Tractor Supply Company's share price exceeds its true value, implying no upside from mispricing. The stock's optimistic future growth is already factored in, suggesting it may not be the best time to buy. Consider other factors for the next price drop.
MyLowe's Rewards launch is a strategic move to retain DIY customers in an unstable home-improvement market. Tractor Supply's Neighbor's Club loyalty program's success, accounting for over 77% of Q3 sales, is a benchmark for Lowe's. Analysts predict a slight increase in home-improvement spending by H2 2024.
Despite Tractor Supply's strong ROCE, the trend of declining returns is discouraging. Even as the company reinvests for growth, if the current trend persists, future substantial gains for stockholders seem unlikely.
Tractor Supply's high P/E ratio may signal overly optimistic investor expectations. Discrepancies between this high P/E and projected growth could signal potential disappointment for shareholders.
Despite the short-term price drop, there has been strong long-term performance, with EPS growth strongly suggesting a shift in market sentiment to pessimism. Dividends boosting shareholder return hint at comprehensive benefits, presenting the current sell-off as a potential investment opportunity.
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2023前两季度营收增长8%,营业利润增长4.5%,净利润增长3.5%。
资产负债率在2019年从49.4%大幅增长到70.4%,主要是通过20亿的长期租赁负债添置了固定资产,之后每年都通过这个方式增加固定资产,资产负债率一路提高到76.9%。
没什么应收款项,存货比例也正常,商誉很少,长期借款17.28亿占20.87亿净资产的83%,杠杆率不低。
库存股52.11亿,但是近些年不但不注销股份,股本反而少量增加。
目前市盈率23.1,市盈率TTM略降到了22.4,和长期增速比有一定折扣,但是和近期增速比估值并不算低,暂时观望。
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