Inkampani yaseWestRock yimveliso yephepha kunye neemveliso ezithathiweyo.Inkampani iye yanda ngamandla nge-M&A njengendlela yokuqhuba ukukhula.
I-dividend enkulu yesitokhwe yenza kube yimali yokudlala eyomeleleyo, kwaye i-50% yentlawulo yemali ehlawulwayo ithetha ukuba intlawulo ixhaswa kakuhle ngemali.
Asikuthandi ukuthenga isitokhwe esijikelezayo ngexesha lokunyuka kwecandelo/ukunyuka kwezoqoqosho.Ngesitokhwe esilungele ukugqiba i-2019 kwiiveki eziphakamileyo ze-52, izabelo azithandeki ngeli xesha.
Utyalo-mali lokukhula kolwahlulo yindlela ethandwayo nenempumelelo enkulu ekuveliseni ubutyebi ngexesha elide.Siza kujonga uninzi lwezahlulo-kunye-zizayo ukuchonga ezona "izabelo zokukhula kwezabelo zangomso."Namhlanje sijonga ishishini lokupakisha ngeNkampani yeWestRock (WRK).Inkampani ngumdlali omkhulu kwicandelo lephepha kunye neemveliso ezityaliweyo.Isitokhwe sibonelela ngesivuno esinamandla sesahlulo, kwaye inkampani isebenzise i-M&A ukuze ikhule ibe nkulu ngokuhamba kwexesha.Nangona kunjalo, kukho ezinye iiflegi ezibomvu zokuqwalasela.Icandelo lokupakisha linomjikelo ngokwendalo, kwaye inkampani ngamaxesha athile iye yangcungcuthekisa abaninizabelo ngokukhupha i-equity ukunceda ngenkxaso-mali yezivumelwano ze-M&A.Ngelixa sithanda iWestRock phantsi kweemeko ezifanelekileyo, elo xesha alikho ngoku.Siza kulinda ukwehla kweli candelo ngaphambi kokuba sithathele ingqalelo iWestRock Company.
I-WestRock yenza kwaye ithengise iintlobo ngeentlobo zamaphepha kunye neemveliso zokupakisha ezityaliweyo kwihlabathi liphela.Inkampani isekelwe e-Atlanta, GA, kodwa ineendawo zokusebenza ezingaphezu kwe-300.Iimarike zokugqibela ezithengiswa yiWestRock phantse azipheli.Inkampani yenza malunga nesibini esithathwini se-19 yeebhiliyoni zeedola kwiintengiso zonyaka kwipakethe ethathiweyo.Esinye isithathu sithathwe kwiintengiso zeemveliso zokupakisha zabathengi.
Inkampani yaseWestRock ibone ukukhula olomeleleyo kule minyaka ilishumi idlulileyo.Iingeniso zikhule kwi-CAGR ye-20.59%, ngelixa i-EBITDA ikhule kwizinga le-17.84% ngexesha elifanayo.Oku kuqhutywa ubukhulu becala ngumsebenzi we-M&A (esiya kuthi siyichaze kamva).
Ukuqonda ngcono amandla kunye nobuthathaka bokusebenza kweWestRock, siya kujonga inani leemethrikhi eziphambili.
Sivavanya imida yokusebenza ukuze siqinisekise ukuba iWestRock Company isoloko inengeniso.Sikwafuna ukutyala imali kwiinkampani ezinemijelo eyomeleleyo yokuhamba kwemali, ngoko sijonga izinga lokuguqulwa kwengeniso kwimali esimahla.Okokugqibela, sifuna ukubona ukuba ulawulo lusebenzisa izibonelelo zemali zenkampani ngokusebenzayo, ngoko ke sijonga kwakhona ireyithi yembuyekezo yemali eyimali etyaliwe (CROCI).Siza kukwenza konke oku sisebenzisa ibhentshimakhi ezintathu:
Sibona umfanekiso oxubeneyo xa sijonga imisebenzi.Kwelinye icala, inkampani iyasilela ukuhlangabezana nenani leebenchmarks zethu zemetric.Umda wokusebenza kwenkampani ubuguquguquka ngokuhamba kweminyaka.Ukongeza, iqonda kuphela i-5.15% yokuguqulwa kwe-FCF kunye ne-4.46% yembuyekezo kwinkunzi etyaliwe.Nangona kunjalo, kukho umxholo ofunekayo owongeza izinto ezintle kwidatha.Iinkcitho ezinkulu ziye zanyuka ngokuhamba kwexesha.Inkampani yenza utyalo-mali kumaziko ambalwa angundoqo aquka iMahrt Mill, isityalo sasePorto Feliz, kunye neFlorence Mill.Olu tyalo-mali lumalunga nebhiliyoni e-1 yeedola kwaye kulo nyaka lube lolona lukhulu (i-525 yezigidi zeedola etyaliwe).Utyalo-mali luya kutsala ukuya phambili kwaye kufuneka luvelise i-240 yezigidi zeedola kwi-EBITDA yonyaka eyongezelelweyo.
