Inter Parfums' consistent ROCE increase and ability to reinvest at higher rates are positive signs. These trends, often seen in multi-baggers, are attracting attention, evidenced by a 99% return for stockholders over the last five years.
Despite strong EPS growth, market expectations for growth seem moderated. The company's TSR outperformed its share price return, highlighting dividends' significant contribution. The recent TSR improvement could be seen as a positive sign of the business's improving performance.
Insiders selling shares below current price could be a negative sign, suggesting they considered a lower price reasonable. Lack of insider purchases and significant selling raises caution. High level of insider ownership could be seen as positive, indicating management's incentives align with shareholders.
Despite a high P/E ratio and low growth forecast, investors hold onto stocks, showing bullish sentiment. However, this earnings growth may impact share price, making current prices potentially unsustainable. High P/E ratio and future earnings predictions don't support this sentiment long-term, making prices seem unreasonable.
Despite recent declines, the company's long-term performance paints a more positive picture with dividends, suggesting underlying momentum that may make this a good time to look deeper into Inter Parfums's prospects.
依特香水股票討論區
新增數據: 2022Q4及全年,2023Q1和Q2
2022年營收增長23.6%,營業利潤增長34.3%,淨利潤增長37.3%,這使得5年平均淨利增速提高到22.2%。
2023前兩季度營收增長25.4%,營業利潤增長36.3%,淨利潤增長40.4%。
資產負債表顯示2022年存貨增加0.9億達到2.9億,應收增加0.6億,加起來等於同期淨利潤,同時存貨也達到了22年營收的26.7%,比例有些過高。
2023前季度存貨繼續增加0.7億,應收增加0.25億,同期淨利潤1.13億,比22年略好。
近兩年現金流經營淨額低於投資淨額,2023前兩季度有所扭轉。
目前市盈率37,市盈率TTM降到了30.5,和長期增速比估值比較合理,缺乏吸引力,繼續觀察。
依特香水(IPAR)是1988年以4美元的上市價格上市的法國公司,現在價格69.4,考慮到中間經歷了3次2拆3,現價實際是234美元,增長近60倍。毛利率基本保持在63%左右。
5年來營收、營業利潤和淨利潤除2020年外,均保持快速增長。淨利潤平均增速為20.5%。
2022Q1營收、營業利潤和淨利潤均增長20%以上。
利潤表顯示公司沒有利息費用,資產負債率5年來從26.6%上升到35%,2021年增加了1.3億的長期借款。
現金流量表顯示2021年有1.88億的投資淨流出,這個可能是增加長期借款的原因。
5年來除2021年外,經營現金淨額大幅超過投資活動現金淨額,盈餘還不錯。
目前市盈率25.2,市盈率TTM23.3,倍數高於淨利潤平均增速,但是考慮到資產負債表的質量,可以先少量佈局(⭐️)
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