WestRock Kambani inogadzira bepa uye makora zvigadzirwa.Iyo kambani yakawedzera zvine hukasha kuburikidza neM&A senzira yekufambisa kukura.
Mugove mukuru westock inoita kuti ive yekutamba kwakasimba kwemari, uye chikamu che50% chekubhadhara mari chinoreva kuti muripo unotsigirwa zvakanaka.
Isu hatifarire kutenga cyclical stocks panguva yechikamu / hupfumi huri kusimuka.Iine stock yagadzirira kupedza 2019 pa52-vhiki yakakwirira, migove haina kunaka panguva ino.
Dividend kukura kwekudyara inzira yakakurumbira uye yakabudirira zvikuru yekugadzira hupfumi kwenguva yakareba.Isu tichave tichitarisa akawanda dividend kumusoro-uye-vanouya kuti tione akanakisa "dividend growth stocks of tomorrow."Nhasi tiri kutarisa indasitiri yekurongedza kuburikidza neWestRock Company (WRK).Iyo kambani mutambi mukuru muchikamu chebepa uye makora ezvigadzirwa.Iyo stock inopa goho rakasimba rekugovera, uye kambani yakashandisa M&A kukura nekufamba kwenguva.Zvisinei, kune mamwe mabhegi matsvuku ekufunga.Chikamu chekurongedza chine cyclical muzvarirwo, uye kambani yagara ichideredza vagovanisi nekuvapa equity kubatsira mari yezvibvumirano zveM&A.Kunyange isu tichida WestRock pasi pemamiriro akakodzera, iyo nguva haisi ikozvino.Tichange takamirira kudzikira muchikamu ichi tisati tafunga nezveWestRock Company.
WestRock inogadzira uye inotengesa akasiyana siyana emapepa uye makora ekurongedza zvigadzirwa pasirese.Iyo kambani inogara muAtlanta, GA, asi ine zvinopfuura mazana matatu ezvekushandisa.Misika yekupedzisira iyo WestRock inotengesa mairi inenge isingaperi.Iyo kambani inogadzira zvingangoita zvikamu zviviri muzvitatu zvemadhora ayo emadhora 19 bhiriyoni mukutengesa kwepagore kubva mumarata ekurongedza.Imwe yetatu inotorwa kubva mukutengesa kwevatengi kurongedza zvigadzirwa.
WestRock Company yakaona kukura kwakasimba pamusoro pemakore gumi apfuura.Mari yakakwira paCAGR ye20.59%, nepo EBITDA yakakura pachiyero che17.84% panguva imwecheteyo.Izvi zvakanyanya kufambiswa neM&A chiitiko (izvo zvatichatsanangura gare gare).
Kuti tinzwisise zviri nani simba rekushanda kweWestRock uye kushaya simba, isu tichatarisa akati wandei akakosha metrics.
Isu tinoongorora mabheti ekushanda kuti tive nechokwadi chekuti WestRock Company inogara iine pundutso.Isu tinodawo kuisa mari mumakambani ane mitsetse yakasimba yekuyerera kwemari, saka isu tinotarisa kutendeuka kwehuwandu hwemari kuyerera kwemahara.Chekupedzisira, tinoda kuona kuti manejimendi ari kuendesa zviwanikwa zvemari zvekambani nemazvo, saka isu tinoongorora mwero wemari yekudzoka pamari yakaiswa mari (CROCI).Tichaita zvese izvi tichishandisa mabhenji matatu:
Tinoona mufananidzo wakasanganiswa kana tichitarisa maoperation.Kune rimwe divi, kambani inotadza kusangana nehuwandu hwemabhenji edu emetric.Iko kushanda kwekambani kwave kusingachinji nekufamba kwemakore.Pamusoro pezvo, iri kungoziva 5.15% FCF shanduko uye 4.46% kudzoka pamari yakasimwa.Nekudaro, pane mamwe mamiriro anodiwa anowedzera zvimwe zvinhu zvakanaka kune data.Mari yekushandisa yakawedzera zvakanyanya nekufamba kwenguva.Iyo kambani iri kuisa mari muzvivakwa zvishoma zvakakosha zvinosanganisira Mahrt Mill yayo, Porto Feliz chirimwa, uye Florence Mill.Idzi mari inosvika bhiriyoni imwe chete yemadhora uye gore rino rave rakakura ($525 miriyoni yakaiswa).Imari inodonha ichienda kumberi uye inofanirwa kuunza madhora mazana maviri nemakumi mana emamiriyoni mune yekuwedzera pagore EBITDA.
