I-WestRock Company ingumkhiqizi wephepha nemikhiqizo kathayela.Le nkampani inwebe ngamandla nge-M&A njengendlela yokukhula.
Isabelomali esikhulu sesitoko sikwenza kube umdlalo wemali engenayo oqinile, futhi isilinganiso senkokhelo engukheshi esingu-50% sisho ukuthi inkokhelo ixhaswe kahle.
Asithandi ukuthenga izitoko eziyindilinga ngesikhathi sokuthuthuka komkhakha/kwezomnotho.Njengoba isitoko sesilungele ukuqeda unyaka ka-2019 ngamaviki angu-52, amasheya awakhangi ngalesi sikhathi.
Ukutshalwa kwezimali kwe-dividend kuyindlela edumile futhi ephumelelayo kakhulu yokukhiqiza ingcebo isikhathi eside.Sizobhekisisa abaningi abakhulayo nabazayo ukuze sihlonze "izabelo zokukhulisa izabelo zakusasa."Namuhla sibheka imboni yokupakisha nge-WestRock Company (WRK).Le nkampani idlala indima enkulu emkhakheni wephepha nemikhiqizo kathayela.Isitoko sinikeza isivuno esiqinile se-dividend, futhi inkampani isebenzise i-M&A ukuze ikhule ibe nkulu ngokuhamba kwesikhathi.Nokho, kukhona amafulege abomvu okufanele acatshangelwe.Umkhakha wokupakisha unomjikelezo ngokwemvelo, futhi inkampani ngezikhathi ezithile iye yahlambulula abaninimasheya ngokukhipha ukulingana ukuze isize ngezimali amadili e-M&A.Ngenkathi sithanda iWestRock ngaphansi kwezimo ezifanele, leso sikhathi asikho manje.Sizolinda ukwehla kulo mkhakha ngaphambi kokuqhubeka nokucubungula i-WestRock Company.
I-WestRock ikhiqiza futhi idayise izinhlobonhlobo zamaphepha nemikhiqizo yokupakisha kathayela emhlabeni wonke.Le nkampani izinze e-Atlanta, GA, kodwa inezindawo zokusebenza ezingaphezu kuka-300.Izimakethe zokugcina i-WestRock ethengisa kuzo cishe azipheli.Le nkampani ikhiqiza cishe izingxenye ezimbili kwezintathu zamaRandi ayizigidi eziyizinkulungwane ezingu-19 ekuthengisweni konyaka ngamaphakethe kathayela.Enye yesithathu isuselwa ekuthengisweni kwemikhiqizo yokupakisha yabathengi.
I-WestRock Company ibone ukukhula okuqinile phakathi neminyaka eyi-10 edlule.Imali engenayo ikhule ku-CAGR ka-20.59%, kuyilapho i-EBITDA ikhule ngesilinganiso esingu-17.84% ngesikhathi esifanayo.Lokhu kudalwe kakhulu umsebenzi we-M&A (esizochaza kabanzi ngawo kamuva).
Ukuze siqonde kangcono amandla nokusebenza kwe-WestRock, sizobheka inani lamamethrikhi angukhiye.
Sibuyekeza amamajini okusebenza ukuze siqiniseke ukuthi i-WestRock Company yenza inzuzo ngokungaguquki.Sifuna futhi ukutshala imali ezinkampanini ezinemifudlana eqinile yokugeleza kwemali, ngakho-ke sibheka izinga lokuguqulwa kwemali engenayo ibe yimali engena mahhala.Okokugcina, sifuna ukubona ukuthi abaphathi basebenzisa ngempumelelo izinsiza zezezimali zenkampani, ngakho sibuyekeza izinga lembuyiselo kumali etshaliwe (i-CROCI).Sizokwenza konke lokhu sisebenzisa amabhentshimakhi amathathu:
Sibona isithombe esixubile uma sibheka ukusebenza.Ngakolunye uhlangothi, inkampani yehluleka ukuhlangabezana nenani lamabhentshimakhi ethu e-metric.Imajini yokusebenza kwenkampani ibilokhu iguquguquka ngokuhamba kweminyaka.Ukwengeza, ithola kuphela ukuguqulwa okungu-5.15% kwe-FCF kanye nembuyiselo engu-4.46% emalini etshaliwe.Nokho, kunomongo othile odingekayo owengeza izici ezithile ezinhle kudatha.Izindleko ezinkulu ziye zenyuka ngokuhamba kwesikhathi.Le nkampani itshala imali ezikhungweni ezimbalwa ezibalulekile ezihlanganisa iMahrt Mill, imboni yasePorto Feliz, kanye neFlorence Mill.Lokhu kutshalwa kwezimali kulinganiselwa ku-$1 billion kanti kulo nyaka kube okukhulu kakhulu ($525 million etshaliwe).Ukutshalwa kwezimali kuzokwehla kuye phambili futhi kufanele kukhiqize ama- $ 240 wezigidi kwe-EBITDA eyengeziwe yonyaka.
