$Steven Madden (SHOO.US)$< 🎯 2024.3.12 Current price 41.61,...

New data: 23Q3, 23Q4, revenue stopped falling in Q3, increased sharply in Q4, and operating profit and net profit resumed growth in the past two quarters.

Revenue contracted 6.6% in 2023. Operating profit shrank 22% and net profit shrank 20% due to excessive cost growth.

The balance ratio increased from 32.9% to 37.1%. The increase was all interest-free liabilities. Revenue increased slightly faster. Currently, it has reached 380 million, 20% of 2023 revenue, but 2.2 times net profit. Goodwill and other intangible assets were $306 million, accounting for 36% of the net assets of $848 million, and treasury stocks reached $1,407 million, almost half of the market value.

Net operating cash flow was higher than net investment, and continued to generate shareholder surpluses.

Currently, the price-earnings ratio is 18.1, and the average five-year net profit growth rate has dropped to 5.9%. The current valuation is not very attractive.