$Murphy USA (MUSA.US)$The oil station was launched. Revenue ...

Interest expenses in 2022 accounted for 8.5% of operating profit, and the burden is moderately low.

Revenue shrank by 0.8% in 2023Q1, operating profit shrank by 26.2% due to declining gross margin and cost increases, and net profit fell 30.3%.

The balance sheet shows that the company made major acquisitions in 2021. In 2021, goodwill and other intangible assets increased from 35 million to 470 million, and the balance ratio also increased to 80.1%, continued to increase to 84.5% in 2022, and fell to 82.6% in 2023Q1.

The ratio and growth rate of accounts receivable and inventory are relatively normal. Goodwill and other intangible assets account for 65% of net assets, and long-term loans of 1,789 million yuan are 2.5 times the net assets of 717 million, and the leverage ratio is very high.

Over the past five years, net cash flow and operating income have slightly exceeded net investment. The types of assets are not taken lightly, and there is a certain amount of shareholder surpluses.

Currently, the price-earnings ratio is 10.8, and the price-earnings ratio TTM has increased to 11.3. If the net profit for the whole year falls by 30%, the price-earnings ratio will rise to 15.4. Combined with the growth rate, it doesn't seem very high, but considering that the recent increase seems to have been brought about by the 2021 acquisition, sustainability has yet to be tested, so you can build a small number of observation positions first (👀)