$La-Z-Boy (LZB.US)$Mainly engaged in indoor furniture, the f...
$La-Z-Boy (LZB.US)$Mainly focused on indoor furniture, the fiscal year ends in April. Over the past 5 years, revenue, operating profit, and net income have shown fluctuating growth, with average growth rates of 8.2%, 10.2%, and 13.3% respectively. In 2023, both revenue and net income declined. There are no interest expenses.
In Q1 2024, revenue decreased significantly by 20.3%, operating profit decreased by 34.4%, and net income decreased by 28.3%.
The asset-liability ratio has declined after increasing from 34.2% to 57.6% over the past 5 years, reaching 49% in 2023.
The proportion of accounts receivable and inventory matches well with changes in revenue. Goodwill and other intangible assets amount to 0.249 billion, accounting for 25.8% of the 0.964 billion net assets, with no long-term borrowings.
For the past 5 years, the operating cash flow has consistently exceeded the investment cash flow, resulting in higher shareholder surplus.
Currently, the PE is 9, the TTM PE is 9.8, the dividend yield is 2.26%, the valuation has a certain discount. Considering that the industry has just passed the peak of the cycle, there is a high likelihood of further shrinkage. Only a small observation position can be established. 👀
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