$PBF Energy (PBF.US)$Revenue has fluctuated greatly over the...
$PBF Energy(PBF.US$Revenue has fluctuated greatly over the past five years, from 21.8 billion dollars to 27.2 billion dollars, then declined to 15.1 billion dollars, and finally returned to a peak of 27.3 billion dollars. Overall operating profit fluctuated and declined, falling from 730 million to 630 million, of which there was still a loss of 1.89 billion dollars in 2020, making the cumulative profit for the past 4 years a loss. The net profit trend is similar to operating profit, with a loss of 1.33 billion dollars in 2020.
Revenue surged 89% in the first three quarters of 2022, operating profit increased nine times to $3.33 billion, and net profit increased to $2.24 billion.
Currently, the price-earnings ratio is 20.9, and the price-earnings ratio TTM has dropped to 2.1.
The current profit level is an abnormal situation. It should be related to the recent Russian-Ukrainian war. If the net profit for the whole year increased proportionately to 3 billion, then the average net profit for the past five years was 500 million, corresponding to a price-earnings ratio of 11. If the war in the next year or two ends, Rosneft returns to the commodity market. Based on the highest net profit of 480 million dollars in 2017, the corresponding price-earnings ratio is 11.5.
For a cyclical industry, the ideal price-earnings ratio should be below 8, which is currently not very attractive.
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