WestRock Company ndi opanga mapepala komanso malata.Kampaniyo yakula mwamphamvu kudzera mu M&A ngati njira yoyendetsera kukula.
Kukula kwakukulu kwa masheya kumapangitsa kuti pakhale ndalama zambiri, ndipo 50% yolipira ndalama imatanthauza kuti malipirowo amalipidwa bwino.
Sitikonda kugula masheya ozungulira panthawi yomwe chuma chikukwera.Popeza katundu watsala pang'ono kutha 2019 pamiyendo ya masabata 52, magawo sali okongola pakadali pano.
Kukula kwa magawo agawidwe ndi njira yotchuka komanso yopambana kwambiri yopezera chuma kwa nthawi yayitali.Tikhala tikuyang'ana ambiri omwe akubwera ndi omwe akubwera kuti adziwe "magawo abwino kwambiri akukula mawa."Lero timayang'ana makampani onyamula katundu kudzera ku WestRock Company (WRK).Kampaniyi ndi yosewera kwambiri pamakampani opanga mapepala ndi malata.Sitoko imapeza zokolola zolimba, ndipo kampaniyo yagwiritsa ntchito M&A kuti ikule kukula pakapita nthawi.Komabe, pali mbendera zofiira zomwe ziyenera kuganiziridwa.Gawo lolongedza katundu ndilokhazikika, ndipo kampaniyo nthawi zina imachepetsa omwe ali ndi masheya popereka ndalama zothandizira ndalama za M&A.Ngakhale timakonda WestRock pansi pamikhalidwe yoyenera, nthawi imeneyo siili pano.Tikuyembekezera kugwa kwagawoli tisanaganizirenso za WestRock Company.
WestRock imapanga ndikugulitsa mitundu yosiyanasiyana ya mapepala ndi malata padziko lonse lapansi.Kampaniyo ili ku Atlanta, GA, koma ili ndi malo opitilira 300.Misika yomaliza yomwe WestRock amagulitsa ili pafupifupi yosatha.Kampaniyo imapanga pafupifupi magawo awiri mwa atatu a $19 biliyoni pakugulitsa pachaka kuchokera pamapaketi a malata.Chachitatu chinacho chimachokera ku malonda a katundu wogulitsira.
WestRock Company yawona kukula kwakukulu pazaka 10 zapitazi.Zopeza zakula pa CAGR ya 20.59%, pomwe EBITDA yakula pamlingo wa 17.84% munthawi yomweyo.Izi zakhala zikuyendetsedwa ndi zochitika za M&A (zomwe tifotokoza pambuyo pake).
Kuti timvetse bwino mphamvu ndi zofooka za WestRock, tiwona ma metrics angapo.
Timawunikanso malire ogwiritsira ntchito kuti tiwonetsetse kuti WestRock Company ndiyopindulitsa nthawi zonse.Tikufunanso kuyika ndalama m'makampani omwe ali ndi njira zolimba zoyendetsera ndalama, kotero timayang'ana kutembenuka kwa ndalama kuti tipeze ndalama zaulere.Pomaliza, tikufuna kuwona kuti oyang'anira akugwiritsa ntchito bwino ndalama za kampaniyo, chifukwa chake tikuwunikanso kuchuluka kwa ndalama zomwe zabwezedwa pa capital capital (CROCI).Tidzachita zonsezi pogwiritsa ntchito zizindikiro zitatu:
Timawona chithunzi chosakanikirana tikayang'ana ntchito.Kumbali ina, kampaniyo imalephera kukwaniritsa ma benchmark athu angapo.Malire ogwirira ntchito akampani akhala akusokonekera kwazaka zambiri.Kuphatikiza apo, ikungozindikira kutembenuka kwa 5.15% FCF ndi kubwerera kwa 4.46% pamalipiro omwe adayikidwapo.Komabe, pali zinthu zina zofunika zomwe zimawonjezera zinthu zina zabwino pazambiri.Ndalama zamtengo wapatali zakwera kwambiri pakapita nthawi.Kampaniyo ikuyika ndalama m'malo ofunikira ochepa kuphatikiza Mahrt Mill, Porto Feliz chomera, ndi Florence Mill.Ndalama izi zimakwana pafupifupi $ 1 biliyoni pomwe chaka chino zidakhala zazikulu kwambiri ($ 525 miliyoni adayikidwapo).Ndalamazo zidzatsika patsogolo ndipo ziyenera kupanga $240 miliyoni mu EBITDA yowonjezera pachaka.