Lokhu kufanele kuholele ekuthuthukisweni kokuguqulwa kwe-FCF, kanye ne-CROCI lapho amaleveli aphezulu e-CAPEX engaba nomthelela kumethrikhi.Siphinde sabona umkhawulo wokusebenza ukhula eminyakeni embalwa edlule (inkampani ibisebenza ku-M&A, ngakho-ke sifuna ama-synergies ezindleko).Sekukonke, sizodinga ukuphinde sivakashele lawa mamethrikhi ngezikhathi ezithile ukuze senze isiqiniseko sokuthi amamethrikhi okusebenza ayaqhubeka nokuba ngcono.
Ngokungeziwe kumamethrikhi okusebenza, kubalulekile kunoma iyiphi inkampani ukuthi ilawule ishidi layo lebhalansi ngokuzibophezela.Inkampani ethatha izikweletu eziningi kakhulu ayikwazi nje ukudala ukuminyana kokugeleza kwemali, kodwa futhi iveze abatshalizimali engcupheni uma inkampani yehlelwa ukwehla okungalindelekile.
Nakuba sithola ukuthi ishidi lebhalansi lintula ukheshi (amaRandi ayizigidi eziyizinkulungwane ezingu-151 kuphela uma kuqhathaniswa namaRandi ayizigidi eziyizinkulungwane ezingu-10 esikweletini esiphelele), isilinganiso se-WestRock sika-2.4X EBITDA siyalawuleka.Ngokuvamile sisebenzisa isilinganiso esingu-2.5X njengomkhawulo wokuxwayisa.Umthwalo wezikweletu usanda kunyuka ngenxa yokuhlanganiswa okukhulu kwamaRandi ayizigidi eziyizinkulungwane ezingu-4.9 ne-KapStone Paper and Packaging, ngakho silindele ukuthi abaphathi bakhokhe lesi sikweletu eminyakeni ezayo.
I-WestRock Company izimise njengesitoko esiqinile sokukhula kwesabelomali, ikhuphule inkokhelo yayo njalo eminyakeni eyi-11 edlule.Ukulandelana kwenkampani kusho ukuthi inzuzo ikwazile ukuqhubeka nokukhula ngenxa yokuwohloka komnotho.ikhokhele ama-dividend angu-1.86 $ ngesabelo sesikhathi sokugcina kanti isivuno sonyaka sakwa-4.35 %.Lena isivuno esinamandla uma kuqhathaniswa no-1.90% ohlinzekwa yi-US Treasuries yeminyaka eyi-10.
Okudingeka abatshalizimali bakubheke nge-WestRock ngokuhamba kwesikhathi ukuthi isimo esiguquguqukayo senkampani (ngezinye izikhathi) sithinta kanjani ukukhula kwayo kwenzuzo.I-WestRock ayisebenzi nje kuphela emkhakheni wama-cyclical, kodwa futhi inkampani ayinamahloni ngamadili e-blockbuster M&A angathonya ngokungaqondile i-dividend.Kwesinye isikhathi i-dividend izokhula ngokugxuma kanye nemingcele - kwesinye isikhathi, neze.Ukwenyuka kwakamuva kwaba ukwenyuka kwamathokheni kwepeni ngo-2.2%.Kodwa-ke, inkampani ikhulise inkokhelo yayo kakhulu ngokuhamba kwesikhathi.Nakuba i-dividend ingase ikhule ngokungalingani, isilinganiso samanje senkokhelo esingaphansi kuka-50% sishiya isikhala esanele lapho abatshalizimali kufanele bazizwe bejabule kakhulu ngokuphepha kwenkokhelo.Asikuboni kusengaphambili ukuncishiswa kwenzuzo kwenzeka ngaphandle kwesimo se-apocalyptic ngandlela-thile.
Abatshalizimali kumele bacabangele nokuthi abaphathi banerekhodi lokucwila ku-equity ukusiza ukukhokhela ukuhlangana okukhudlwana.Abanikazi bamasheya bahlanjululwe kabili kule minyaka eyishumi edlule, futhi ukuthengwa akuyona into ehamba phambili kubaphathi.Ukunikezwa kwe-equity kuphazamise kakhulu ukukhula kwe-EPS kubatshalizimali.
Indlela yokukhula ye-WestRock Company izohamba kancane (ngeke ubone ukuhlanganiswa kwezigidigidi njalo ngonyaka), kodwa kukhona kokubili ama-tailwinds angokwezwe kanye nezinsimbi ezithile zenkampani i-WestRock engazisebenzisa eminyakeni ezayo.I-WestRock nontanga bayo bazoqhubeka nokuhlomula ekwenyukeni okujwayelekile kwesidingo sokupakisha.Akukhona nje kuphela ukuthi isibalo sabantu sikhula njalo kanye nomnotho emazweni asathuthuka, kodwa futhi ukukhula okuqhubekayo kwe-e-commerce kudale isidingo esikhulayo sempahla yokuthumela.E-US, isidingo sezisombululo zokupakisha kulindeleke ukuthi sikhule ku-CAGR ka-4.1% ngo-2024. Lezi zimo zezomnotho ezinkulu zisho isidingo esengeziwe sokupakisha ukudla, amabhokisi okuthutha, nemishini yokukhulisa amandla izinkampani ezinawo ukuthumela imikhiqizo eminingi.Ngaphezu kwalokho, imikhiqizo eyenziwe ngamaphepha ingaba nethuba lokuthatha ingxenye yemikhiqizo yepulasitiki njengoba ingcindezi yezombangazwe ikhula yokunciphisa udoti wepulasitiki.
