The diminishing returns on increasing amounts of capital employed by La-Z-Boy is a concern. If these trends persist, there might be better investment opportunities elsewhere.
The company's Q3 results missed Wall Street's estimates, indicating weak business quality. With an annualized revenue growth rate of 3.7% over the last five years and declines of 3.2% over the last two years, its cash profitability is mediocre and expected to fall further.
La-Z-Boy is undervalued, presenting a potential opportunity to accumulate more holdings. The current share price doesn't fully reflect the company's future outlook, suggesting it's not too late to buy LZB. Consider other factors like management's track record before investing.
La-Z-Boy's lower P/E ratio is due to its weaker forecast growth. Investors' hesitance about earnings improvement is reflected in the low P/E ratio, suggesting limited share price growth in the near future.
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La-Z-Boy股票讨论区
新增数据:24Q2,24Q3,营收、营业利润和净利润连续4个季度萎缩。
2024前3季度营收萎缩16.5%,营业利润萎缩36%,净利润萎缩28.1%。
资产负债率变化不大,从49%微降到48.5%,商誉及其他无形资产2.55亿,相对于9.88亿净资产不算多,公司没有利息负担。
前3季度经营净额高于投资净额,产生了些股东盈余。
目前市盈率10.55,市盈率TTM已经提高到13.6,如果全年净利萎缩3成到1亿,对应市盈率为15.7,5年平均净利1.2亿对应市盈率为13,考虑到目前仅有观察仓位,公司财务状况也非常良好,暂时没有调整的必要。
2024Q1营收大幅萎缩20.3%,营业利润萎缩34.4%,净利润萎缩28.3%。
资产负债率5年来从34.2%增长到57.6%之后开始下降,2023年为49%。
应收和存货的比例和增减和营收吻合很好,商誉及其他无形资产2.49亿,占9.64亿净资产的25.8%,没有长期借款。
5年来现金流经营净额持续高于投资净额,股东盈余较多。
目前市盈率9,市盈率TTM9.8,股息率2.26%,估值有一定折扣,考虑到行业刚过周期顶点,后续继续萎缩可能性非常大,仅可建少量观察仓位(👀)
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In reaction to earnings/guidance:
• $La-Z-Boy(LZB.US)$ +6.7%, $财捷(INTU.US)$ +5.8%, $Paycor HCM(PYCR.US)$ +3.3%, $II-VI Inc(IIVI.US)$ +3.3%, $戴康工业(DY.US)$ +2.2%
Other news:
• $Bed Bath & Beyond Inc(BBBY.US)$+35% (Bed Bath & Beyond shares are trading higher following reports suggesting the company secured a loan deal.)
• $Farfetch(FTCH.US)$ +18.2% (Farfetch, Richemont and Alabbar to partner in YOOX NET-A-PORTER)
...
• $Kezar Life Sciences(KZR.US)$ +92% (announces positive top line results from the MISSION Phase 2 trial)
• $Sutro Biopharma(STRO.US)$ +24.5% (Sutro Biopharma and Astellas to collaborate to advance novel immunostimulatory antibody-drug conjugates)
• $Ceragon(CRNT.US)$ +17.7% (AVNW to acquire all shares of CRNT that it does not already own for $2.80/sh)
• $携程网(TCOM.US)$ +15.6% (In reaction to earnings/guidance)
• $Apyx Medical(APYX.US)$ +8% (anno...
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