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股票討論區
新增數據:24Q2,24Q3,營收、營業利潤和淨利潤連續4個季度萎縮。
2024前3季度營收萎縮16.5%,營業利潤萎縮36%,淨利潤萎縮28.1%。
資產負債率變化不大,從49%微降到48.5%,商譽及其他無形資產2.55億,相對於9.88億淨資產不算多,公司沒有利息負擔。
前3季度經營淨額高於投資淨額,產生了些股東盈餘。
目前市盈率10.55,市盈率TTM已經提高到13.6,如果全年淨利萎縮3成到1億,對應市盈率爲15.7,5年平均淨利1.2億對應市盈率爲13,考慮到目前僅有觀察倉位,公司財務狀況也非常良好,暫時沒有調整的必要。
2024Q1營收大幅萎縮20.3%,營業利潤萎縮34.4%,淨利潤萎縮28.3%。
資產負債率5年來從34.2%增長到57.6%之後開始下降,2023年爲49%。
應收和存貨的比例和增減和營收吻合很好,商譽及其他無形資產2.49億,佔9.64億淨資產的25.8%,沒有長期借款。
5年來現金流經營淨額持續高於投資淨額,股東盈餘較多。
目前市盈率9,市盈率TTM9.8,股息率2.26%,估值有一定折扣,考慮到行業剛過週期頂點,後續繼續萎縮可能性非常大,僅可建少量觀察倉位(👀)
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In reaction to earnings/guidance:
• $La-Z-Boy(LZB.US)$ +6.7%, $財捷(INTU.US)$ +5.8%, $Paycor HCM(PYCR.US)$ +3.3%, $II-VI Inc(IIVI.US)$ +3.3%, $戴康工業(DY.US)$ +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)
• $攜程網(TCOM.US)$ +15.6% (In reaction to earnings/guidance)
• $Apyx Medical(APYX.US)$ +8% (anno...
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