Ngokucacile ku-WestRock, inkampani iyaqhubeka nokugaya ukuhlangana kwayo ne-KapStone.Inkampani izothola imali engaphezu kwezigidi ezingu-200 zama-synergies ngo-2021, nasezindaweni eziningi (bheka ishadi elingezansi).I-WestRock inerekhodi elimisiwe lokuphishekela i-M&A, futhi silindele ukuthi lokhu kuqhubeke esikhathini eside.Nakuba kungezona zonke izivumelwano ezizoba yi-blockbuster, kunezinzuzo zezindleko kanye nokuma kwemakethe ukuze umkhiqizi aqhubeke ekhulisa.Lokhu kukodwa kuzoba ugqozi lokufuna ukukhula njalo nge-M&A.
Ukuguquguquka kuzoba usongo olukhulu abatshalizimali okudingeka bahlale belwazi isikhathi eside.Imboni yokupakisha inomjikelezo, futhi ibucayi kwezomnotho.Ibhizinisi lizobona ingcindezi yokusebenza ngesikhathi sokuwohloka komnotho, futhi ukuthambekela kwe-WestRock kokuphishekela i-M&A kungase kudalule abatshalizimali engcupheni eyengeziwe yokuncipha kwezindleko uma abaphathi besebenzisa ukulingana ukusiza ukukhokhela amadili.
Amasheya eWestRock Company aqine kakhulu ukuqeda unyaka.Intengo yamanje yamasheya ecishe ibe ngu-$43 isezingeni eliphezulu lebanga lamaviki angu-52 ($31-43).
Abahlaziyi njengamanje baveza i-EPS yonyaka ogcwele cishe ku-$3.37.Izinzuzo eziphindaphindiwe ezingu-12.67X ziyiprimiyamu encane engu-6% esitokweni sesilinganiso seminyaka eyi-10 se-median PE esingu-11.9X.
Ukuze sithole umbono owengeziwe wokulinganisa, sizobheka isitoko ngelensi esekwe ku-FCF.Isivuno samanje sesitoko se-FCF esingu-8.54% singcono kakhulu uma siqhathaniswa nenani leminyaka eminingi, kodwa sisekugcineni okuphezulu kobubanzi baso.Lokhu kuhlaba umxhwele kakhulu uma ucabangela ukwanda kwakamuva kwe-CAPEX, okucindezela i-FCF (futhi ngaleyo ndlela iphushe isivuno se-FCF sibe phansi ngokuzenzela).
Okusikhathaza kakhulu ngokulinganisa kwe-WestRock Company iqiniso lokuthi iyisitoko esiwumjikelezo kulokho ngokungangabazeki okuwumphumela wokukhuphuka komnotho.Njengoba kunjalo ngezitoko eziningi ezijikelezayo, singagwema isitoko kuze kube yilapho umkhakha uphenduka, futhi amamethrikhi okusebenza anengcindezi anikeza ithuba elingcono lokuthola amasheya.
I-WestRock Company idlala indima enkulu emkhakheni wokupakisha - indawo "ye-vanilla", kodwa enezindawo zokukhula ngama-ajenda emvelo kanye nokwanda kwenani lokuthumela.Isitoko siwumdlalo omuhle wemali engenayo kubatshalizimali, futhi amamethrikhi okusebenza enkampani kufanele athuthuke njengoba kutholwa ama-KapStone synergies.Kodwa-ke, izakhiwo zomjikelezo wenkampani zisho ukuthi amathuba angcono okuba umnikazi wesitoko kungenzeka aziveze kubatshalizimali abanesineke.Sincoma ukuthi ulinde izingcindezi zezomnotho omkhulu ukuze ukhiphe isitoko sisuke kumaviki aphezulu angama-52.
Uma usijabulele lesi sihloko futhi ufisa ukuthola izibuyekezo ocwaningweni lwethu lwakamuva, chofoza okuthi "Landela" eduze kwegama lami phezulu kwalesi sihloko.
Ukudalula: Mina/asinazo izikhundla kunoma yiziphi izitoko ezishiwo, futhi azikho izinhlelo zokuqalisa noma yiziphi izikhundla phakathi namahora angu-72 alandelayo.Ngibhale lesi sihloko ngokwami, futhi siveza imibono yami.Angitholi sinxephezelo ngakho (ngaphandle kokuthi Ukufuna i-Alpha).Anginabo ubudlelwano bebhizinisi nanoma iyiphi inkampani okukhulunywa ngayo isitoko sayo kulesi sihloko.
Isikhathi sokuthumela: Jan-06-2020