$Flex LNG (FLNG.US)$The Bermuda company, which was listed in...

Since listing, revenue has continued to grow for 4 years, and the growth rate almost disappeared in 2022. Operating profit peaked in 2021 and shrank by 0.3% in 2022. Net profit was affected by revenue from the sale of securities. Net profit increased 15.9% in 2022, but interest expenses increased year by year. Interest expenses account for 38% of operating profit in 2022, and the interest burden is very heavy. The return on net assets reached 21%.

In the first three quarters of 2023, revenue increased by 9.5%, operating profit increased by 14.2%, and net profit shrank by 31.4% due to the decline in other earnings.

Since listing, the balance ratio has grown all the way from 48.9% in 2019 to 66.2%, reaching 68.4 in Q3 2023. There are very few accounts receivable and inventory. Long-term loans of $1,734 million are nearly double the net assets of $875 million, and the leverage ratio is extremely high.

Currently, the cash is 430 million, and the current ratio is close to 3.

Since listing, the net operating cash flow has been lower than the net investment amount, and it is still in the investment period.

Currently, the price-earnings ratio is 8.6, the price-earnings ratio is TTM 11.4, and the dividend ratio is 9.9%. Considering the current position in the cycle, the valuation is not very attractive.