Analysts have turned bearish after recent results, leading to reduced revenue forecasts and a significant cut to EPS estimates. Despite this, the price target remains unchanged, implying analysts don't see a significant impact on THOR Industries' intrinsic value. However, the company's revenues are expected to underperform the wider industry.
THOR Industries' high P/E ratio is alarming considering its recent earnings drop. Investors seem overly optimistic, unwilling to sell their stock. If the current medium-term earnings trend persists, it could jeopardize shareholders' investments and potential investors might overpay.
Thor Industries' CEO warns higher interest rates could dampen consumers' willingness for large discretionary purchases. The slowdown in RV sales aligns with the rise in the Fed funds rate. Analysts predict a rebound for Thor Industries, but not until FY2025.
Rising interest rates have led to cautious wholesale ordering patterns, impacting Thor Industries' dealers. This has resulted in a significant drop in the company's stock and a cut in its 2024 guidance.
Insiders owning a significant number of THOR Industries shares is seen positively, aligning management's incentives with shareholders. However, the absence of insider buying over the past year is concerning. The company also has 2 warning signs that should not be ignored.
The diminishing returns on increasing amounts of capital at THOR Industries is a cause for concern. Despite the stock delivering a 97% return to shareholders over the last five years, the fundamentals do not inspire confidence for future investment.
THOR's revenue growth could be behind the share price increase over the years. The high-value dividend yield effectively attracts more investors, offsetting the share price return. Recent share price momentum could present an opportunity for new investors.
Shares of THOR Industries trade above fair value, hinting the market has already priced in its positive outlook. Though the price exceeds true value, the potential for future profit remains due to optimistic growth forecast.
索爾工業股票討論區
5年來營收除2019年萎縮5.6%以外,有4年增長;營業利潤和淨利潤在2019年暴跌後,直到2021年才真正走出谷底,淨利潤5年平均增速21%,近3年平均增速15.4%。每股收益曲線和淨利潤曲線基本吻合。2022前兩季度營收增長49%,營業利潤增長98%,淨利潤增長106%。
利潤表顯示利息費用2020年達到1億,佔營業利潤的26%,2021年減少到了9354萬,佔營業利潤的10%。2019和2020年淨利潤不如往年主要由於這兩年的營業費用增加非常快。
淨資產收益率在25%左右,2020和2021年分別降到了6.6%和10.1%,2021年恢復到了25%,這個水平還不錯。
5年來資產負債率從38.4%提高到了63%後,逐步降回57.6%,是個相對重資產的公司。
應收帳款佔營收9.4%,存貨佔營收14%,水平正常。商譽和無形資產32.3億,佔總資產42%,超過了32.5億的總權益。
目前市盈率6.6,如果用兩年平均利潤4.4億計算,市盈率為9.8,估值不算高,可以謹慎選擇(⭐️)
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