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逍遥投资派 Private ID: 102390337
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    $Vishay Precision Group (VPG.US)$In the 2022.8.9 analysis, it was excluded because the valuation was too high, and the stock price has hardly changed so far.
    The American company, which was listed in 2010, is mainly engaged in the precision products and solutions business. The current price is 34.16 in the global market.
    In the past five years, the revenue fluctuation increased by only 19%, operating profit increased by only 7.8%, and net profit increased by only 8.9%. Currently, the price-earnings ratio is 18.2 and the price-earnings ratio is TTM 18.9, which lacks support from growth data.
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    $ESCO Technologies (ESE.US)$In the 2022.8.4 analysis, it was excluded because the valuation was too high, and the stock price has increased 36.8% so far.
    The American company, which was listed in 1990, is mainly engaged in engineering products and systems business. The main market is in the US, and the current price is 107.96.
    In the past 5 years, revenue has increased for 4 years except 2021, with an average growth rate of 6.9%, and an average growth rate of 6.1% in operating profit. Net profit is almost the same as in 2018.
    In the first two quarters of 2024, revenue increased 7.6%, operating profit increased 18.2%, and net profit increased 17.7%.
    The current price-earnings ratio is 30, and the price-earnings ratio is TTM28.3, which is not lower than the long-term growth rate.
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    $Badger Meter (BMI.US)$In the analysis on August 4, 2022, it was excluded due to overvaluation and the stock price has since doubled.
    A U.S. company listed in 2008, mainly engaged in fluid measurement business, with the main market in the USA. The current price is $190.23.
    In the past 5 years, revenue has grown for 4 years except in 2019, with an average growth rate of 10.2%. In 2023, the growth was 24.4% for revenue, 26% for operating profit, and 27.5% for net income. There have been no interest expenses in the past 3 years. The gross margin has remained around 39% for the past 5 years, the net margin has increased from 11.1% to 13.2%, and the return on net assets has increased from 14.9% to 19.3%.
    In Q1 2024, revenue increased by 23.4%, operating profit increased by 46.2%, and net income increased by 50%.
    The asset-liability ratio has increased from 21.5% to 28% in the past 5 years, and both total assets and net assets have shown significant increases. The proportion and growth rate of accounts receivable and inventory are normal. Goodwill and other intangible assets are 0.166 billion, accounting for 31% of the net assets of 0.536 billion, and there is no interest-bearing debt.
    In the past 5 years, the net cash flow from operations has been significantly higher than the net investment, resulting in a large proportion of shareholder surplus.
    Currently, the PE ratio is 60.6, the PE ratio TTM is 54.8. If it maintains a growth rate of 25% for the next 3 years, the PE ratio will decrease to 31. The current valuation is relatively reasonable, and cautious selection can be made(⭐️).
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    $Novanta (NOVT.US)$In the analysis on 4th August 2022, it was excluded due to excessive valuation, and the stock price has increased by 5.7% since then.
    A US company listed in 1999, mainly engaged in photon and motion control component business, operating in the global market, with the current price at 160.59.
    In the past 5 years, the revenue has grown for 4 years except for 2020, with an average growth rate of 7.5%. The operating profit shrank in the first two years and grew in the following three years, with an average growth rate of 9.2%. The net income has an average growth rate of 7.4%.
    Currently, the PE ratio is 80 and the PE TTM ratio is 84, indicating an excessive valuation and lack of attractiveness.
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    $Vontier (VNT.US)$In the 2022.8.9 analysis, due to the exclusion of profits mainly from securities sales, the stock price has increased 59% so far.
    Revenue has grown slowly over the past 5 years, with an average growth rate of only 3%, while operating profit and net profit have slowly shrunk amid fluctuations.
    In 2024Q1, revenue shrank by 2.7%, operating profit increased by 6.2% due to increased gross margin, and net profit increased by 65.2% due to lower interest expenses and business sales revenue.
    The current price-earnings ratio is 16.3 and the price-earnings ratio is TTM14.2. Considering the long-term contraction trend of core profit, it is currently unattractive.
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    $Teledyne Technologies (TDY.US)$In the 2022.8.9 analysis, it was excluded because the valuation was too high, and the stock price has hardly changed so far.
    The American company, which was listed in 1999, is mainly engaged in digital imaging and instrumentation business. The main markets are in the US and Europe, and the current price is 393.84.
    In the past 5 years, revenue has increased for 4 years except 2020, with an average growth rate of 14%, an average growth rate of 20% in operating profit, and an average growth rate of 21.5% in net profit. Interest expenses account for 7.4% of operating profit in 2023, and the interest burden is not heavy. Gross margin increased from 39.3% to 43.3% in the past 5 years, net margin increased from 12.7% to 15.7%, and return on net assets fell from 16.3% to 10.2%.
    2024Q1 revenue shrank by 2.4%, operating profit shrank by 3.6%, and net profit shrank by 0.1%.
