$Shift4 Payments (FOUR.US)$Excluded from the fall 2022 inven...

Launched in 2020, mainly for payment services, single US market, current price 77.44.

Since listing in 2020, revenue has continued to grow, with a growth rate of 45.8% in 2022. Operating profit reversed losses in 2022, and net profit sharply reversed losses of 87 million from securities sales and restructuring and mergers and acquisitions. Interest expenses account for 37% of operating profit in 2022, and the interest burden is very heavy. The gross margin increased sharply to 23.59% in 2022, and the return on net assets reached 24.2%.

In the first three quarters of 2023, revenue increased 27.7%, operating profit tripled to 110 million, and net profit increased only 1.1 times to 104 million due to restructuring expenses. Interest expenses are converted into interest income.

Since listing, the balance ratio has increased from 62.3% to 81.2%, and currently 79.6%. The ratio and growth rate of accounts receivable are normal. Goodwill and other intangible assets are $1.08 billion, double the net assets of $541 million. Goodwill increased by 330 million dollars in 2022, and net profit for the same period was only 87 million. This seems like a routine of spending money to buy profits. Goodwill increased by 38 million dollars in the first three quarters of 2023, and net profit of 104 million during the same period. It seems much healthier, but the risk of future depreciation is still very high.

Long-term loans of 1,748 billion dollars are more than three times the net assets. Fortunately, interest is very low.

Since listing, net operating cash flow has been lower than net investment, and no shareholders' surplus has been generated.

Currently, the price-earnings ratio is 73.75, and the price-earnings ratio has dropped to 45.8. If the annual profit reaches 140 million, the price-earnings ratio will drop to 32. There is a big discount on the current growth rate, so you can choose carefully (⭐️)