Isosiyete ya WestRock ni impapuro kandi ikora ibicuruzwa.Isosiyete yagutse cyane binyuze muri M&A mu rwego rwo kuzamura iterambere.
Inyungu nini yimigabane ituma ikinisha cyane, kandi igipimo cyo kwishyura amafaranga 50% bivuze ko kwishyura byatewe inkunga neza.
Ntabwo dukunda kugura imigabane ya cycle mugihe cyumurenge / kuzamuka kwubukungu.Mugihe imigabane yiteguye kurangiza 2019 hejuru yibyumweru 52, imigabane ntabwo ishimishije muriki gihe.
Gushora inyungu ku nyungu ni uburyo buzwi kandi bwatsinze uburyo bwo kubyara ubutunzi mugihe kirekire.Tuzagaragaza inyungu nyinshi zizamuka-ziza kugirango tumenye "imigabane yo gukura ku nyungu z'ejo."Uyu munsi turareba inganda zipakira binyuze muri WestRock Company (WRK).Isosiyete ifite uruhare runini mu mpapuro no mu bicuruzwa byangiritse.Umugabane utanga umusaruro ushimishije, kandi isosiyete yakoresheje M&A kugirango ikure mugihe runaka.Ariko, hariho amabendera atukura yo gusuzuma.Urwego rwo gupakira ni uruzinduko muri kamere, kandi isosiyete yagiye rimwe na rimwe igabanya abanyamigabane itanga imigabane yo gufasha gutera inkunga M&A.Mugihe dukunda WestRock mubihe bikwiye, icyo gihe ntabwo arubu.Tuzategereza ko igabanuka ryumurenge mbere yo gutekereza kuri WestRock Company.
WestRock ikora kandi ikagurisha impapuro zitandukanye nibicuruzwa bipfunyika ku isi.Isosiyete ifite icyicaro i Atlanta, GA, ariko ifite ibikorwa birenga 300.Amasoko yanyuma WestRock agurisha hafi ntagira iherezo.Isosiyete yinjiza hafi bibiri bya gatatu bya miliyari 19 z'amadolari yagurishijwe buri mwaka bivuye mu bipfunyika.Ibindi bya gatatu biva mu kugurisha ibicuruzwa bipfunyika.
Isosiyete ya WestRock yabonye iterambere rikomeye mu myaka 10 ishize.Amafaranga yinjiye yiyongereye kuri CAGR ya 20.59%, mugihe EBITDA yazamutse ku gipimo cya 17.84% mugihe kimwe.Ibi ahanini byatewe nigikorwa cya M&A (tuzabisobanura nyuma).
Kugirango twumve neza imbaraga za WestRock imbaraga nintege nke, tuzareba umubare wibipimo byingenzi.
Turasubiramo imikorere ikora kugirango tumenye neza ko WestRock Company ihora yunguka.Turashaka kandi gushora imari mubigo bifite amafaranga akomeye, bityo tureba igipimo cyo guhindura amafaranga yinjira mubusa.Ubwanyuma, turashaka kubona ko ubuyobozi bukoresha neza umutungo wimari wikigo, nuko dusuzuma igipimo cyamafaranga yinyungu kumafaranga yashowe (CROCI).Ibyo byose tuzabikora dukoresheje ibipimo bitatu:
Turabona ishusho ivanze iyo turebye ibikorwa.Ku ruhande rumwe, isosiyete inanirwa kubahiriza umubare wibipimo ngenderwaho.Amafaranga akora muri sosiyete yagiye ahindagurika mu myaka yashize.Byongeye kandi, irabona gusa 5.15% ihinduka rya FCF hamwe ninyungu ya 4.46% kumafaranga yashowe.Ariko, haribintu bimwe bikenewe byongeramo ibintu byiza kubintu.Amafaranga yakoreshejwe yakoreshejwe cyane mugihe runaka.Isosiyete ishora imari mu bikoresho bike byingenzi birimo Mahrt Mill, uruganda rwa Porto Feliz, na Florence Mill.Izi shoramari zose hamwe zigera kuri miliyari imwe y'amadolari hamwe nuyu mwaka nizo zabaye nini (miliyoni 525 $ zashowe).Ishoramari rizagabanuka gutera imbere kandi rigomba kwinjiza miliyoni 240 z'amadolari y’inyongera ya EBITDA ya buri mwaka.
