$Caleres (CAL.US)$Revenue plummeted 27.5% in 2021, soared by...

Much of the loss in 2021 was due to special expenses of 380 million yuan, and there were also 110 million in 2019. The special expenses were mainly restructuring, mergers and acquisitions and capital asset impairment. It is reasonable to spread these expenses evenly over the past 5 years, and spread to about 100 million dollars every year, which means that the loss was only reversed in 2022.

In the first three quarters of 2022, revenue increased 8.3%, operating profit increased 9.1%, and net profit increased 35% to reach 140 million.

The balance sheet shows that accounts receivable have not changed much, inventory has grown slightly faster, and long-term loans have been emptied, but short-term loans have increased to 370 million, and interest expenses currently do not account for a very high proportion.

The cumulative net operating amount over the past 5 years has been higher than the net investment amount, and there is a certain shareholders' surplus.

Currently, the price-earnings ratio is 7.4, and the price-earnings ratio is TTM 5.7. If net profit for the whole year reaches 190 million, then the price-earnings ratio will drop to 4.9 million, but if the depreciation of fixed assets continues to occur repeatedly at a rate of 500 million in 5 years, then net profit will be reduced by 80 million. According to the calculation of 110 million, the corresponding price-earnings ratio is 8.5 million.

Overall, the valuation is not very high, but it's not very attractive; you can wait until the annual report comes out before making a judgment.