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With A 26% Price Drop For Leslie's, Inc. (NASDAQ:LESL) You'll Still Get What You Pay For
With A 26% Price Drop For Leslie's, Inc. (NASDAQ:LESL) You'll Still Get What You Pay For
Leslie's, Inc. (NASDAQ:LESL) shareholders won't be pleased to see that the share price has had a very rough month, dropping 26% and undoing the prior period's positive performance. The drop over the last 30 days has capped off a tough year for shareholders, with the share price down 46% in that time.
Even after such a large drop in price, it's still not a stretch to say that Leslie's' price-to-sales (or "P/S") ratio of 0.7x right now seems quite "middle-of-the-road" compared to the Specialty Retail industry in the United States, where the median P/S ratio is around 0.4x. Although, it's not wise to simply ignore the P/S without explanation as investors may be disregarding a distinct opportunity or a costly mistake.
What Does Leslie's' P/S Mean For Shareholders?
Leslie's could be doing better as its revenue has been going backwards lately while most other companies have been seeing positive revenue growth. One possibility is that the P/S ratio is moderate because investors think this poor revenue performance will turn around. However, if this isn't the case, investors might get caught out paying too much for the stock.
If you'd like to see what analysts are forecasting going forward, you should check out our free report on Leslie's.Do Revenue Forecasts Match The P/S Ratio?
The only time you'd be comfortable seeing a P/S like Leslie's' is when the company's growth is tracking the industry closely.
Retrospectively, the last year delivered a frustrating 9.0% decrease to the company's top line. This has soured the latest three-year period, which nevertheless managed to deliver a decent 26% overall rise in revenue. Accordingly, while they would have preferred to keep the run going, shareholders would be roughly satisfied with the medium-term rates of revenue growth.
Turning to the outlook, the next year should generate growth of 1.9% as estimated by the analysts watching the company. Meanwhile, the rest of the industry is forecast to expand by 3.8%, which is not materially different.
In light of this, it's understandable that Leslie's' P/S sits in line with the majority of other companies. Apparently shareholders are comfortable to simply hold on while the company is keeping a low profile.
The Key Takeaway
Leslie's' plummeting stock price has brought its P/S back to a similar region as the rest of the industry. Generally, our preference is to limit the use of the price-to-sales ratio to establishing what the market thinks about the overall health of a company.
Our look at Leslie's' revenue growth estimates show that its P/S is about what we expect, as both metrics follow closely with the industry averages. Right now shareholders are comfortable with the P/S as they are quite confident future revenue won't throw up any surprises. Unless these conditions change, they will continue to support the share price at these levels.
It's always necessary to consider the ever-present spectre of investment risk. We've identified 5 warning signs with Leslie's (at least 2 which are concerning), and understanding them should be part of your investment process.
If strong companies turning a profit tickle your fancy, then you'll want to check out this free list of interesting companies that trade on a low P/E (but have proven they can grow earnings).
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.
萊斯利公司(納斯達克股票代碼:LESL)股東不會很高興看到股價經歷了一個非常艱難的月份,下跌了26%,抵消了前一時期的積極表現。過去30天的下跌結束了股東艱難的一年,股價在此期間下跌了46%。
即使在價格大幅下跌之後,可以毫不誇張地說,與美國的專業零售行業相比,萊斯利0.7倍的市銷率(或 “市盈率”)目前看來相當 “處於中間位置”,後者的市銷率中位數約爲0.4倍。但是,不加解釋地忽略市銷率是不明智的,因爲投資者可能會忽視一個明顯的機會或一個代價高昂的錯誤。
萊斯利的市銷率對股東意味着什麼?
萊斯利的表現可能會更好,因爲其收入最近一直在倒退,而大多數其他公司的收入卻出現了正增長。一種可能性是市銷率適中,因爲投資者認爲這種糟糕的收入表現將得到扭轉。但是,如果不是這樣,投資者可能會陷入爲股票支付過多費用的困境。
如果你想了解分析師對未來的預測,你應該查看我們關於萊斯利的免費報告。收入預測與市銷率相匹配嗎?
只有當公司的增長密切關注該行業時,你才能放心地看到像萊斯利這樣的市銷率。
回顧過去,去年該公司的收入下降了9.0%,令人沮喪。這使最近的三年期惡化,儘管如此,總收入仍實現了26%的可觀增長。因此,儘管股東本來希望繼續經營,但他們會對中期收入增長率大致滿意。
談到前景,根據關注該公司的分析師的估計,明年將實現1.9%的增長。同時,該行業的其他部門預計將增長3.8%,這沒有實質性區別。
有鑑於此,萊斯利的市銷率與其他大部分公司持平,這是可以理解的。顯然,在公司保持低調的同時,股東們很樂意堅持下去。
關鍵要點
萊斯利的股價暴跌使其市銷率回到了與該行業其他公司相似的區域。通常,我們傾向於限制使用市銷率來確定市場對公司整體健康狀況的看法。
我們對萊斯利收入增長估計的研究表明,其市銷率與我們的預期差不多,因爲這兩個指標都與行業平均水平密切相關。目前,股東們對市銷率感到滿意,因爲他們非常有信心未來的收入不會帶來任何意外。除非這些條件發生變化,否則它們將繼續在這些水平上支撐股價。
始終有必要考慮永遠存在的投資風險幽靈。我們已經在Leslie's中發現了5個警告信號(至少有2個令人擔憂),了解它們應該是您投資過程的一部分。
如果你喜歡實力雄厚的公司盈利,那麼你會想看看這份以低市盈率(但已證明可以增加收益)的有趣公司的免費名單。
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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