$Tennant (TNC.US)$In the past 5 years, in addition to a 12% ...
$Tennant (TNC.US)$In the past 5 years, in addition to a 12% decline in 2020, revenue increased for 4 years, with an average growth rate of 6.2%. Operating profit declined sharply in 2 years. The overall average growth rate was 4.4%, the average growth rate in the past 3 years was 13%, and the average growth rate of net profit in the past 3 years was 24.6%.
The income statement shows that interest expenses have dropped sharply in recent years, which is an important factor in the rapid growth of net profit, but interest expenses have dropped to 7.3 million. There is limited room for future decline, and the net profit growth rate should converge with operating profit.
In the first three quarters of 2022, revenue fell 1.6%, operating profit fell 32%, and net profit fell 25%. Growth seemed unsustainable.
Currently, the price-earnings ratio of 19.6 times and the price-earnings ratio TTM of 25 times are not very attractive compared to the growth rate of operating profit.
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