$Willis Lease Finance (WLFC.US)$It leases aircraft and engin...
$Willis Lease Finance(WLFC.US$It leases aircraft and engines. Unsurprisingly, it shrank sharply in 2020, only increased by 13.8% in 2022, operating profit and net profit also shrunk sharply in 2020, and net profit only recovered to 5.44 million in 2022. Operating profit in 2022 is 1.4 times interest expenses, and the interest burden is very heavy.
In the first half of 2023, revenue increased sharply by 35.2%, operating profit increased 73%, net profit increased 2.2 times to 118 million, and profit doubled after dividends paid to preferred shares. It can be seen that financial leverage is working, and profits will recover at an accelerated pace during the revenue recovery period.
The balance ratio has not changed much in the past 5 years. Accounts receivable have decreased in the past two years, and inventory is relatively small. Long-term loans of 1,827 million yuan are 4.4 times the net assets of 417 million, and the leverage ratio is very high.
Net cash flow over the past 5 years has been significantly lower than net investment, has not generated a shareholder surplus, and has not caught up in the first half of 2023.
Currently, the price-earnings ratio is 129.2, and the price-earnings ratio TTM has dropped to 7.5 million. If we calculate the 5-year average net profit of 026 million, the price-earnings ratio is 10.4. Overall, it is not very attractive.
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