$Avantor (AVTR.US)$Listed in 2019, revenue has maintained 5 ...
$Avantor(AVTR.US$Listed in 2019, revenue has maintained 5 years of growth in the past 5 years, with an average growth rate of 6.4% in 4 years, a growth rate of 1.7% in 2022, an average growth rate of 29% in the past 4 years, a drop to 16.3% in 2022, net profit reversed losses in 2019, an average growth rate of over the past 3 years was very high, and the growth rate fell to 20% in 2022.
The profit statement shows that the company's gross margin has slowly increased in the past five years. Expense control is very good, and it has not increased with revenue growth.
Interest expenses reached 24% of operating profit in 2022, and the interest burden is still quite heavy.
The balance ratio has declined steadily from 74.8% to 63.9% since listing in 2019.
The volume and growth rate of accounts receivable and inventory are relatively normal.
Goodwill and intangible assets rose sharply from 6.9 billion dollars to 10.5 billion dollars in 2021, which should have been caused by major acquisitions. In 2022, due to impairment of intangible assets, it fell to 9.79 billion dollars, which is twice the net assets of 4.855 billion yuan, and assets are relatively poor.
Long-term loans of $5.92 billion in 2022 exceeded the amount of net assets, and the leverage ratio was not low.
Over the past five years, net cash flow from operations was generally slightly higher than net investment, resulting in a small amount of shareholder surplus.
The current price-earnings ratio is 24, which is not much of a discount compared to the declining growth rate, but considering the increase in gross margin and the effects of cost control, there is a high possibility that the growth rate will be maintained, so you can choose carefully (⭐️).
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