Izvi zvinofanirwa kutungamira mukuvandudzika kweFCF kutendeuka, pamwe neCROCI uko yakakwirira CAPEX mazinga anogona kukanganisa metric.Isu takaonawo magineti ekushanda achiwedzera kwemakore akati wandei apfuura (kambani yanga ichishanda muM&A, saka tiri kutsvaga mari yekubatana).Pakazere, isu tichafanirwa kudzokorora ma metrics nguva nenguva kuti tive nechokwadi chekuti mametric ekushandisa anoramba achivandudza.
Pamusoro pemametric ekushandisa, zvakakosha kuti chero kambani igadzirise zvine hungwaru pepa rayo remari.Kambani inotora chikwereti chakawandisa haingogone kungoita kudzvanywa pahova dzekuyerera kwemari, asi zvakare kufumura vanoisa mari panjodzi kana kambani ikasangana nekudonha kusingatarisirwe.
Nepo isu tichiona pepa remari richishaikwa nemari (madhora zana nemakumi mashanu nerimwe chete achipesana nemadhora gumi emabhiriyoni muchikwereti chakazara), WestRock's leverage ratio ye2.4X EBITDA inogoneka.Isu tinowanzo shandisa chiyero che 2.5X seyambiro chikumbaridzo.Chikwereti chakawedzera nguva pfupi yadarika nekuda kwekubatanidzwa kukuru kweUS$4.9 bhiriyoni neKapStone Paper uye Packaging, saka isu tinotarisira kuti vatungamiriri vachabhadhara chikwereti ichi mumakore anotevera.
WestRock Kambani yakazvimisikidza seyakasimba govidhi yekukura stock, ichikwidza mubhadharo wayo wega wega wemakore gumi nerimwe apfuura.Kuwanda kwekambani iyi kunoreva kuti chikamu chakakwanisa kuramba chichikura kuburikidza nekuderera kwehupfumi.Iyo chikamu nhasi chinobhadhara 1.86 $ chikamu chimwe nechimwe uye inobhadhara 4.35 %.Ichi goho rakasimba zvichienzaniswa ne1.90% yakapihwa ne10-year US Treasuries.
Izvo vatengesi vanofanirwa kutarisa neWestRock pamusoro penguva refu ndeyekuti kambani (dzimwe nguva) inoshanduka hunhu inokanganisa kukura kwayo kwechikamu.Haisi chete iyo WestRock inoshanda muchikamu checyclical, asiwo iyo kambani hainyare nezve blockbuster M&A zvibvumirano zvinogona kukanganisa zvisina kunanga chikamu.Dzimwe nguva chikamu chinokura nekusvetuka uye miganhu - dzimwe nguva, zvisingaite zvachose.Kuwedzera kwekupedzisira kwaive kuwedzera kwepeni kwechiratidzo che 2.2%.Nekudaro, kambani yakawedzera mubhadharo wayo zvakanyanya nekufamba kwenguva.Nepo mugove uchikura zvisina kuenzana, muyero wekubhadhara wazvino wepasi pe50% unosiya nzvimbo yakakwana yekuti vanoisa mari vanofanira kunzwa zvakanaka nezve kuchengetedzwa kwemubhadharo.Isu hatione kugova kwechikamu kuchiitika pasina imwe apocalyptic mamiriro ekugadzira.
Vagadziri vemari vanofanirwawo kufunga kuti manejimendi ane rekodhi yekunyura muequity kubatsira mari yekubatanidzwa kwakakura.Vagovani vakaderedzwa kaviri mumakore gumi apfuura, uye kutenga-zvekudzosa haisi chinhu chekutanga kune manejimendi.Iyo equity inopihwa yakanganisa zvakanyanya kukura kweEPS kune vanoisa mari.
Kukura kweWestRock Kambani kuchaita zvishoma nezvishoma (hauzooni mabhiriyoni emabhiriyoni kubatanidzwa gore rega), asi kune ese ari maviri epasirese tailwinds uye nekambani marevhera ayo WestRock anogona kushandisa mumakore anotevera.WestRock uye vezera vayo vacharamba vachibatsirwa nekuwedzera kwekuwedzera kwekudiwa kwekurongedza.Haisi chete huwandu hwevanhu huri kuramba huchikura uye hupfumi munyika dzichiri kusimukira huri kuwedzera, asi zvakare kuenderera mberi kwekukura kwe-e-commerce kwakagadzira kuwedzera kudiwa kwezvinhu zvekutumira.MuUS, kudiwa kwezvigadziriso zvekutakura kunotarisirwa kukura paCAGR ye4.1% kuburikidza ne2024. Aya macroeconomic tailwinds anoreva kudiwa kwakawanda kwekurongedza kwechikafu, mabhokisi ekutumira, uye michina yekuwedzera huwandu hunofanirwa nemakambani kutumira zvimwe zvigadzirwa.Pamusoro pezvo, zvigadzirwa zvemapepa zvinogona kuve nemukana wekutora chikamu kubva kune zvigadzirwa zvepurasitiki sezvo kudzvanywa kwezvematongerwo enyika kuchikura kuderedzwa kwemarara epurasitiki.
