$RPM International (RPM.US)$Revenue only experienced a sligh...

逍遥投资派 commented on a stock · Feb 15, 2023 23:07

$RPM International (RPM.US)$Revenue only experienced a slight decline of 1% in 2020 over the past 5 years, with growth maintained in the other 4 years at an average rate of 6.2%. Operating profit reached its peak in 2021 but declined afterward due to a continuous decrease in gross margin. The 5-year average growth rate is 4.6%, while net income has had an average growth rate of 22% in the past 3 years. However, in 2022, there was a fixed asset sales gain of 0.052 billion; without this, net income would have significantly dropped, impacting net income growth.

Revenue in the first two quarters of 2023 increased by 13.2%, operating profit increased by 35.3%, net income increased by 16%.

In 2022, interest expenses accounted for 13% of operating profit, slightly burdensome.

The asset-liability ratio has remained relatively stable over the past 5 years, increasing from 69% to 70%.

In 2022, inventory increased by 0.28 billion, accounts receivable increased by 0.15 billion, with net income of 0.49 billion, indicating a modest level of liquidity.

Inventory increased by 0.18 billion in the first two quarters of 2023, accounts receivable decreased by 0.09 billion, overall ratio still within a normal range.

For the past 5 years, operating cash flow except for 2022 has been significantly higher than investment cash flow for 4 years, resulting in some shareholder surplus.

Currently, the P/E ratio is 23.4, with a trailing P/E ratio now reduced to 21.5, valuation is reasonably slightly lower, but not low enough, adopting a wait-and-see approach for now.

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逍遥投资派

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