$BlueLinx Holdings (BXC.US)$🎯 The current price is 84.6, an...

New data: third quarter of 2022 and annual report, first two quarters of 2023

In 2022, revenue increased by 4.1%, operating profit increased by 2.2%, and net profit was almost unchanged. Interest expenses account for 9.7% of operating profit, which is too high at the peak of the industry cycle.

In the first two quarters of 2023, revenue fell 36.5%, operating profit fell 76.4%, and net profit fell 79.3%.

In 2022, the balance ratio fell from 72.4% to 60.4%, with long-term loans of 293 million yuan, accounting for 47% of the 623 million net assets. The leverage ratio is relatively high within the sector.

Over the past five years, net cash flow operating amount has been higher than net investment, and there is a certain amount of shareholder surplus.

Currently, the price-earnings ratio is 2.7, and the price-earnings ratio TTM increases to 5.6. If net profit falls 80% for the whole year, the price-earnings ratio will increase to 13.5. If you calculate the 5-year average net profit of 120 million, the corresponding price-earnings ratio is 6.4. The valuation is not very high. Considering that the sector has entered a downward cycle, there is currently no need to adjust positions.