$WillScot Holdings (WSC.US)$It is a space leasing company. R...

逍遥投资派 commented on a stock · Aug 28, 2023 00:30

$WillScot Holdings (WSC.US)$It is a space leasing company. Revenue grew rapidly for 5 years, the average growth rate fell to 28.1% in 2022, and operating profit increased even faster. The average growth rate in the past 3 years was 57%, of which 61.7% increased in 2022. Net profit was affected by interest expenses, restructuring, mergers, acquisitions, and impairment only reversed losses in 2020. It grew to 340 million in 2022. Operating profit was 3.5 times that of interest expenses, and the interest burden is still very heavy.

In the first half of 2023, revenue increased 17.8%, operating profit increased 66%, and net profit increased 65.4%. If you add profit from cessation of operations, net profit increased 1.4 times.

The balance sheet shows that the vast majority of current assets are accounts receivable, accounting for 80% of current assets. An acquisition in 2020 raised goodwill from 362 million to 1,667 billion yuan. Although it has continued to depreciate, currently goodwill and other intangible assets are 1,419 billion yuan, which is equivalent to net assets of 1,439 billion yuan.

Long-term loans of 3,036 billion dollars are quite burdensome.

With the exception of spending huge sums of money to buy fixed assets in 2018, the net cash flow operating amount for the next 4 years all exceeded the net investment amount.

Currently, the price-earnings ratio is 26.6, and the price-earnings ratio TTM has dropped to 16.9. There is a certain discount on the growth rate. Considering the excessive debt ratio, you can choose carefully (⭐️)

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逍遥投资派

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