Ibi bigomba kuganisha ku ihinduka rya FCF, kimwe na CROCI aho urwego rwo hejuru rwa CAPEX rushobora guhindura ibipimo.Twabonye kandi intera ikora yaguka mumyaka mike ishize (isosiyete ikora muri M&A, turashaka rero guhuza ibiciro).Muri rusange, tuzakenera gusubiramo ibipimo buri gihe kugirango tumenye neza ko ibipimo bikora bikomeza gutera imbere.
Usibye gukora ibipimo ngenderwaho, ni ngombwa ko isosiyete iyo ari yo yose ishinzwe gucunga neza impapuro zuzuye.Isosiyete ifata amadeni menshi ntishobora gusa kugabanya umuvuduko w'amafaranga yinjira, ahubwo inagaragaza abashoramari ibyago mugihe isosiyete ihuye nikibazo gitunguranye.
Mugihe dusanga impapuro zerekana ko zabuze amafaranga (miliyoni 151 z'amadolari gusa ugereranije na miliyari 10 z'amadolari y’umwenda wose), igipimo cya WestRock kingana na 2.4X EBITDA kiracungwa.Mubisanzwe dukoresha igipimo cya 2.5X nkurwego rwo kuburira.Umutwaro w'amadeni uherutse kwiyongera bitewe na miliyari 4.9 z'amadolari yo guhuza hamwe na KapStone Paper na Packaging, bityo rero turateganya ko ubuyobozi buzishyura uyu mwenda mu myaka iri imbere.
Isosiyete ya WestRock yigaragaje nk'imigabane ihamye yo kuzamura inyungu, izamura umushahara buri myaka 11 ishize.Isosiyete ikurikirana bivuze ko inyungu zashoboye gukomeza kwiyongera binyuze mu bukungu.Inyungu uyumunsi yose hamwe $ 1.86 kumugabane kandi itanga 4.35% kubiciro byimigabane.Uyu ni umusaruro ukomeye ugereranije na 1.90% utangwa nububiko bwimyaka 10 yo muri Amerika.
Icyo abashoramari bakeneye kureba hamwe na WestRock mugihe kirekire nukuntu imiterere yikigo (rimwe na rimwe) ihindagurika igira ingaruka kumikurire yinyungu.Ntabwo WestRock ikorera gusa murwego rwumukino, ariko kandi isosiyete ntisinya kubucuruzi bwa M&A bushobora kugira ingaruka ku buryo butaziguye inyungu.Rimwe na rimwe, inyungu zizagenda zisimbuka - rimwe na rimwe, biragoye na gato.Ubwiyongere bwa vuba ni ikimenyetso cyiyongereyeho 2,2%.Ariko, isosiyete yazamuye umushahara cyane mugihe runaka.Mugihe inyungu zishobora kwiyongera kuburyo butaringaniye, igipimo cyo kwishyura kiri munsi ya 50% gisiga umwanya uhagije abashoramari bagomba kumva bameze neza kubijyanye numutekano wo kwishyura.Ntabwo duteganya kugabanya inyungu bibaho nta kintu na kimwe kibaho.
Abashoramari bakeneye gutekereza kandi ko ubuyobozi bufite inyandiko yo kwibira muburinganire kugirango bafashe gutera inkunga hamwe.Abanyamigabane bagiye bagabanywa kabiri mumyaka icumi ishize, kandi kugura mubyukuri ntabwo aribyambere mubuyobozi.Itangwa ryimigabane ryabujije cyane iterambere rya EPS kubashoramari.
Iterambere rya Sosiyete ya WestRock rizagenda gahoro (ntuzabona kwishyiriraho miliyari nyinshi buri mwaka), ariko hariho umurizo wisi ndetse nisosiyete yihariye WestRock ishobora gukoresha mumyaka iri imbere.WestRock na bagenzi bayo bazakomeza kungukirwa no kwiyongera muri rusange kubikenerwa gupakira.Ntabwo abaturage bakomeza kwiyongera gusa nubukungu mubihugu bikiri mu nzira y'amajyambere biraguka, ariko kandi no gukomeza kwiyongera kwa e-ubucuruzi byatumye hakenerwa ibikoresho byo kohereza.Muri Amerika, biteganijwe ko ibisubizo by’ibisubizo bipfunyika byiyongera kuri CAGR ya 4.1% kugeza mu 2024. Izi nkunga z’ubukungu zisobanura ko hakenewe cyane ibikenerwa mu gupakira ibiryo, agasanduku koherezwa, n’imashini kugira ngo byongere ubushobozi ibigo bigomba kohereza ibicuruzwa byinshi.Byongeye kandi, ibicuruzwa bishingiye ku mpapuro bishobora kugira amahirwe yo kuvana imigabane ku bicuruzwa bya pulasitike mu gihe igitutu cya politiki kigenda cyiyongera mu kugabanya imyanda ya plastiki.