    The balance ratio has declined from 40.7 per cent to 36 over the past five years. %. There was a significant increase in total assets and net assets. Goodwill increased sharply in 2022, from 2.56 billion to 10.73 billion dollars, indicating that there were large acquisitions. This explains the rapid increase in revenue and profit in the past 3 years. Usually, acquisition-driven growth time is limited, and there may be depreciation pressure later. This is reflected in the rapid decline in revenue and profit growth. In 2023, the revenue growth rate fell to 3.2%, and the net profit growth rate fell to 12.3%.
    The ratio and growth rate of accounts receivable and inventory is normal, with goodwill and other intangible assets of 10.163 billion, over 93...
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    $Fortive (FTV.US)$In the analysis of August 9, 2022, it was excluded due to the continuous decline in revenue and profit, and the stock price has since increased by 13.2%.
    An American company listed in 2016, mainly engaged in professional and engineering product business, with a global market. The current price is $73.54.
    Revenue has continued to grow over the past five years, with an average growth rate of 10%. Operating profit was significantly reduced in 2019 due to gross margin and cost ratio, with an average growth rate of 12%. Net income was significantly increased in 2020 due to the impact of securities sales income. Interest expenses accounted for 11% of operating profit in 2023, with a slightly heavy interest burden. Gross margin has increased from 54.4% to 59.3% in the past five years, while net margin has decreased from 16% to 14.3%, and return on net assets has decreased from 9.6% to 8.7%.
    Revenue growth was 4.4% in Q1 2024, operating profit shrinked by 0.5%, and net income increased by 19.5%.
    Currently, the PE ratio is 30.3, the TTM PE ratio is 29.2, and the 5-year average net income of 0.88 billion corresponds to a PE ratio of 29.4. Due to the lack of a clear long-term upward trend in net income, it is currently unattractive.
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    $Garmin (GRMN.US)$In the 2022.8.9 analysis, it was excluded due to short-term net profit contraction, and the stock price has increased 69% so far.
    The Swiss company, which was listed in 2000, is mainly engaged in navigation and wearables business. The current price is 162.66 in the global market.
    In the past 5 years, except for 4 years in 2022, the average growth rate was 9.3%, and the average operating profit growth rate was 7%. 2023 was lower than the high in 2021, and the average net profit growth rate was 13.2%. However, net profit in 2023 was affected by income from the sale of securities and tax rebates, which affected about 10% of net profit. In recent years, they have only earned interest income, and there is no interest burden. The gross margin fell from 59.5% to 57.5% in the past 5 years, the net profit margin fell from 25.4% to 20% and then returned to 24.7%, and the return on net assets fell from 21% to 16% and recovered to 19.5%.
    2024Q1 revenue increased 20.4%, operating profit increased 51.5%, and net profit increased 36.4%.
    The balance ratio has declined from 22.3% to 18.5% in the past 5 years, and both total assets and net assets have increased significantly. The ratio and growth rate of accounts receivable and inventory are relatively normal. Goodwill and other intangible assets are 800 million yuan, accounting for 11.4% of the 7 billion net assets, and no interest-bearing liabilities. Treasury stock of $331 million.
    Currently, the cash is close to 2 billion dollars, and there is no liquidity risk.
    Net cash flow from operating over the past five years has been much higher than net investment, generating a high percentage of shareholder surpluses.
    Currently, the price-earnings ratio is 24.2, and the price-earnings ratio is TTM2...
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    $Telesat (TSAT.US)$In the 2023.2.23 analysis, it was excluded due to the continued decline in revenue, and the stock price has hardly changed so far.
    The Canadian company, which was listed in 2005, is mainly in the satellite communication business. The main market is in North America. The current price is 9.55.
    Revenue has shrunk for 4 years in the past 5 years. Operating profit increased dramatically in 2023 due to negative 300 million other operating expenses. Although net profit increased dramatically, the net profit of minority shareholders reached 430 million, leaving only 160 million yuan in net profit.
    2024Q1 revenue shrank 17%, operating profit shrank 17.9%, and net profit turned into a loss.
    Currently, the price-earnings ratio is 1.2, the price-earnings ratio is TTM 1.4, and the net price-earnings ratio is 0.26. This is a small cigarette butt and unattractive.
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    $Aviat Networks (AVNW.US)$In the 2023.2.26 analysis, due to the recent decline in profits, the stock price has fallen 13.1% so far.
    The American company, which was listed in 2007, is mainly engaged in the wireless network solution business. The current price is 30.525 in the global market.
    Revenue has continued to grow over the past 5 years, with an average growth rate of 7.4%. Operating profit increased sharply in the past 4 years. The growth rate fell to 1.5% in 2023. Net profit increased sharply to 110 million in 2021 due to income tax rebates, but it also declined sharply in the past two years.
    In the first three quarters of 2024, revenue increased 15.2%, operating profit shrank 22.4%, and net profit before tax shrank 19.7% to 13.92 million.
    Currently, the price-earnings ratio is 31.5, and the price-earnings ratio is TTM27.3, which is unattractive.
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