$Innospec (IOSP.US)$Over the past 5 years, revenue fell only...

逍遥投资派 commented on a stock · Feb 19, 2023 20:33

$Innospec (IOSP.US)$Over the past 5 years, revenue fell only 21% in 2020, and increased slightly overall. Operating profit fell sharply by 50% in 2020 and recovered to 130 million in 2021, equivalent to 2017 levels. Net profit fell 24% in 2017 and fell 74.4% in 2020. The decline in 2017 was mainly caused by a sharp increase in income tax, while 2020 was caused by a sharp decline in operating profit combined with mergers and acquisitions and asset depreciation.

In the first three quarters of 2022, revenue increased 36%, operating profit increased 45.7%, and net profit increased 55% to 110 million.

Currently, the price-earnings ratio is 30.7, and the price-earnings ratio is TTM 22. If net profit for the whole year reaches 150 million, the price-earnings ratio will drop to 19.

Although there was a lot of growth in the first 3 quarters of 2022, the long-term growth rate was not fast. Even if the annual net profit reached 150 million, the average growth rate in the past 3 years was only 10%, and 15% in the past 4 years. The current valuation is not underestimated and not very attractive.

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