Oku kufuneka kukhokelela ekuphuculweni kwe-FCF yokuguqulwa, kunye ne-CROCI apho amanqanaba aphezulu e-CAPEX anokuchaphazela i-metric.Siphinde sabona umda wokusebenza usanda kule minyaka imbalwa idlulileyo (inkampani ibisebenza kwi-M&A, ke sijonge intsebenziswano yeendleko).Lilonke, kuya kufuneka ukuba siphinde sityelele ezi metrics ngamaxesha athile ukuze siqinisekise ukuba iimetriki zokusebenza ziyaqhubeka ziphucuka.
Ukongeza kwi-metrics zokusebenza, kubalulekile ukuba nayiphi na inkampani ilawule ngokufanelekileyo i-balance sheet yayo.Inkampani ethatha amatyala amaninzi ayinakukwenza kuphela ukucudiswa kwemali engenayo, kodwa ibeke esichengeni abatyali-mali emngciphekweni xa inkampani ifumana ukuhla okungalindelekanga.
Ngelixa sifumanisa ukuba i-balance sheet iswele imali (i-151 yezigidi zeedola ngokuchasene ne-10 yeebhiliyoni zeedola kwityala lilonke), i-WestRock's leverage ratio ye-2.4X EBITDA iyalawuleka.Ngokuqhelekileyo sisebenzisa umlinganiselo we-2.5X njengomqobo wokulumkisa.Umthwalo wetyala usanda kunyuka ngenxa yokudityaniswa kwe-4.9 yeebhiliyoni zeerandi kunye neKapStone Paper kunye nokuPakisha, ngoko silindele ukuba abaphathi bahlawule eli tyala kwiminyaka ezayo.
I-WestRock Company izimise njengestokhwe esiqinileyo sokukhula kwesahlulo, inyusa intlawulo yayo nganye kwiminyaka eli-11 edlulileyo.Uluhlu lwenkampani luthetha ukuba ingeniso ikwazile ukuqhubeka nokukhula ngokudodobala koqoqosho.I-dividend namhlanje ixabisa i-$ 1.86 ngesabelo ngasinye kwaye ivelisa i-4.35% kwixabiso lentengo yangoku.Esi sivuno esinamandla xa kuthelekiswa ne-1.90% enikezelwa yi-10-year-US Treasuries.
Into ekufuneka abatyali-mali bayijonge kunye ne-WestRock kwixesha elide yindlela (ngamanye amaxesha) imeko eguquguqukayo yenkampani ekuchaphazela ngayo ukukhula kwezabelo.I-WestRock ayisebenzi kuphela kwicandelo le-cyclical, kodwa inkampani ayinazintloni malunga ne-blockbuster ye-M & A deals ezinokuchaphazela ngokungathanga ngqo kwi-dividend.Ngamanye amaxesha i-dividend iya kukhula ngokuxhuma kunye nemida - ngamanye amaxesha, kunzima kwaphela.Olona nyuso lwakutsha nje lube luphawu lokunyuka kwepeni kwi-2.2%.Nangona kunjalo, inkampani ikhulise intlawulo yayo kakhulu ngokuhamba kwexesha.Ngelixa i-dividend inokukhula ngokungalinganiyo, umlinganiselo wangoku wentlawulo ongaphantsi nje kwe-50% ushiya indawo eyaneleyo yokuba abatyali-mali bazive belungile malunga nokhuseleko lwentlawulo.Asikuboni kwangaphambili ukuncitshiswa kwesabelo kusenzeka ngaphandle kwemeko engafane yenzeke.
