$Addus HomeCare (ADUS.US)$Revenue, operating profit, and net...

逍遥投资派 commented on a stock · Jun 29, 2023 15:32

$Addus HomeCare (ADUS.US)$Revenue, operating profit, and net profit all maintained 5-year growth, with average growth rates of 17.4%, 24.7%, and 30.9%, respectively. Growth in 2022 declined to 10%, 4.3%, and 2%, respectively. Interest expenses in 2022 account for 12.5% of operating profit, which is a slightly heavy burden. Revenue increased 11% in 2023Q1. Operating profit increased sharply by 37.7%, supported by a slower growth rate of operating expenses, and net profit surged 49.7% due to the slow growth rate of income tax.

The balance ratio directly soared from 25.3% to 42% in 2020, mainly through large-scale acquisitions, then gradually fell back to 32.5%, and fell further back to 30.3% in 2023Q1. Accounts receivable have recently declined, and the ratio is relatively normal. Goodwill and other intangible assets are 655 million, which is equivalent to net assets of 649 million, and the asset content is very small. Long-term loans have been declining recently, and are now down to $110 million.

The cumulative net operating cash flow over the past 5 years has been lower than the net investment amount. There has been no shareholder surplus. The return on net assets continues to be less than 8%, and the investment value is limited.

The current price is 91.9, the price-earnings ratio is 32.4, and the price-earnings ratio is 29.7. Compared to the long-term growth rate, the discount is very high, but compared to the recent growth rate, the valuation is too high and not very attractive; you can only set up observation positions 👀.

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