$AZZ Inc (AZZ.US)$For galvanizing services, revenue fell sha...
$AZZ Inc(AZZ.US$For galvanizing services, revenue fell sharply by 54.7% in 2021 (2020 natural year), then grew rapidly in the next two years and reached a new high. The 5-year average growth rate was 10.3%, operating profit fell 35.1% in 2021, the average growth rate over the past 5 years was 29.2%, pre-tax profit fell 41% in 2021, and the remaining 4 years increased, but the cessation of operating profit of 120 million in 2023 caused a loss of 53 million yuan in that year.
Interest expenses in 2023 account for 51% of operating profit, which is extremely burdensome.
The current market capitalization is 1.1 billion yuan. If the price-earnings ratio is 13 based on net profit of 84 million yuan in 2022, the price-earnings ratio is 13. Considering that there have been profits and losses from cessation of operations in recent years, the price-earnings ratio should be spread evenly. Based on the 5-year average net profit of 34 million yuan, the price-earnings ratio is 32. Overall, the valuation is not cheap and unattractive.
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