$Asbury Automotive (ABG.US)$ 🎯 2023.8.8 Current price is 21...

New data: the second two quarters of 2022 and the whole year, the first two quarters of 2023

In 2022, revenue increased by 56.9%, operating profit increased by 61.8%, and net profit increased by 87.3%. Interest expenses have been rising in recent years. Interest expenses in 2022 accounted for 12.6% of operating profit, which is too high. In 2022, business sales revenue of 210 million yuan also boosted net profit.

In the first half of 2023, revenue fell 6.8%, operating profit fell 14%, and net profit fell 14%.

In 2022, the balance ratio fell from 73.6% to 63.8%, accounts receivable declined slightly, and inventories increased, but the ratio was relatively healthy.

Accounts receivable continued to decline in the first two quarters of 2023, but inventories continued to grow to 1.2 billion dollars, and the ratio remained healthy.

Goodwill and other intangible assets were $3,584 million, 1.17 times the net assets of $3,069 million. The long-term loan is $3.181 billion, and the leverage ratio is very high. There are 1,066 million stock inventories, but no shares have been cancelled in recent years.

At present, it seems that the results of large-scale acquisitions in 2021 are quite good. Currently, the price-earnings ratio is 4.9, and the price-earnings ratio TTM has risen slightly to 5.1. Since the current position is very light, there is no need to adjust.