Izi ziyenera kupangitsa kusintha kwa FCF, komanso CROCI komwe milingo yayikulu ya CAPEX ingakhudze metric.Tawonanso malire ogwirira ntchito akukulirakulira zaka zingapo zapitazi (kampaniyo yakhala ikugwira ntchito ku M&A, ndiye tikuyang'ana ma synergies amtengo).Ponseponse, tifunika kuyenderanso ma metric awa nthawi ndi nthawi kuti tiwonetsetse kuti ma metric ogwirira ntchito akupitilizabe kuyenda bwino.
Kuphatikiza pa ma metrics ogwiritsira ntchito, ndikofunikira kuti kampani iliyonse iziyang'anira bwino ma sheet awo.Kampani yomwe imatenga ngongole zambiri sikungopangitsa kuti ndalama ziziyenda bwino, komanso zimayika osunga ndalama pachiwopsezo ngati kampaniyo itagwa mwadzidzidzi.
Ngakhale tikupeza kuti tsamba lokwanira likusowa ndalama ($ 151 miliyoni yokha motsutsana ndi $ 10 biliyoni pangongole yonse), chiŵerengero cha WestRock cha 2.4X EBITDA ndi chotheka.Nthawi zambiri timagwiritsa ntchito chiŵerengero cha 2.5X ngati chenjezo.Ngongoleyi posachedwapa yawonjezeka chifukwa cha mgwirizano waukulu wa $ 4.9 biliyoni ndi KapStone Paper ndi Packaging, kotero tikuyembekeza kuti otsogolera adzalipira ngongoleyi m'zaka zikubwerazi.
WestRock Company yadzikhazikitsa yokha ngati gawo lolimba la magawo omwe amalipidwa pazaka 11 zapitazi.Kuchuluka kwa kampaniyo kumatanthauza kuti phindu lidapitilira kukula chifukwa cha kuchepa kwachuma.Kampaniyo inapereka ndalama zokwana 1.86 $ pagawo ndipo inapereka ndalama zokwana 4.35 %.Izi ndi zokolola zamphamvu poyerekeza ndi 1.90% yoperekedwa ndi 10-year US Treasuries.
Zomwe amabizinesi akuyenera kuyang'ana ndi WestRock pakapita nthawi yayitali ndi momwe kusakhazikika kwa kampani (nthawi zina) kumakhudzira kukula kwake.Sikuti WestRock imagwira ntchito mozungulira, komanso kampaniyo sichita manyazi ndi malonda a blockbuster M&A omwe angakhudze phindu la magawo.Nthawi zina phindu limakula modumphadumpha - nthawi zina, nkomwe.Kuwonjezeka kwaposachedwa kwambiri kunali kukwera kwa ndalama kwa 2.2%.Komabe, kampaniyo idakulitsa malipiro ake pakapita nthawi.Ngakhale kuti gawolo likhoza kukula mosagwirizana, chiwongola dzanja chapano chomwe chili pansi pa 50% chimasiya malo okwanira kuti osunga ndalama azimva bwino zachitetezo chazolipira.Sitiwoneratu kuchepetsedwa kwa phindu kukuchitika popanda zochitika zina za apocalyptic.
Otsatsa amafunikanso kuganizira kuti oyang'anira ali ndi mbiri yolowa mu equity kuti athandizire ndalama zophatikizira zazikulu.Ogawana nawo adachepetsedwa kawiri pazaka khumi zapitazi, ndipo kubweza sizinthu zofunika kwambiri kwa oyang'anira.Zopereka za equity zalepheretsa kwambiri kukula kwa EPS kwa osunga ndalama.
Kukula kwa WestRock Company kukucheperachepera (simuwona kuphatikiza mabiliyoni ambiri chaka chilichonse), koma pali ma talwindi akudziko komanso ma levers apadera amakampani omwe WestRock angagwiritse ntchito zaka zikubwerazi.WestRock ndi anzawo apitiliza kupindula ndi kuchuluka kwapang'onopang'ono kwa ma CD.Sikuti kuchuluka kwa anthu kukukulirakulirabe komanso chuma m'maiko omwe akutukuka kumene chikuchulukirachulukira, komanso kupitilizabe kukula kwa malonda a e-commerce kwapangitsa kuti pakhale kufunikira kwazinthu zotumizira.Ku US, kufunikira kwa mayankho opangira ma phukusi kukuyembekezeka kukula pa CAGR ya 4.1% kudzera mu 2024. Ma macroeconomic tailwinds amatanthawuza kufunikira kwakukulu kwa ma CD, mabokosi otumizira, ndi makina kuti awonjezere mphamvu zomwe makampani amayenera kutumiza zinthu zambiri.Kuonjezera apo, mapepala opangidwa ndi mapepala angakhale ndi mwayi wotenga nawo mbali pazinthu zapulasitiki pamene kukakamizidwa kwa ndale kumakula pofuna kuchepetsa zinyalala zapulasitiki.
