$Topbuild (BLD.US)$🎯 2024.4.1 The current price is 444.75, ...

New data: In 23Q4, revenue increased 1.7%, operating profit increased 0.83%, net profit increased 1.8%, and declined month-on-month.

In 2023, revenue increased by 3.7%, operating profit increased by 10.2%, and net profit increased by 10.5%. The growth rate declined seriously.

The balance sheet shows that major acquisitions were completed in 2021. The rapid growth in 2021 and 2022 may have been caused by acquisitions, but the effects of acquisitions subsided in 2023, and the growth rate slowed.

The balance ratio fell from 58.1% to 50.3%. The asset side is mainly an increase in cash. Currently, it has reached 850 million yuan, goodwill and other intangible assets of 2,634 billion yuan in net assets exceeding 2,564 billion dollars, and long-term loans of 1,373 billion yuan.

Currently, the price-earnings ratio is 23, and the valuation is still within a reasonable range, but considering the recent serious decline in growth, positions have been reduced appropriately.