Tupperware Brands' Weakness In Financial Reporting Triggers 33% Price Target Cut By This Analyst
Tupperware Brands' Weakness In Financial Reporting Triggers 33% Price Target Cut By This Analyst
特百惠品牌財務報告中的弱點觸發了該分析師下調 33％ 的目標價格
- DA Davidson analyst Linda Bolton Weiser reiterated a Neutral rating on the shares of Tupperware Brands Corporation (NYSE:TUP) and lowered the price target from $4.50 to $3.
- On Mar. 1, TUP reported 4Q22 sales decline of 20% Y/Y to $314 million, above the consensus.
- Sales are still being hurt by volume declines that exceed pricing benefits, but gross margin was up Y/Y for the first time in quite a while and inventory did come down sequentially, said the analyst.
- TUP's sales performance in Target Corporation (NYSE:TGT) stores exceeded expectations, and the Tupperware brand immediately captured 10% market share, but sales to TGT represented only 1% of total company sales, noted the analyst.
- On Feb. 22, 2023, TUP entered into a Third Amendment to its November 2021 credit agreement, which provided for additional relief with respect to the maximum permitted leverage ratio and minimum permitted interest coverage ratio, said the analyst.
- Management anticipates the company will remain compliant with financial covenants for the year following the issuance of the 2022 financial statements.
- The analyst remarked that Tupperware identified misstatements in its financial close process in prior periods, the most significant of which relate to historical accounting for income taxes.
- TUP also concluded it did not design and maintain effective internal controls related to the accounting for the income tax provision and related income tax assets and liabilities.
- The company said it would start marketing cast-iron Dutch ovens in 2023, as well as reusable silicon food storage bags.
- Mexico and Brazil now represent >25% of sales and an even higher percentage of operating cash flow - while Brazil is currently growing, Mexico is still experiencing lower sales force productivity, with Y/Y growth not expected until 2H23, said the analyst.
- Price Action: TUP shares are trading lower by 12.9% at $2.57 on the last check Monday.
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- 达戴维森 分析師琳達·博爾頓·威瑟重申對股份的中立評級 特百惠品牌股份有限公司 紐約證券交易所代碼：托普）並將目標價格從 4.50 美元降至 3 美元。
- 3 月 1 日，TUP 報告了 22 年第四季度的銷售額下降了 20％，達到 3.14 億美元，高於共識。
- 分析師表示，銷售仍然受到超過定價收益的數量下降所影響，但毛利率在相當長的一段時間內首次上漲，庫存確實按順序下降。
- TUP 的銷售業績 目標公司 分析師指出，紐約證券交易所代碼：TGT）門店超出預期，特百惠品牌立即佔據了 10％ 的市場份額，但對 TGT 的銷售額僅佔公司總銷售額的 1％。
- 該分析師表示，2023 年 2 月 22 日，TUP 對其 2021 年 11 月的信用協議訂立了第三項修正案，該協議提供了有關最大允許槓桿比和最低允許利息覆蓋率的額外救濟。
- 管理層預計，公司將繼續遵守財務契約在 2022 年財務報表發行後的一年。
- 分析師表示，Tupperware 在之前的財務結算過程中發現了錯誤陳述，其中最重要的是與所得稅的歷史核算有關。
- TUP 還得出結論，它沒有設計和維護與所得稅準備和相關所得稅資產和負債的會計相關的有效內部控制。
- 該公司表示，將於 2023 年開始銷售鑄鐵荷蘭烤箱，以及可重複使用的矽食品儲存袋。
- 墨西哥和巴西現在佔銷售額的 25％，營業現金流的比例甚至更高-雖然巴西目前正在增長，墨西哥仍在經歷較低的銷售力生產力，直到 2H23，預計 Y/Y 增長不會預期 2H23。
- 價格行動: 上次檢查週一，TUP 股價下跌 12.9%，為 2.57 美元。
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