Analysts are more optimistic about Installed Building Products' future after recent results, expecting its revenue growth to outpace the industry despite a slowdown. The consensus earnings per share upgrade indicates improved sentiment about the company's earnings potential next year.
Installed Building Products' high P/E ratio is justified by its superior earnings outlook. Shareholders are confident in the company's future earnings and the strong share price surge indicates a stable stock price.
The high P/E of Installed Building Products is worrying due to analysts predicting a downturn in earnings next year. Investors hoping for a company turnaround may face disappointment if the P/E ratio aligns with the negative growth forecast.
Insiders selling shares below current price signals possible negatives. High insider ownership suggests management interest alignment with shareholders. Lack of insider buying within the past year may raise concerns. Investors should consider both insider trading activities and potential stock risks before investing.
Rehaut believes the shares of TopBuild and Installed Building Product will keep rising despite both having soared by 113% and 95% respectively year-to-date, which outperformed analyst expectations. Stanley's stock, however, is anticipated to underperform according to the downgrade.
Installed Building Products (NYSE: IBP) is the second largest new residential insulation installer in the US. IBP experienced significant revenue growth since its IPO in 2014. By 2022, its revenue had increased by 5-fold while its total assets had risen by 8 times. But the growth came from a combination of acquisitions and tailwinds from a growing construction sector. But this is not a sustainable growth model ...
Despite higher EPS growth, the market's enthusiasm for the stock has waned. Recent TSR performance paints a better picture, but 2 warning signs for Installed Building Products may pose risks for investors.
Installed Building Products股票討論區
Installed Building Products: Unsustainable Growth and the Need for a Course Correction
But this is not a sustainable growth model ...
2023前兩季度營收增長6.9%,營業利潤增長13.6%,淨利潤增長18.3%。
5年來資產負債率從78.1%下降到72.3%,2023Q2進一步下降到69.5%,槓桿率在板塊內屬於很高。應收賬款和存貨都很少。
商譽及其他無形資產6.73億,是5.61億淨資產的1.2倍,資產很虛。長期借款8.31億,槓桿率非常高。
5年來現金流經營淨額微小幅度超過投資淨額,股東盈餘很少。
目前市盈率19.8,市盈率TTM微降到18.2,考慮到目前增速放緩,板塊週期問題,暫時觀望。
毛利率基本在29%上下,淨資產收益率從22.6%提升到了30%以上,非常吸引人。
5年來營收、營業利潤和淨利潤都保持增長,淨利潤平均增長率為25%。2022Q1分別增長34.4%,83.2%和95.6%,增速還沒放緩。
利潤表顯示利息費用目前佔營收的17%,負擔不小,奇怪的是利潤增長這麼好的情況下負債似乎沒有減少。
5年來資產負債表先從71.5%上升到77.3%後逐步下降,目前為76.4%,又回升了一些。
2021年應收帳款和存貨共計增長1.1億,接近全年淨利1.2億,2021年現金流一定很差。
應收和存貨佔營收比例還算正常。
商譽及其他無形資產5.83億,佔淨資產3.9億的150%,資產很虛。長期借款8.3億,佔淨資產3.9億的213%,槓桿率太高。
5年來現金流經營淨額低於投資淨額,沒有股東盈餘。
綜合上面的分析,目前沒有吸引力。
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