$Steelcase (SCS.US)$Revenue fell to 2.6 billion yuan after r...
$Steelcase(SCS.US$Revenue fell to 2.6 billion yuan after reaching a high of 3.7 billion in 2020 and recovered to 2.77 billion in 2022, while operating profit fell from a high of 260 million yuan to 0.79 billion in 2020, nearly fell to 0.2 billion in 2021, while net profit fell from a high of 200 million to 26 million yuan, and fell to 4 million in 2021.
In the first three quarters of 2022, revenue increased 20.4% to 2.43 billion, operating profit increased 1.8 times to 50 million, and net profit doubled to 0.2 billion.
The income statement shows that the company's revenue for the first 6 years of the past ten years has basically remained at 3 billion, operating profit is around 180 million, and net profit is around 100 million. In the next four years, it soared to 3.7 billion in the first two years, then fell to 2.6 billion right in the next two years, and there was quite a return to the average.
The company's operating expenses are less flexible, so a sharp decline or increase in revenue will cause sharp fluctuations in profits.
Currently, the company's price-earnings ratio is 252, and the price-earnings ratio has dropped to 50.5. If you base a net profit of 100 million, the corresponding price-earnings ratio is 8.6. No matter which valuation is undervalued for a cyclical company, it is not very attractive.
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