$Winnebago Industries (WGO.US)$🎯 2023.7.31 The current pric...

New data: 2022 full year data and pre-2023 quarter data

In the past 5 years, in addition to the 1.5% decline in 2019, revenue continued to grow for 4 years, with an average growth rate of 26.2%, of which 36.6% in 2022. In addition to the 3.2% decline in 2019, operating profit declined 26.7% in 2020 due to the double impact of costs and expenses. It has grown rapidly in the past two years, with an average 5-year growth rate of 42. %. Of these, it grew by 43.2% in 2022, and net profit fell 45% in 2020 alone. The 5-year average growth rate was 41%, of which it grew 38.6% in 2022.

Interest expenses in 2022 account for 7.1% of operating profit and are not burdensome.

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

The balance ratio fell from 49.2% to 47.7% in the past 5 years, and further declined to 43.6% in 2023Q3. The accounts receivable ratio and growth rate are relatively normal.

Goodwill and other intangible assets reached $1,022 million, accounting for 75% of the net assets of $1,361 billion, and the asset content was small.

Long-term loans of 592 million yuan, accounting for 43.5% of net assets. Considering the gold content of net assets, the actual leverage ratio is too high. Treasury stock of 573 million.

Currently, the price-earnings ratio is 5.9, and the price-earnings ratio rises to 9.1. If net profit falls 45% for the whole year, the price-earnings ratio will be 10.7. Considering that the sector seems to have entered a downward cycle, it is only possible to increase positions by a small amount (⭐️)