$Innoviva (INVA.US)$Revenue and operating profit have been g...

Revenue fell 6.6% in the first three quarters of 2022, operating profit fell 32% to 183 million, and net profit increased 10.5% as business sales revenue reached 270 million.

The income statement shows that interest expenses in 2021 accounted for 4.6% of operating profit, and the first three quarters of 2022 accounted for 4.7%. There was little change, and the interest burden was not heavy.

The balance ratio fell from 166% to 43% in the past 5 years, and returned to 52% in Q3 2022.

The balance sheet shows that the company's inventory increased by 70 million in Q3 2022. This was not the case for the previous ten or so quarters.

Long-term loans of 440 million yuan, accounting for 79% of the company's net assets of 640 million yuan. Considering that intangible assets are close to half of the net assets, the leverage ratio is not that low.

The cash flow statement shows that the company's net operating amount over the past five years, with the exception of 2020, has greatly exceeded net investment, and shareholders have had a large surplus.

Currently, the company's price-earnings ratio is 4.7, and the price-earnings ratio is TTM 4.1. If business sales revenue of 270 million yuan is excluded, the net profit for the first three quarters is 140 million. Calculated at 190 million yuan for the whole year, the corresponding price-earnings ratio is 5. The biggest concern right now is whether the extent of the impact of the business being sold on future profits has been fully demonstrated. You can choose carefully (⭐️)