$Winnebago Industries (WGO.US)$🎯 as of July 31, 2023, the c...

New data: 2022 annual data and data for the previous quarters of 2023.

Revenue has continued to grow for 4 years, except for a 1.5% decline in 2019, with an average growth rate of 26.2%. In 2022, it grew by 36.6%, while operating profit declined by 3.2% in 2019 and by 26.7% in 2020 under the double impact of costs and expenses. In the past two years, it has grown rapidly, with an average growth rate of 42%. In 2022, it grew by 43.2%. Net income only declined by 45% in 2020, with an average growth rate of 41%. In 2022, it grew by 38.6%.

In 2022, interest expenses accounted for 7.1% of operating profit, which is not a heavy burden.

In the first three quarters of 2023, revenue fell significantly by 28%, operating profit fell by 47%, and net income fell by 44%.

The asset-liability ratio has decreased from 49.2% to 47.7% over the past 5 years, and further decreased to 43.6% in Q3 2023. The proportion and growth rate of accounts receivable are relatively normal.

Goodwill and other intangible assets reached 1.022 billion, accounting for 75% of net assets of 1.361 billion, indicating a relatively small asset value.

Long-term borrowings of 0.592 billion, accounting for 43.5% of net assets, considering the cash flow yield of net assets, the actual leverage ratio is relatively high. Inventory shares are 0.573 billion.

Currently, the PE ratio is 5.9, the trailing PE ratio has risen to 9.1. If the net income declines by 45% for the full year, the PE ratio will be 10.7, considering that the sector seems to be entering a downturn cycle, only a small amount of additional holdings can be considered (⭐️).