$Euronav (EURN.US)$The Belgian company, which was listed in ...

In the past 5 years, in addition to a sharp contraction of 65% in 2021, revenue increased in 4 years, with an average growth rate of 10.7%. Operating profit fluctuated greatly due to fluctuations in gross margin. Losses were lost in 2018 and 2021, and net profit was similar. Interest expenses account for 43% of operating profit in 2022, and the interest burden is very heavy. The return on net assets of 9.8% is not that high.

In the first three quarters of 2023, revenue increased 99%, operating profit increased to 490 million, and net profit increased 15 times to 450 million.

The balance ratio has basically fluctuated around 45% over the past 5 years. Accounts receivable reached 330 million in 2022, or 39% of that year's revenue, which is too high. The ratio and growth rate of inventory is relatively normal. There are very few goodwill and other intangible assets. Long-term loans of 1,533 billion yuan account for 71% of net assets, and the leverage ratio is not high. Treasury stock of 162 million.

Net cash flow from operating over the past 5 years has been higher than net investment, generating a large number of shareholders' surpluses.

Currently, the price-earnings ratio is 17.4, the price-earnings ratio is TTM 5.2, and the dividend rate is 14.8%. The dividend is very unstable. If the annual net profit reaches 600 million and the 5-year average net profit is 210 million, the corresponding price-earnings ratio is 16.9. The valuation is not very attractive for cyclical stocks.