$TC Energy (TRP.US)$A listed company that was listed in 1985...

There has been a slight increase in revenue in the past 5 years, with an average growth rate of 2.2%. Operating profit has continued to grow slowly for 5 years, with an average growth rate of 6%. Net profit has shrunk sharply in the past two years due to the impairment and cancellation of capital assets. Interest expenses account for 34% of operating profit in 2022, and the interest burden is very heavy. The return on net assets is at a very low level of 2.1%.

In the first three quarters of 2023, revenue increased 7%, operating profit increased 13.9%, and net profit shrank 34% due to interest growth and sharp write-offs.

The balance ratio fell from 68.7% to 66.6% over the past 5 years, then rebounded to 70.2%. Accounts receivable reached $3.779 billion, or 25% of the current year's revenue. The ratio and growth rate of inventory was quite normal. Goodwill was $12.843 billion, accounting for 38% of the net assets of $34.116 billion, and long-term loans of $50.14 billion were 1.5 times the net assets, and the leverage ratio was extremely high. The share capital is increasing all the time.

Net cash flow over the past five years has been lower than net investment, and no shareholder surplus has been generated.

Currently, the price-earnings ratio is 81.44, the price-earnings ratio is TTM loss. The dividend rate is 7%, and the 5-year average net profit is 3.1 billion yuan. The corresponding price-earnings ratio is 12.6. In terms of cyclical stocks, the valuation is not low, and it is not very attractive for the time being.