$Photronics (PLAB.US)$In the analysis in March 2022, it was ...

Listed in 1987, mainly engaged in the optical mask business, with a globalized market, and the current price is 29.53.

For the past 5 years, revenue has continued to grow with an average growth rate of 10.7%. Operating profit has grown for 4 consecutive years, with an average growth rate of 31.2%, except for the shrinkage in 2019 due to the decline in gross margin. The net income has an average growth rate of 26.7%. In 2023, interest expenses turned into income, eliminating interest burden. The gross margin has increased from 22% to 37.7% in the past 5 years, and the return on net assets has increased from 3.9% to 13.9%.

In Q1 2024, revenue grew by 2.5%, operating profit grew by 2.7%, and net income increased by 14.3% due to the absence of securities losses.

Minority shareholder earnings are relatively high, reaching 37% of net income in 2023.

The asset-liability ratio has decreased from 18.6% to 16.4% over the past 5 years, currently at 14.9%. The proportion and growth rate of accounts receivable and inventory are relatively normal, with long-term borrowings of 2.655 million, which can be ignored. Currently, the cash is 0.522 billion.

In the past 5 years, the operating cash flow has been significantly higher than the net investment, resulting in substantial shareholder surplus.

The current PE ratio is 14.6, the TTM PE ratio is 13.3, with a significant discount relative to the growth rate. It is still a viable choice (⭐️).