$Inter Parfums (IPAR.US)$ 🎯 2023.8.30 The current price is ...

New data: 2022Q4 and full year, 2023Q1 and Q2

In 2022, revenue increased by 23.6%, operating profit increased by 34.3%, and net profit increased by 37.3%, which increased the 5-year average net profit growth rate to 22.2%.

In the first two quarters of 2023, revenue increased by 25.4%, operating profit increased by 36.3%, and net profit increased by 40.4%.

The balance sheet shows that in 2022, inventory increased by 190 million to 290 million, and receivables increased by 60 million, which added up equals net profit for the same period. At the same time, inventory also reached 26.7% of revenue in '22, which is a bit too high.

In the first quarter of 2023, inventories continued to increase by 70 million dollars, receivables increased by 225 million, and net profit for the same period was 113 million, slightly better than in '22.

In the past two years, net operating cash flow was lower than net investment, and there was a reversal in the first two quarters of 2023.

Currently, the price-earnings ratio is 37, and the price-earnings ratio TTM has dropped to 30.5. The valuations compared to the long-term growth rate are reasonable and unattractive. Continue to observe.