer Aviation 繼續通過出售新股籌集資金。在第二季度，它籌集了 2.3 億美元，使其資產負債表上的現金總額超過 5 億美元。</p>
<p>風險在於公司將繼續在商業化進程之前和之後籌集更多資金。在上個季度，其淨虧損超過 1.06 億美元，使其連續五個季度的虧損超過 3.54 億美元。</p>
<p>Archer Aviation 在這一時期的無負債自由現金流為 3 億美元以上。因此，隨着這一趨勢預計將繼續，存在着公司將繼續稀釋現有股東的風險。其與 Stellantis 的交易也具有稀釋性，因為公司將使用新發行的股份支付。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Archer-Aviation-stock.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Archer-Aviation-stock.png"/></p>
<p><em>Archer Aviation 股票稀釋</em></p>
<h2>風險/回報分析</h2>
<p>Archer Aviation 存在於一個尚未經過測試的高風險/回報行業。從理論上講，eVTOL 的概念是有道理的，因為城市不斷擴大，對更混合的交通網絡的需求也在增加。Markets and Markets 的一項研究估計，到 2030 年，該行業的價值將超過 300 億美元，而今天不到 20 億美元。</p>
<p>這解釋了為什麼 Archer Aviation 收到了如此多的預訂。在最近的財務結果中，該公司表示，來自美國聯合航空公司和未來飛行全球等公司的訂單積壓超過 60 億美元。這一訂單量約為公司當前市值的 6 倍。</p>
<p>此外，Archer Aviation 在其測試過程中取得了實質性進展。其 Midnight 飛機已完成首次過渡，這一點值得注意，因為其重量達到 6500 磅。它還獲得了兩項關鍵認證，一項是其適航性，另一項允許其在美國運營航空公司。</p>
<p>因此，如果 eVTOL 行業表現良好，那麼 Archer Aviation - 以及 Joby Aviation - 將處於領先地位。這些公司有機會成為這個新行業的特斯拉。</p>
<p>因此，對於具有長期視野的投資者來説，投資 Archer Aviation 是有道理的。</p>
<p>然而，這些投資者應該意識到幾個重要風險。正如前面所述，稀釋問題將長期存在。</p>
<p>還有一個風險，即行業規模可能不如分析師預期的那麼大。過去，我們曾看到一些關於新興行業的花哨論文，最終卻崩潰了。最值得注意的行業包括大麻和 3D 打印。</p>
<p>本文來源於 Invezz，原文鏈接：Analysts are upbeat about Archer Aviation stock: should you?</p>

ACHR

<p>阿切爾航空（ACHR）股票自 2021 年高峰以來出現了急劇下跌，從 0.55 美元跌至 0.10 美元，原因是行業擔憂和股份增加。儘管如此，坎特菲茨傑和 HC 韋恩賴特的分析師持樂觀態度，預計股價將大幅上漲超過 228%，目標價為 0.50 美元。阿切爾航空與斯泰蘭蒂斯的合作提升了其前景，儘管股份稀釋仍然是一個關鍵風險，因為公司通過發行新股籌集資金。電垂直起降（eVTOL）行業具有潛力，阿切爾可能憑藉大量預訂訂單成為領導者</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/02/midnight-side-profile-on-tarmac-1.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/02/midnight-side-profile-on-tarmac-1.jpg"/></p>
<p>Archer Aviation (ACHR) stock price has imploded in the past few years, as concerns about dilution and the overall electric vertical take-off and landing (eVTOL) industry continued. It has crashed from a record high of $18.55 in 2021 to $3.10. At the same time, the number of outstanding shares have risen from over 50 million to almost 300 million.</p>
<div class="lb-trans"><p>Archer Aviation（ACHR）股價在過去幾年中暴跌，主要是由於對稀釋和整體電動垂直起降（eVTOL）行業的擔憂持續存在。它從 2021 年的最高紀錄價 18.55 美元暴跌至 3.10 美元。與此同時，流通股數量從超過 5000 萬股增加到近 3 億股。</p>
</div><p>Archer Aviation is not the only eVTOL company in trouble. Lilium stock has dropped from $15.5 in 2021 to $0.6665 while Joby Aviation has moved from $17 to $4.77.</p>
<div class="lb-trans"><p>Archer Aviation 並非陷入困境的唯一 eVTOL 公司。Lilium 股價從 2021 年的 15.5 美元下跌至 0.6665 美元，而 Joby Aviation 從 17 美元跌至 4.77 美元。</p>
</div><p>These stocks have all dropped mostly for similar reasons. They are all burning cash, are in an unproven market, and are raising substantial sums of money from investors.</p>
<div class="lb-trans"><p>這些股票大多因相似原因而下跌。它們都在燒錢，處於一個未經驗證的市場，並從投資者那裏籌集了大量資金。</p>
</div><h2>Analysts are getting optimistic about ACHR</h2>
<div class="lb-trans"><h2>分析師對 ACHR 持樂觀態度</h2>
</div><p>Despite the doom and gloom in the eVTOL industry, some analysts are starting to sound upbeat about Archer Aviation, one of the biggest companies in the industry. In a recent note, analysts at Cantor Fitzgerald, maintained their optimistic view and their price target of $10. This means that they expect the stock to rise by over 228%.</p>
<div class="lb-trans"><p>儘管 eVTOL 行業前景黯淡，但一些分析師開始對 Archer Aviation 持樂觀態度，這是該行業最大的公司之一。在最近的一份報告中，坎特菲茨傑（Cantor Fitzgerald）的分析師保持了他們樂觀的觀點和 10 美元的目標價。這意味着他們預計股價將上漲超過 228%。</p>
