How long can a company survive with zero revenue?  The COVID-19 crisis has forced governments to restrict movement so  restaurants, hotels and travel companies are faced with a grim scenario where revenue drops to zero.

The cyclical companies in my portfolio such as China Aviation  Oil, TripAdvisor and HRNet are vulnerable but I subjected all of my portfolio companies to this zero sales acid-test.

The table below shows how long each company can last in a zero revenue scenario and their balance sheet situation.

Zero revenue runway (days) Cash (USDm) Net cash/debt China Aviation Oil                 6,915                    379  Net cash HRNet                 1,022                    185  Net cash Visa                    795               15,943  Net debt SOG                    500                       18  Net cash MasterCard                    418                 7,676  Net debt iFAST                    214                       17...