Zachindunji kwa WestRock, kampaniyo ikupitiliza kukumba mgwirizano wake ndi KapStone.Kampaniyo idzazindikira zoposa $ 200 miliyoni mu synergies pofika 2021, komanso m'malo angapo (onani tchati pansipa).WestRock ili ndi mbiri yokhazikika yotsata M&A, ndipo tikuyembekeza izi zipitilira pakapita nthawi.Ngakhale kuti sizinthu zonse zomwe zidzakhale blockbuster, pali phindu la mtengo ndi malo amsika kuti wopanga apitilize kukulitsa.Izi zokha zitha kukhala chilimbikitso chofuna kupitiliza kukula kudzera mu M&A.
Kusasunthika kudzakhala chiwopsezo chachikulu chomwe osunga ndalama ayenera kudziwa kwa nthawi yayitali.Makampani onyamula katundu ndi ozungulira, komanso okhudzidwa ndi zachuma.Bizinesiyo iwona kupsinjika kwa magwiridwe antchito panthawi yakugwa kwachuma, ndipo chizolowezi cha WestRock chotsata M&A chikhoza kuyika osunga ndalama pachiwopsezo chowonjezereka ngati oyang'anira agwiritsa ntchito ndalama zothandizira kulipira mabizinesi.
Mtengo wotsika kwambiri wa magawo a WestRock Company plc.Mtengo wagawo wapano wa pafupifupi $43 uli kumapeto kwenikweni kwa masabata 52 ($31-43).
Akatswiri pakali pano akuwonetsa EPS yazaka zonse pafupifupi $3.37.Zotsatira zomwe zimapeza zochulukirapo za 12.67X ndizowonjezera pang'ono 6% kugawo lapakati pazaka 10 la PE la 11.9X.
Kuti tipeze mawonekedwe owonjezera pakuwongoleredwa, tiwona masheyawo kudzera pa lens ya FCF.Zokolola zaposachedwa za FCF za 8.54% ndizokwera kwambiri zaka zambiri, komabe mpaka kumapeto kwake.Izi zimakhala zochititsa chidwi mukaganizira za kuwonjezereka kwaposachedwa kwa CAPEX, komwe kumapondereza FCF (ndipo kumapangitsa kuti zokolola za FCF zikhale zochepa).
Chodetsa nkhawa chathu chachikulu pakuwunika kwa WestRock Company ndikuti ndizomwe zimatengera kutsika kwachuma.Monga momwe zilili ndi masitoko ambiri ozungulira, tingapewe katunduyo mpaka gawolo litatha, ndipo ma metric opanikizika amatipatsa mwayi wopeza ma sheya.
WestRock Company ndiwosewera wamkulu pagawo lazonyamula - malo a "vanilla", koma omwe ali ndi kukula kudzera pazachilengedwe komanso kuchuluka kwa kutumiza.Sitoko ndimasewera omwe amapeza ndalama zambiri kwa omwe amagulitsa ndalama, ndipo ma metric ogwirira ntchito akampani akuyenera kupita patsogolo pomwe ma synergies a KapStone akukwaniritsidwa.Komabe, zomwe kampaniyo imachita mozungulira zimatanthauza kuti mwayi wabwino wokhala ndi masheya ukhoza kudziwonetsera okha kwa osunga odwala.Tikukulimbikitsani kuti mudikire zovuta zazachuma kuti ziwongolere kuchuluka kwa masabata 52.
Ngati mudakonda nkhaniyi ndipo mukufuna kulandira zosintha pa kafukufuku wathu waposachedwa, dinani "Tsatirani" pafupi ndi dzina langa pamwamba pa nkhaniyi.
Kuwulura: Ine / tilibe maudindo m'matangadza aliwonse otchulidwa, ndipo palibe ndondomeko yoyambitsa maudindo mkati mwa maola 72 otsatirawa.Ndinalemba nkhaniyi ndekha, ndipo ikufotokoza maganizo anga.Sindilandira malipiro pa izo (kupatulapo Kufunafuna Alpha).Ndilibe ubale wamabizinesi ndi kampani iliyonse yomwe katundu wake watchulidwa m'nkhaniyi.
Nthawi yotumiza: Jan-06-2020