Analyst Trims Superior Group Of Companies' Price Target By 10% Amidst Macro Uncertainty
Analyst Trims Superior Group Of Companies' Price Target By 10% Amidst Macro Uncertainty
在宏观不确定性的情况下，分析师将Superior集团公司的目标价下调了10％
- Barrington Research analyst Kevin Steinke reiterated an Outperform rating on the shares of Superior Group of Companies Inc (NASDAQ:SGC) and lowered the price target from $19 to $17.
- The company's Q4 sales increased 4.6% Y/Y to $148.6 million, better than the analyst's estimate of $141.7 million.
- During 2022, Superior combined its non-healthcare uniforms business, called HPI, with its promotional products business, called BAMKO, to form the Branded Products (BP) segment.
- BP segment revenue increased 6.5% YOY to $102.0 million, driven by the acquisitions of two promotional products businesses.
- Q4/22 revenue in the Healthcare Apparel segment was down 13.4% Y/Y to $26.4 million due to the ongoing market slowdown that followed accelerated stockpiling of healthcare apparel inventory by the company's clients end-consumers.
- Q4/22 adjusted EBITDA declined 58% YOY to $3.5 million. Superior ended 2022 with a net debt to EBITDA leverage ratio of 3.85x.
- Management anticipates that the company will likely exceed its maximum financial covenant leverage ratio of 4.0x in the near term based on the inventory write-down that reduced Q4/22 EBITDA and its financial forecast for 2023, noted the analyst.
- Superior provided 2023 revenue guidance for the first time that calls for revenue of $585-595 million, up 1.1% to 2.8% Y/Y.
- The company provided 2023 EPS guidance of $0.92-0.97, up 48% to 56% from adjusted EPS of $0.62 in 2022. This was lower than the analyst's prior estimate of $1.40.
- The analyst has updated the 2023 revenue guidance to $590.6 million and EPS estimate to $0.92.
- The analyst attributed the price target reduction to 2023 guidance and a more conservative valuation assumption due to current economic uncertainty.
- Price Action: SGC shares are trading flat at $7.91 on the last check Tuesday.
- 巴灵顿研究公司分析师凯文·斯坦克重申了对该公司股票的跑赢大盘评级苏黎世集团公司(纳斯达克：SGC)并将目标价从19美元下调至17美元。
- 该公司第四季度销售额同比增长4.6%，至1.486亿美元，好于分析师预测的1.417亿美元。
- 2022年，Superior将其名为HPI的非保健制服业务与名为BAMKO的促销产品业务合并，形成了品牌产品(BP)部门。
- BP部门收入同比增长6.5%，至1.02亿美元，受收购两项促销产品业务的推动。
- 2012年第四季度，医疗保健服装部门的收入同比下降13.4%，至2640万美元，原因是该公司的客户和最终消费者加速囤积医疗服装库存，导致市场持续放缓。
- 2012年第四季度调整后的EBITDA同比下降58%，至350万美元。截至2022年，Superior的净债务与EBITDA的杠杆率为3.85倍。
- 这位分析师指出，管理层预计，基于降低了第四季度/22季度EBITDA的库存减记及其对2023年的财务预测，公司近期可能会超过其最高财务契约杠杆率4.0倍。
- 苏泊尔首次提供了2023年营收指引，营收为5.85亿-5.95亿美元，同比增长1.1%至2.8%。
- 该公司提供的2023年每股收益指引为0.92-0.97美元，较2022年调整后的每股收益0.62美元上涨48%至56%。这低于分析师先前估计的1.40美元。
- 该分析师将2023年收入指引更新为5.906亿美元，每股收益预期为0.92美元。
- 这位分析师将下调目标价归因于2023年的指引以及由于当前经济不确定性而做出的更为保守的估值假设。
- 价格行动：在周二的最后一次检查中，SGC的股价持平于7.91美元。
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