Zvakananga kuWestRock, kambani inoenderera mberi nekugaya kubatanidzwa kwayo neKapStone.Iyo kambani ichawana mari inodarika mazana maviri emamiriyoni emadhora mumubatanidzwa panosvika 2021, uye munzvimbo dzinoverengeka (ona chati pazasi).WestRock ine rekodhi yakasimbiswa yekutevera M&A, uye isu tinotarisira kuti izvi zvienderere mberi kwenguva refu.Kunyange zvisiri zvese zvibvumirano zvichave blockbuster, kune mutengo uye misika yekumisikidza mabhenefiti ekuti mugadziri arambe achiwedzera kukura.Izvi chete zvichave kukurudzira kuramba uchitsvaga kukura kuburikidza neM&A.
Volatility ichave iyo kutyisidzira kukuru iyo vanoisa mari vanofanirwa kuramba vachiziva pamusoro penguva yakareba yekubata.Indasitiri yekurongedza ndeye cyclical, uye ine hanya nehupfumi.Bhizinesi rinoona kudzvanywa kwekushanda panguva yekudzikira, uye tsika yeWestRock yekutsvaga M&A ingangofumura vanoisa mari kune imwe njodzi yekuderedzwa kana manejimendi akashandisa equity kubatsira kubhadhara madhiri.
Zvikamu zveWestRock Company zvauya nesimba kuti zvipedze gore.Mutengo wezvino wekugova ungangoita madhora makumi mana nematatu uri pamagumo eiyo 52-vhiki renji ($31-43).
Vaongorori parizvino vari kufungidzira EPS yegore rose pamadhora matatu.Mhedzisiro inozopihwa yakawanda ye12.67X ishoma 6% premium kune stock's 10-year median PE ratio ye11.9X.
Kuti tiwane mamwe maonero pakukosha, isu tichatarisa pamasheya kuburikidza neFCF yakavakirwa lens.Iyo stock yazvino FCF goho re8.54% yakanaka kubva pamakore akawanda akakwira, asi ichiri kusvika kumagumo emhando yayo.Izvi zvinokatyamadza kana ukafunga kuvhiya kwazvino muCAPEX, kunodzvanyirira FCF (uye nekudaro kusundidzira goho reFCF zvakaderera).
Chatinonyanya kunetsekana nacho nekukosheswa kweWestRock Company inyaya yekuti imari inotenderera mune izvo zvinopokana kuti ndiko kupera kwehupfumi.Sezvakaitika kune akawanda cyclical stocks, isu taizodzivirira stock kusvika chikamu chatendeuka, uye akamanikidzwa kushanda metrics anopa mukana uri nani wekuwana migove.
WestRock Kambani mutambi muhombe muchikamu chekurongedza - "vanilla" nzvimbo, asi iyo ine zvivakwa zvekukura kuburikidza nemamiriro ekunze agenda uye yakawedzera mavhoriyamu ekutumira.Iyo stock imari yakanaka yekutambira kune vanoisa mari, uye metric inoshanda yekambani inofanirwa kuvandudzwa sezvo KapStone synergies inoitwa.Nekudaro, iyo kambani cyclical zvivakwa zvinoreva kuti zvirinani mikana yekuve nestock inogona kuzviratidza kune varwere vanoisa mari.Isu tinokurudzira kumirira macroeconomic pressure yekusundidzira stock kubva pa52-vhiki yakakwirira.
Kana iwe wakanakidzwa nechinyorwa ichi uye uchishuvira kugamuchira zvigadziriso patsvagiridzo yedu yazvino, tinya "Tevedzera" padivi pezita rangu pamusoro pechinyorwa ichi.
Kuzivisa: Ini / isu hatina zvinzvimbo mune chero masheya ataurwa, uye hapana zvirongwa zvekutanga chero zvinzvimbo mukati meanotevera 72 maawa.Ndakanyora chinyorwa ichi pachangu, uye chinotaura maonero angu pachangu.Ini handisi kugamuchira muripo pazviri (kunze kweKutsvaga Alpha).Ini handina hukama hwebhizinesi nechero kambani ine stock inotaurwa mune ino chinyorwa.
Nguva yekutumira: Jan-06-2020