$Vishay Precision Group (VPG.US)$In the analysis on August 9, 2022, it was excluded due to overvaluation, and the stock price has hardly changed since then.
A USA company listed in 2010, mainly engaged in precision products and solutions business, in a global market, with the current price at 34.16.
In the past 5 years, revenue has only grown by 19%, operating profit by 7.8%, and net income by 8.9%. Currently, the pe is 18.2, pe TTM is 18.9, lacking growth data support.

$ESCO Technologies (ESE.US)$In the analysis of August 4, 2022, it was excluded due to excessive valuation, and the stock price has since increased by 36.8%.
An American company listed in 1990, mainly engaged in engineering products and system business, with the main market in the USA, the current price is 107.96.
Revenue has grown for 5 years, except for 2021, with an average growth rate of 6.9%, average operating profit growth rate of 6.1%, and net income almost the same as in 2018.
Revenue increased by 7.6% in the first two quarters of 2024, operating profit increased by 18.2%, and net income increased by 17.7%.
Currently, the PE ratio is 30, the TTM PE is 28.3, and compared to the long-term growth rate, the valuation is not low.

$Badger Meter (BMI.US)$In the analysis on August 4, 2022, it was excluded due to overvaluation, and the stock price has since doubled.
The company, which went public in the USA in 2008, mainly operates in the fluid measurement business, with its main market in the USA. The current price is 190.23.
In the past 5 years, revenue has grown for 4 years except in 2019, with an average growth rate of 10.2%. In 2023, it grew by 24.4%. The average growth rate of operating profit is 26%, with a growth of 35.3% in 2023. The average growth rate of net income is 27.5%, with a growth of 39.3% in 2023. There have been no interest expenses in the past 3 years. The gross margin has remained around 39% in the past 5 years, the net margin has increased from 11.1% to 13.2%, and the return on net assets has increased from 14.9% to 19.3%.
Revenue in Q1 2024 increased by 23.4%, operating profit increased by 46.2%, and net income increased by 50%.
Over the past 5 years, the asset-liability ratio has increased from 21.5% to 28%, with significant increases in total assets and net assets. The proportion and growth rate of accounts receivable and inventory are normal, goodwill and other intangible assets amount to 0.166 billion, accounting for 31% of the 0.536 billion net assets, and there is no interest-bearing debt.
Over the past 5 years, the operating cash flow has been significantly higher than the investment cash flow, resulting in a large proportion of shareholder earnings.
Currently, the P/E ratio is 60.6, the trailing P/E ratio is 54.8. If it maintains a 25% growth rate for 3 years, the P/E ratio will decrease to 31. The current valuation is relatively reasonable, and careful selection can be made (⭐️).

$Novanta (NOVT.US)$In the analysis on 4th August 2022, it was excluded due to excessive valuation, and the stock price has increased by 5.7% since then.
A US company listed in 1999, mainly engaged in the photonics and motion control component business, with a global market. The current price is 160.59.
Revenue has grown for 4 years in the past 5 years, except for 2020, with an average growth rate of 7.5%. Operating profit shrank in the first two years and grew in the following three years, with an average growth rate of 9.2%. Net income has an average growth rate of 7.4%.
The current PE ratio is 80, and the trailing PE ratio is 84. The valuation is still too high and lacks attractiveness.

$Vontier (VNT.US)$In the analysis on 9th August 2022, due to profits mainly coming from securities sales being excluded, the stock price has increased by 59% until now.
Over the past 5 years, revenue has grown slowly with an average growth rate of only 3%, while operating profit and net income have slowly contracted amid fluctuations.
In Q1 2024, revenue contracted by 2.7%, operating profit increased by 6.2% influenced by the rise in gross margin, and net income significantly rose by 65.2% due to a decrease in interest expenses and increased income from business sales.
Currently, the P/E ratio is 16.3, TTM P/E ratio is 14.2. Considering the long-term declining trend in core profits, it is currently unattractive.

$Teledyne Technologies (TDY.US)$In the analysis on 2022.8.9, it was excluded due to the high valuation, and the stock price has hardly changed since then.
A U.S. company listed in 1999, mainly engaged in digital imaging and instrumentation business, with the main markets in the USA and Europe, at the current price of 393.84.
Revenue has grown for 4 years out of the past 5 years, with an average growth rate of 14%. The average growth rate of operating profit is 20%, and the average growth rate of net income is 21.5%. In 2023, interest expenses accounted for 7.4% of the operating profit, and the interest burden is not heavy. The gross margin has increased from 39.3% to 43.3% in the past 5 years, net margin has increased from 12.7% to 15.7%, while return on equity has decreased from 16.3% to 10.2%.
Revenue shrank by 2.4% in Q1 2024, operating profit shrank by 3.6%, and net income shrank by 0.1%.
Over the past 5 years, the debt-to-assets ratio has decreased from 40.7% to 36%, with significant growth in total assets and net assets. Goodwill saw a substantial increase in 2022, rising from 2.56 billion to 10.73 billion, indicating significant acquisition activities. This explains the rapid growth in revenue and profit over the past 3 years. Growth driven by acquisitions is typically time-limited, and there may be impairment pressure in the future, as seen in the rapid decline in revenue and profit growth rates. In 2023, revenue growth decreased to 3.2%, and net income growth decreased to 12.3%.
The proportion and growth rate of accounts receivable and inventory are normal. Goodwill and other intangible assets amount to 10.163 billion, exceeding 93...

