$Danaos (DAC.US)$ Danaos's stock price declined rapidly afte...

Danaos's stock price declined rapidly after reaching a record high of $477 in 2008, reached a low of $2.4 in 2020, and has now rebounded to $81.6A historically low level. The gross margin is basicallyAround 55%, soaring to 63% in 2021。 The return on net assets was around 16% and soared to in 202167.4%, looks OK.

Revenue, operating profit, and net profit rose amid fluctuations. In 2021, they soared 49.4%, 79.6%, and nearly six times, respectively.

The growth rate in 2022/Q1 fell to 74%, 143%, and 11.7%, respectively. Looks like there should be moisture in 2021's net profit.

The income statement shows that interest income accounted for about 25-40% of operating profit until 2021, which greatly affects profit levels. In 2021, it fell below 20%, so net profit rose sharply. Revenue from other categories reached $760 million in 2021, mainly income from the sale of securities, which was not available in previous years. Excluding the drop, net profit in 2021 was 290 million yuan, an increase rate of 88%. If calculated at 290 million, the adjusted price-earnings ratio is5.8.

The balance ratio has declined rapidly over the past five years, from 81.6% to 38.4% now. At the end of 2021, accounts receivable were $38 million, but by 2022 Q1, it had soared to 156 million, an increase of 120 million. The report revealed that this item mainly consists of ZIM's 110 million outstanding dividends. After checking the main shareholders of ZIM, Danaos ranked second, accounting for 6.06%. The short-term investment category on the balance sheet is currently worth 523 million yuan. It will greatly affect other profits and losses in the future. It can be seen as Danaos's leverage in the shipping industry.

Over the past five years, net operating volume has greatly exceeded net investment, and shareholder surpluses have been high.

The current price-earnings ratio is 1.6, and the adjusted price-earnings ratio is5.8If you calculate a 5-year average net profit of 280 million yuan, the price-earnings ratio is6.1, you can choose (⭐️⭐️)