Tupperware Brands' Weakness In Financial Reporting Triggers 33% Price Target Cut By This Analyst
Tupperware Brands' Weakness In Financial Reporting Triggers 33% Price Target Cut By This Analyst
特百惠品牌在财务报告方面的疲软促使该分析师将目标价格下调33％
- DA Davidson analyst Linda Bolton Weiser reiterated a Neutral rating on the shares of Tupperware Brands Corporation (NYSE:TUP) and lowered the price target from $4.50 to $3.
- On Mar. 1, TUP reported 4Q22 sales decline of 20% Y/Y to $314 million, above the consensus.
- Sales are still being hurt by volume declines that exceed pricing benefits, but gross margin was up Y/Y for the first time in quite a while and inventory did come down sequentially, said the analyst.
- TUP's sales performance in Target Corporation (NYSE:TGT) stores exceeded expectations, and the Tupperware brand immediately captured 10% market share, but sales to TGT represented only 1% of total company sales, noted the analyst.
- On Feb. 22, 2023, TUP entered into a Third Amendment to its November 2021 credit agreement, which provided for additional relief with respect to the maximum permitted leverage ratio and minimum permitted interest coverage ratio, said the analyst.
- Management anticipates the company will remain compliant with financial covenants for the year following the issuance of the 2022 financial statements.
- The analyst remarked that Tupperware identified misstatements in its financial close process in prior periods, the most significant of which relate to historical accounting for income taxes.
- TUP also concluded it did not design and maintain effective internal controls related to the accounting for the income tax provision and related income tax assets and liabilities.
- The company said it would start marketing cast-iron Dutch ovens in 2023, as well as reusable silicon food storage bags.
- Mexico and Brazil now represent >25% of sales and an even higher percentage of operating cash flow - while Brazil is currently growing, Mexico is still experiencing lower sales force productivity, with Y/Y growth not expected until 2H23, said the analyst.
- Price Action: TUP shares are trading lower by 12.9% at $2.57 on the last check Monday.
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- DA Davidson 分析师琳达·博尔顿·韦瑟重申了对以下股票的中性评级 特百惠品牌公司 （纽约证券交易所代码：TUP）并将目标价从4.50美元下调至3美元。
- 3月1日，TUP报告称，22季度销售额同比下降20％，至3.14亿美元，高于共识。
- 分析师表示，销量下降超过定价收益仍影响销售，但毛利率在一段时间内首次同比增长，库存确实连续下降。
- TUP 在 2006 年的销售业绩 塔吉特公司 分析师指出，（纽约证券交易所代码：TGT）门店超出了预期，特百惠品牌立即占据了10％的市场份额，但对TGT的销售额仅占公司总销售额的1％。
- 这位分析师表示，2023年2月22日，TUP签署了其2021年11月信贷协议的第三修正案，该修正案规定了对最大允许杠杆比率和最低允许利息覆盖率的额外减免。
- 管理层预计，在发布2022年财务报表后的一年中，公司将继续遵守财务契约。
- 分析师表示，特百惠在前几期的财务结算过程中发现了错误陈述，其中最重要的与所得税的历史会计有关。
- TUP还得出结论，它没有设计和维持与所得税准备金和相关所得税资产和负债的会计有关的有效内部控制措施。
- 该公司表示，将在2023年开始销售荷兰铸铁烤箱以及可重复使用的硅食物储存袋。
- 分析师表示，墨西哥和巴西现在占销售额的25％以上，在运营现金流中所占的比例甚至更高——尽管巴西目前在增长，但墨西哥的销售人员生产率仍然较低，预计要到23年下半年才会实现同比增长。
- 价格走势：周一的最后一张支票显示，TUP股价下跌了12.9％，至2.57美元。
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