$Fortive (FTV.US)$Excluded from the analysis on 2022.8.9 due to continuous decline in revenue and profit, the stock price has increased by 13.2% to date.
A US company listed in 2016, mainly engaged in the professional and engineering products business in the global market, with the current price at 73.54.
Over the past 5 years, revenue has continued to grow at an average rate of 10%. Operating profit was significantly affected by the gross margin and expense ratio, shrinking sharply in 2019 with an average growth rate of 12%. Net income was significantly affected by gains from securities sales, experiencing a sharp increase in 2020. Interest expenses accounted for 11% of operating profit in 2023, with a slightly heavy interest burden. The gross margin has increased from 54.4% to 59.3% in the past 5 years, while the net margin decreased from 16% to 14.3%, and the return on net assets decreased from 9.6% to 8.7%.
Revenue grew by 4.4% in Q1 2024, operating profit shrank by 0.5%, and net income grew by 19.5%.
Currently, the PE ratio is 30.3, the TTM PE ratio is 29.2, and the 5-year average net income of 0.88 billion corresponds to a PE ratio of 29.4. Due to the lack of a clear long-term upward trend in net income, it is currently unattractive.

$Garmin (GRMN.US)$In the analysis on 9th August 2022, it was excluded due to the shrinkage of short-term net income, and the stock price has increased by 69% so far.
A Swiss company listed in 2000, mainly engaged in navigation and wearable business, operating in the global market, with a current price of 162.66.
Revenue has grown for 4 out of the last 5 years, with an average growth rate of 9.3%, and operating profit with an average growth rate of 7%. In 2023, it was below the peak of 2021, with a net income average growth rate of 13.2%. However, the net income in 2023 was affected by the sale of securities income and tax refunds, impacting approximately 10% of the net income. In recent years, there has only been interest income without interest expenses. The gross margin decreased from 59.5% to 57.5% in the past 5 years, and the net margin dropped from 25.4% to 20% before returning to 24.7%. The return on net assets decreased from 21% to 16% before recovering to 19.5%.
Revenue increased by 20.4% in Q1 of 2024, operating profit increased by 51.5%, and net income increased by 36.4%.
In the past 5 years, the asset-liability ratio has decreased from 22.3% to 18.5%, with significant growth in total assets and net assets. The proportion and growth rate of accounts receivable and inventory are relatively normal. Goodwill and other intangible assets amount to 0.8 billion, accounting for 11.4% of the 7 billion net assets, with no interest-bearing liabilities. Treasury stock amounts to 0.331 billion.
Currently, the cash is nearly 2 billion, with no liquidity risk.
In the past 5 years, the operating cash flow has significantly exceeded the net investment, resulting in a higher ratio of shareholder surplus.
Currently, the PE ratio is 24.2, while the TTM PE ratio is 20.6.

$Telesat (TSAT.US)$Excluded from the analysis on 23rd February 2023 due to continuous revenue decline, the share price has remained almost unchanged so far.
A Canadian company listed in 2005, mainly engaged in satellite communication business with the main market in North America, currently priced at 9.55.
Over the past 5 years, revenue has shrunk for 4 years. In 2023, operating profit saw a significant increase relying on a negative 0.3 billion in other operating expenses. Although net income increased significantly, the net income attributable to minority shareholders reached 0.43 billion, leaving a net income attributable to common shareholders of only 0.16 billion.
Revenue shrank by 17% in Q1 of 2024, operating profit shrank by 17.9%, and net income turned into a loss.
Currently, the PE ratio is 1.2, TTM PE ratio is 1.4, PB ratio is 0.26, it is a small cigar butt with little attractiveness.

$Aviat Networks (AVNW.US)$In the analysis on 26th February 2023, due to recent profit decline, it was excluded, leading to a 13.1% drop in stock price so far.
A US company listed in 2007, mainly engaged in wireless network solutions business, operating in the global market, with the current price at 30.525.
Revenue has continued to grow over the past 5 years, with an average growth rate of 7.4%. Operating profit saw a significant increase in the past 4 years but the growth rate dropped to 1.5% in 2023. Due to income tax refunds, net income surged to 0.11 billion in 2021, however, it has declined significantly in the past two years.
Revenue increased by 15.2% in the first 3 quarters of 2024, while operating profit shrank by 22.4%. Pre-tax net profit decreased by 19.7% to 13.92 million.
Currently, the PE ratio is 31.5, and the TTM PE ratio is 27.3, lacking attractiveness.