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We Think Shareholders Should Be Aware Of Some Factors Beyond CDW Holding's (SGX:BXE) Profit
We Think Shareholders Should Be Aware Of Some Factors Beyond CDW Holding's (SGX:BXE) Profit
We didn't see CDW Holding Limited's (SGX:BXE) stock surge when it reported robust earnings recently. We think that investors might be worried about the foundations the earnings are built on.
See our latest analysis for CDW Holding
SGX:BXE Earnings and Revenue History August 22nd 2022A Closer Look At CDW Holding's Earnings
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
For the year to June 2022, CDW Holding had an accrual ratio of 0.24. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Even though it reported a profit of US$4.54m, a look at free cash flow indicates it actually burnt through US$3.4m in the last year. It's worth noting that CDW Holding generated positive FCF of US$8.8m a year ago, so at least they've done it in the past. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio. One positive for CDW Holding shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of CDW Holding.
How Do Unusual Items Influence Profit?
The fact that the company had unusual items boosting profit by US$2.0m, in the last year, probably goes some way to explain why its accrual ratio was so weak. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. We can see that CDW Holding's positive unusual items were quite significant relative to its profit in the year to June 2022. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
Our Take On CDW Holding's Profit Performance
CDW Holding had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at CDW Holding's statutory profits might make it look better than it really is on an underlying level. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. To help with this, we've discovered 3 warning signs (1 is a bit unpleasant!) that you ought to be aware of before buying any shares in CDW Holding.
Our examination of CDW Holding has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying to be useful.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
我们没有看到CDW Holding Limited的(新加坡证券交易所股票代码:BXE)最近公布强劲收益后,股价飙升。我们认为,投资者可能担心盈利的基础。
查看我们对CDW Holding的最新分析
新交所:BXE收益和收入历史2022年8月22日近距离观察CDW Holding的收益
在高端金融领域,衡量一家公司将报告利润转换为自由现金流(FCF)的程度的关键比率是应计比率(来自现金流)。为了得到应计比率,我们首先从一个时期的利润中减去FCF,然后用这个数字除以该时期的平均运营资产。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
因此,负的应计比率对公司是积极的,而正的应计比率是负的。虽然应计比率为正并不是问题,这表明非现金利润达到了一定的水平,但高的应计比率可以说是一件坏事,因为它表明账面利润与现金流不匹配。引用勒维伦和雷苏泰克2014年的一篇论文,“应计利润较高的公司未来的利润往往较低”。
在截至2022年6月的一年中,CDW Holding的应计比率为0.24。不幸的是,这意味着其自由现金流远远低于其公布的利润。尽管该公司报告利润为454万美元,但看看自由现金流就会发现,该公司去年实际上烧掉了340万美元。值得注意的是,CDW Holding一年前产生了880万美元的正FCF,所以至少他们过去做到了。然而,这并不是需要考虑的全部问题。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。对CDW Holding股东来说,一个积极的因素是,该公司去年的应计比率明显好于去年,这提供了一个理由,让人相信它未来可能会恢复更强劲的现金转换。如果情况确实如此,股东应该期待本年度相对于利润的现金流有所改善。
注:我们总是建议投资者检查资产负债表的实力。点击此处进入我们对CDW Holding的资产负债表分析。
不寻常的项目如何影响利润?
该公司去年有一些不同寻常的项目将利润提高了200万美元,这一事实很可能在一定程度上解释了为什么其应计比率如此之低。我们不能否认,更高的利润通常会让我们保持乐观,但如果利润是可持续的,我们更愿意这样做。我们对全球大多数上市公司进行了统计,不寻常的项目在性质上是一次性的,这是非常常见的。考虑到这个名字,这并不令人惊讶。我们可以看到,在截至2022年6月的一年中,CDW Holding的积极异常项目与其利润相比相当重要。在其他条件不变的情况下,这可能会使法定利润成为衡量潜在盈利能力的糟糕指标。
我们对CDW Holding的利润表现的看法
CDW Holding的应计比率较低,但其利润确实得到了不寻常项目的提振。出于上述原因,我们认为,敷衍地看一眼CDW Holding的法定利润,可能会让它看起来比潜在层面上的实际情况更好。因此,如果你想更深入地研究这只股票,考虑它面临的任何风险是至关重要的。为了帮助解决这个问题,我们发现3个警示标志(1有点令人不快!)在购买CDW Holding的任何股票之前,你应该意识到这一点。
我们对CDW Holding的审查集中在某些因素上,这些因素可能会让CDW的收益看起来比实际情况更好。在此基础上,我们对此持怀疑态度。但如果你有能力将注意力集中在细枝末节上,总会有更多的东西需要发现。例如,许多人认为高股本回报率是有利的商业经济指标,而另一些人则喜欢“跟着钱走”,寻找内部人士正在买入的股票。虽然这可能需要为您做一些研究,但您可能会发现免费拥有高股本回报率的公司的集合,或者是内部人士购买的有用的股票清单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
风险及免责提示
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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