$Getty Realty (GTY.US)$It sells retail real estate by single...
$Getty Realty(GTY.US$It sells retail real estate by single tenants. Tenants are mainly car service stores and convenience stores. Revenue has continued to grow over the past 5 years, with an average growth rate of 6.7%. In addition to shrinking 1.5% in 2021, operating profit increased by 4 years, with an average growth rate of 2.8% in the first 4 years. In 2022, due to a double decline in costs and expenses, it surged 40.8%, and net profit increased by 43.2% in 2022.
Revenue increased by 9% in the first half of 2023, operating profit shrank sharply by 22.3% due to cost recovery, and net profit shrank by 44.2%. This indicates that the surge in 2022 is likely to be one-off.
Currently, the price-earnings ratio is 15.3, and the price-earnings ratio is TTM20.5. If the annual net profit shrinks by 40%, the price-earnings ratio will increase to 25.5, the net price-earnings ratio is 1.7, and the dividend rate is 5.9%. The valuation is not very attractive.
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