$Plains GP Holdings (PAGP.US)$Launched in 2013, the main mar...

In the past 5 years, revenue shrank in 2019 and 2020, and grew at an average growth rate of 16.9% for the remaining 3 years. Operating profit was affected by the continued decline in gross margin and did not return to the previous level after shrinking in 2019 and 2020. Net profit lost a lot in 2020, with a slight profit in the past two years. Interest expenses account for 26% of operating profit in 2022, and the interest burden is heavy. The return on net assets of 11% is relatively normal.

In the first three quarters of 2023, revenue shrank by 18.9%, operating profit shrank by 27%, and net profit increased by 20.3% due to other revenue. However, the vast majority of profits from this stock were owned by minority shareholders, accounting for 86%, and the value of tradable shares was not high.

Currently, the price-earnings ratio is 18.55, the price-earnings ratio is TTM16.44, and the dividend rate is 7.8%. The 5-year average net profit to mother is 65 million, and the corresponding price-earnings ratio is 48. The valuation is not very attractive for cyclical stocks.