$Varex Imaging (VREX.US)$In the past 5 years, in addition to...

逍遥投资派 commented on a stock · Jun 4, 2023 20:59

$Varex Imaging (VREX.US)$In the past 5 years, in addition to a 5.4% contraction in 2020, revenue has increased for 4 years, with an average growth rate of 4.2%. Operating profit declined sharply in 2018, fell into loss in 2020, and grew for the rest of the 3 years, with an average growth rate of 1.1%. Net profit declined sharply from 2018 to 2020, and grew rapidly to 0.031 billion in the last two years.

The sharp decline in operating profit in 2018 and losses in 2020 were the result of high costs and expenses.

Interest expenses account for 45% of operating profit in 2022, and the interest burden is extremely heavy.

The balance sheet shows that inventory increased by 0.078 billion to 0.3 billion in 2022. Revenue for the same period was only 0.86 billion yuan, profit was only 0.031 billion. The inventory ratio was too high, and the profit was all due to the increase in inventory.

In the first two quarters of 2023, revenue increased by 4.9%, operating profit decreased by 30%, and net profit decreased by 20%.

Currently, the price-earnings ratio of 30.5 times and the price-earnings ratio TTM of 31.8 times are unattractive.

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