$Custom Truck One Source (CTOS.US)$After listing in 2017, re...
$Custom Truck One Source(CTOS.US$After listing in 2017, revenue growth was slow and losses continued for 3 years. After major acquisitions were made in 2021, revenue increased 2.9 times to a level and increased by 34.8% in 2022, but net profit lost 180 million yuan in 2021 and profit of 39 million yuan in 2022.
The balance ratio shows that inventory increased by 190 million to 600 million dollars in 2022, which is 38% of that year's revenue. Some of the increase far exceeds net profit, and the ratio is also too high. Accounts receivable increased by $34 million, close to net profit for the year.
Revenue increased by 24.8% and operating profit increased 1.2 times in the first two quarters of 2023, but at the same time, interest expenses increased dramatically. Operating profit was 1.67 times that of interest expenses, which was extremely burdensome.
Cash flow was also poor. Net cash flow after the acquisition was still significantly lower than net investment, and shareholder surpluses continued to decline.
Currently, the price-earnings ratio is 42.5, and the price-earnings ratio TTM has dropped to 31, which is temporarily unattractive.
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