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$Trinet Group (TNET.US)$ 🎯 2023.8.9 Current price is 104.7,...

$Trinet Group (TNET.US)$ 🎯 2023.8.9 Current price is 104.7, position margin is 40%, 6 months after the most recent analysis
New data: 2022/Q4 and the whole year, the first two quarters of 2023
In 2022, revenue increased by 7.6%, operating profit increased by 9.7%, and net profit increased by 5%. This reduced the 5-year average growth rate to 14.8%. Interest expenses account for 3.4% of operating profit in 2022, and the burden is very light.
In the first two quarters of 2023, revenue increased by 1.5%, operating profit fell 17.3%, and net profit fell by only 7% due to interest income.
The balance ratio in 2022 rose from 73.4% to 77.5%, and fell to 72.2% in 2023Q2. Acquisitions were carried out in 2022, goodwill and other intangible assets increased from 355 million to 625 million, depreciated to 618 million in 2023Q2, accounting for 67.5% of 915 million net assets, and long-term loans of 496 million yuan, accounting for 54% of net assets. The actual leverage ratio is high.
With the exception of 2018, net operating volume has continued to significantly exceed net investment for the past 4 years, and shareholder surpluses are large.
Currently, the price-earnings ratio is 18.6, and the price-earnings ratio TTM has increased slightly to 18.7, which is a slight discount from the 5-year average growth rate, but it seems that the peak of the sector's cycle will pass, the balance ratio is not low, and we will wait and see for the time being to close positions.
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