$Teekay Tankers (TNK.US)$The Bermuda company, which was list...

In the past 5 years, revenue shrunk for 2 years in 2020 and 2021, and increased for the remaining 3 years. Operating profit almost returned to zero in 2018, loss in 2021, profit for the remaining 3 years, and net profit lost in 2018 and 2021. The average net profit for 5 years was only $12 million. Interest expenses account for 14% of operating profit in 2022, and the interest burden is heavy. The return on net assets was 24%, but the highest in the previous 4 years had not reached 10%.

In the first three quarters of 2023, revenue increased 51.1%, operating profit increased 3.55 times, and net profit increased 3.9 times to 400 million.

The balance ratio fell from 56.2% to 40% in the past 5 years, and dropped sharply to 20% in 2023Q3. The ratio and growth rate of accounts receivable and inventory are relatively normal. There are very few goodwill and other intangible assets. Long-term rental liabilities are only 170 million, accounting for 12% of net assets, and the leverage ratio is extremely low.

Currently, the cash is 230 million, and the current ratio is greater than 3.

Net investment over the past five years has been a net inflow, generating many shareholder surpluses.

Currently, the price-earnings ratio is 7.8, and the price-earnings ratio is TTM 3.4. The price-earnings ratio corresponding to the 5-year average net profit is 151. If net profit reaches 450 million in 2023, the 5-year average net profit will rise to 110 million, and the corresponding price-earnings ratio is 16.5. The valuation is not very attractive for cyclical stocks.