Byihariye kuri WestRock, isosiyete ikomeje gusya hamwe na KapStone.Isosiyete izabona miliyoni zisaga 200 z'amadolari yo gukorana mu 2021, no mu bice byinshi (reba imbonerahamwe ikurikira).WestRock ifite amateka agaragara yo gukurikirana M&A, kandi turateganya ko bizakomeza mugihe kirekire.Mugihe ntabwo amasezerano yose azaba imbogamizi, harikiguzi ninyungu zo guhagarara kumasoko kugirango uruganda rukomeze gupima runini.Ibi byonyine bizashishikarizwa guhora dushakisha iterambere binyuze muri M&A.
Guhindagurika bizaba iterabwoba rikomeye abashoramari bakeneye gukomeza kumenya mugihe kirekire.Inganda zipakira zirazunguruka, kandi mubukungu.Ubucuruzi buzabona igitutu cyibikorwa mugihe cyubukungu bwifashe nabi, kandi WestRock ikunda gukurikirana M&A irashobora gutuma abashoramari bahura ningaruka ziterwa n’imihindagurikire y'ikirere mu gihe ubuyobozi bukoresha imigabane kugira ngo ifashe kwishyura amasezerano.
Imigabane ya sosiyete ya WestRock yaje gukomera kugirango umwaka urangire.Kugeza ubu igiciro cyimigabane igera kuri $ 43 kiri murwego rwo hejuru rwicyumweru 52 ($ 31-43).
Abasesenguzi barimo gutegura umwaka wose EPS hafi $ 3.37.Amafaranga yinjiza menshi kuri 12.67X ni make 6% yigihe gito kumigabane yimyaka 10 yo hagati ya PE ya 11.9X.
Kugirango tubone ibitekerezo byinyongera kubiciro, tuzareba kuri stock binyuze mumurongo wa FCF.Muri iki gihe umusaruro wa FCF wa 8.54% urahagaze neza mumyaka myinshi, ariko iracyerekeza kumpera yo hejuru.Ibi birashimishije cyane iyo urebye ubwiyongere bwa vuba muri CAPEX, buhagarika FCF (bityo bigatuma umusaruro wa FCF ugabanuka).
Duhangayikishijwe cyane n’igiciro cya sosiyete ya WestRock ni uko ari ikigega cyizunguruka mu buryo twavuga ko iherezo ry’izamuka ry’ubukungu.Nkuko bimeze kubigega byinshi byikurikiranya, twakwirinda imigabane kugeza umurenge uhindutse, kandi ibipimo byerekana imbaraga bitanga amahirwe meza yo kubona imigabane.
Isosiyete ya WestRock numukinnyi munini murwego rwo gupakira - umwanya wa "vanilla", ariko ufite imiterere yo gukura binyuze muri gahunda y'ibidukikije no kongera ibicuruzwa.Umugabane ni umukino ukomeye winjiza abashoramari, kandi ibipimo byikigo bigomba gutera imbere nkuko imikoranire ya KapStone igaragara.Nyamara, imitungo yikigo yisosiyete isobanura ko amahirwe meza yo gutunga imigabane ashobora kwigaragariza abashoramari bihangane.Turasaba gutegereza imbaraga za macroeconomic kugirango dusunike ububiko hejuru yibyumweru 52.
Niba wishimiye iki kiganiro ukaba wifuza kwakira amakuru mashya mubushakashatsi duheruka gukora, kanda "Kurikira" kuruhande rwizina ryanjye hejuru yiyi ngingo.
Kumenyekanisha: I / nta myanya dufite mubigega byose byavuzwe, kandi nta gahunda yo gutangiza imyanya iyo ari yo yose mu masaha 72 ari imbere.Nanditse iyi ngingo ubwanjye, kandi irerekana ibitekerezo byanjye.Ntabwo ndimo ndabona indishyi zayo (usibye gushaka Alpha).Ntabwo mfitanye isano nubucuruzi nisosiyete iyo ari yo yose ifite imigabane ivugwa muriyi ngingo.
Igihe cyo kohereza: Mutarama-06-2020