</div><p>At the same time, analysts at HC Wainwright initiated their coverage with a $12.50 target. In their note, the analysts noted that the company has made a lot of progress in its testing and sales, meaning that it could take off in the coming years. Analysts at Benchmark and JP Morgan are also upbeat about Archer.</p>
<div class="lb-trans"><p>同時，HC Wainwright 的分析師開始覆蓋該股，並設定了 12.50 美元的目標價。在他們的報告中，分析師指出該公司在測試和銷售方面取得了很大進展，這意味着未來幾年可能會起飛。Benchmark 和 JP 摩根的分析師也對 Archer 持樂觀態度。</p>
</div><p>The average Archer Aviation stock target by analysts is $9.50, meaning that it needs to rise by over 250% from the current level.</p>
<div class="lb-trans"><p>分析師對 Archer Aviation 的平均目標股價為 9.50 美元，這意味着股價需要從當前水平上漲超過 250%。</p>
</div><h2>Archer Aviation has made progress</h2>
<div class="lb-trans"><h2>Archer Aviation 取得了進展</h2>
</div><p>I believe that Archer Aviation – and Joby Aviation – has made substantial progress in its development ahead of commercialization.</p>
<div class="lb-trans"><p>我認為 Archer Aviation - 以及 Joby Aviation - 在商業化之前在其發展方面取得了實質性進展。</p>
</div><p>The most important, in my view, has been its partnership with Stellantis, the parent company of Jeep and Chrysler. As part of its deal, Stellantis has acquired a substantial stake in the company and offered its manufacturing expertise.</p>
<div class="lb-trans"><p>在我看來，最重要的進展之一是與 Jeep 和 Chrysler 的母公司 Stellantis 的合作。作為交易的一部分，Stellantis 收購了該公司的大量股份並提供了其製造專業知識。</p>
</div><p>Most recently, Stellantis invested about $50 million in Archer, bringing its total investment to $300 million.</p>
<div class="lb-trans"><p>最近，Stellantis 向 Archer 投資約 5000 萬美元，使其總投資額達到 3 億美元。</p>
</div><p>This deal will see Stellantis handle the manufacturing of its aircraft as it focuses on research and development (R&amp;D). In this, Stellantis will fund labor and capital expenditures in exchange for quarterly share awards.</p>
<div class="lb-trans"><p>根據這項交易，Stellantis 將負責製造其飛機，而 Archer 將專注於研發。在此過程中，Stellantis 將以新發行的股份換取季度股票獎勵。</p>
</div><p>Altogether, Archer Aviation will become an asset-light company focusing on R&amp;D and sales, at least initially.</p>
<div class="lb-trans"><p>總的來説，Archer Aviation 將成為一家專注於研發和銷售的資產輕型公司，至少在最初階段是這樣。</p>
</div><h2>Dilution is a key risk for investors</h2>
<div class="lb-trans"><h2>稀釋是投資者面臨的主要風險</h2>
</div><p>As I have written before <strong>,</strong> one of the biggest risks that Archer Aviation faces is dilution, where the company introduces new shares.</p>
<div class="lb-trans"><p>正如我之前所寫的，Archer Aviation 面臨的最大風險之一是稀釋，即公司發行新股。</p>
</div><p>Archer Aviation has continued to raise cash by selling new shares in the last few years. It raised $230 million in the second quarter, bringing its total cash on its balance sheet to over $500 million.</p>
<div class="lb-trans"><p>在過去幾年中，Archer Aviation 繼續通過出售新股籌集資金。在第二季度，它籌集了 2.3 億美元，使其資產負債表上的現金總額超過 5 億美元。</p>
</div><p>The risk is that the company will continue to raise more money ahead and after its commercialization progress. In the last quarter, it had a net loss of over $106 million, bringing its five-quarter losses to over $354 million.</p>
<div class="lb-trans"><p>風險在於公司將繼續在商業化進程之前和之後籌集更多資金。在上個季度，其淨虧損超過 1.06 億美元，使其連續五個季度的虧損超過 3.54 億美元。</p>
</div><p>Archer Aviation’s unlevered free cash outflow stood at over $300 million in this period. As such, with this trend expected to continue, there is a risk that it will continue to dilute existing shareholders. Its deal with Stellantis is also dilutive since the company will pay it using newly issued shares.</p>
