$American Woodmark (AMWD.US)$They make cabinets and dressers...
$American Woodmark(AMWD.US$They make cabinets and dressers. Revenue has continued to grow for 5 years, with an average growth rate of 10.6%. Operating profit shrank from 2020 to 2022 due to the decline in gross margin, and only recovered in 2023. It increased by 28% in 5 years, and the average growth rate was only 5%. Net profit lost one year in 2022, and 2023 surpassed the high point in 2019. Interest expenses account for 11.4% of operating profit in 2023, and the interest burden is moderately low.
In 2024Q1, revenue shrank by 8.2%, operating profit increased by 61.2% (beneficiaries of inflation) due to a sharp increase in gross margin, and net profit increased by 88.6%.
The balance ratio has declined from 59.5% to 42 over the past five years. %. The ratio and increase or decrease of receivables and inventory are quite reasonable. Goodwill and other intangible assets are $798 million, accounting for 91.3% of the net assets of $884 million. The assets are very poor. With a long-term loan of 368 million yuan, the actual leverage ratio is not that low.
Over the past 5 years, with the exception of 2022, net cash flow continued to be significantly higher than net investment, and shareholders' surpluses were high.
Currently, the price-earnings ratio is 13.6, and the price-earnings ratio is TTM 11.4. The growth rate is not that big of a discount. Let's wait and see.
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