<div class="lb-trans"><p>Archer Aviation 在這一時期的無負債自由現金流為 3 億美元以上。因此，隨着這一趨勢預計將繼續，存在着公司將繼續稀釋現有股東的風險。其與 Stellantis 的交易也具有稀釋性，因為公司將使用新發行的股份支付。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Archer-Aviation-stock.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/Archer-Aviation-stock.png"/></p>
<p><em>Archer Aviation stock dilution</em></p>
<div class="lb-trans"><p><em>Archer Aviation 股票稀釋</em></p>
</div><h2>Risk/reward analysis</h2>
<div class="lb-trans"><h2>風險/回報分析</h2>
</div><p>Archer Aviation exists in a high-risk/reward industry that has not been tested yet. On paper, the idea of eVTOL makes sense as cities continues getting bigger and desire for a more hybrid transportation network rise. A research by Markets and Markets estimated that the industry will be worth over $30 billion by 2030, up from less than $2 billion today.</p>
<div class="lb-trans"><p>Archer Aviation 存在於一個尚未經過測試的高風險/回報行業。從理論上講，eVTOL 的概念是有道理的，因為城市不斷擴大，對更混合的交通網絡的需求也在增加。Markets and Markets 的一項研究估計，到 2030 年，該行業的價值將超過 300 億美元，而今天不到 20 億美元。</p>
</div><p>This explains why Archer Aviation has received so many pre-orders. In the last financial results, the company said that it had a big backlog of over $6 billion from companies like United Airlines and Future Flight Global. That order book is about 6 times the company’s current market cap.</p>
<div class="lb-trans"><p>這解釋了為什麼 Archer Aviation 收到了如此多的預訂。在最近的財務結果中，該公司表示，來自美國聯合航空公司和未來飛行全球等公司的訂單積壓超過 60 億美元。這一訂單量約為公司當前市值的 6 倍。</p>
</div><p>Additionally, Archer Aviation has made substantial progress in its testing process. Its Midnight aircraft has completed its first transition, which is notable because of its 6,500-pound weight. It has also received two crucial certifications, one for its airworthiness and the other one that allows it to operate an airline in the US.</p>
<div class="lb-trans"><p>此外，Archer Aviation 在其測試過程中取得了實質性進展。其 Midnight 飛機已完成首次過渡，這一點值得注意，因為其重量達到 6500 磅。它還獲得了兩項關鍵認證，一項是其適航性，另一項允許其在美國運營航空公司。</p>
</div><p>Therefore, if the eVTOL industry does well, chances are that Archer Aviation – and Joby Aviation – are in a pole position. These firms have a chance to become the Teslas of this new industry.</p>
<div class="lb-trans"><p>因此，如果 eVTOL 行業表現良好，那麼 Archer Aviation - 以及 Joby Aviation - 將處於領先地位。這些公司有機會成為這個新行業的特斯拉。</p>
</div><p>As such, it makes some sense to invest in Archer Aviation, especially for investors with a long-term horizon.</p>
<div class="lb-trans"><p>因此，對於具有長期視野的投資者來説，投資 Archer Aviation 是有道理的。</p>
</div><p>However, these investors should be aware of several important risks. As noted, there is the issue with dilution, which will be here for a long time.</p>
<div class="lb-trans"><p>然而，這些投資者應該意識到幾個重要風險。正如前面所述，稀釋問題將長期存在。</p>
</div><p>There is also the risk that the industry will not be as big as what analysts expect. In the past, we have seen some flashy papers on new industries, only for them to implode. Some of the most notable industries are cannabis and 3D printing.</p>
<div class="lb-trans"><p>還有一個風險，即行業規模可能不如分析師預期的那麼大。過去，我們曾看到一些關於新興行業的花哨論文，最終卻崩潰了。最值得注意的行業包括大麻和 3D 打印。</p>
</div><p>The post Analysts are upbeat about Archer Aviation stock: should you? appeared first on Invezz</p>
<div class="lb-trans"><p>本文來源於 Invezz，原文鏈接：Analysts are upbeat about Archer Aviation stock: should you?</p>
</div>

分析師對 Archer Aviation 的股票持樂觀態度：你是否也應該如此呢？