Abatyali-zimali kufuneka bathathele ingqalelo into yokuba abaphathi banerekhodi yokungena kwi-equity ukunceda ukuxhasa ngemali indibaniselwano enkulu.Abanini zabelo bahlanjululwe kabini kule minyaka ilishumi idlulileyo, kwaye ukuthengwa kwakhona akuyonto iphambili kulawulo.Unikezelo lwe-equity luthintele ngokuphawulekayo ukukhula kwe-EPS kubatyali-zimali.
Indlela yokukhula yeNkampani yaseWestRock iya kuthoba isantya (awuyi kubona ukudityaniswa kweebhiliyoni ezininzi minyaka le), kodwa kukho zombini imisila yelizwe kunye nezixhobo ezithile zenkampani ezinokusetyenziswa yiWestRock kwiminyaka ezayo.I-WestRock kunye noontanga bayo baya kuqhubeka bexhamla ngokunyuka ngokubanzi kwimfuno yokupakisha.Ayipheleli nje ekukhuleni kwabantu ngokuqhubekayo kunye noqoqosho kumazwe asaphuhlayo, kodwa ukukhula okuqhubekayo kwe-e-commerce kudale imfuno eyongeziweyo yezinto zokuthumela ngenqanawa.E-US, imfuno yezisombululo zokupakisha kulindeleke ukuba ikhule kwi-CAGR ye-4.1% ngokusebenzisa i-2024. Le mizila ye-macroeconomic ithetha imfuneko engakumbi yokupakishwa kokutya, iibhokisi zokuthumela, kunye noomatshini bokunyusa amandla okuba iinkampani kufuneka zithumele iimveliso ezininzi.Ukongeza, iimveliso ezisekelwe ephepheni zinokuba nethuba lokuthatha inxaxheba kwiimveliso zeplastiki njengoko uxinzelelo lwezopolitiko lukhula ngenxa yokunciphisa inkunkuma yeplastiki.
Ngokucacileyo kwi-WestRock, inkampani iyaqhubeka nokwetyisa ukudibanisa kwayo neKapStone.Inkampani iya kuqonda ngaphezu kwe-200 yezigidi zeedola kwi-synergies nge-2021, kunye nenani leendawo (jonga ishati engezantsi).I-WestRock inerekhodi elisekiweyo yokulandela i-M&A, kwaye silindele ukuba oku kuqhubeke kwixesha elide.Ngelixa ayizizo zonke iintengiso eziya kuba yi-blockbuster, kukho iindleko kunye nezibonelelo zokubeka intengiso kumenzi ukuba aqhubeke ekhulisa.Oku kukodwa kuya kuba yinkuthazo yokusoloko befuna ukukhula nge-M&A.
I-Volatility iya kuba sisongelo esikhulu sokuba abatyali-mali kufuneka bahlale besazi ngexesha elide lokubamba.Ishishini lokupakisha lihamba ngomjikelo, kwaye libuthathaka kuqoqosho.Ishishini liza kubona uxinzelelo lomsebenzi ngexesha lokudodobala koqoqosho, kwaye utyekelo lwe-WestRock lokulandela i-M&A lunokubanakho ukuveza abatyali-mali kumngcipheko owongezelelekileyo wokuncipha ukuba abaphathi basebenzise i-equity ukunceda ukuhlawula amaxabiso.
Izabelo zeWestRock Company ziye zaqina ukugqiba unyaka.Ixabiso lesabelo sangoku eliphantse libe yi-43 yeedola liphezulu kwinqanaba leeveki ezingama-52 (i-$ 31-43).
Abahlalutyi okwangoku benza i-EPS yonyaka wonke malunga ne-3.37 yeedola.Iziphumo zemivuzo ephinda-phindiweyo ye-12.67X yiprimiyamu encinci ye-6% kwisitokhwe seminyaka eli-10 ye-median PE ratio ye-11.9X.
Ukufumana imbono eyongezelelweyo kuqingqo-maxabiso, siya kujonga isitokhwe sisebenzisa ilensi yeFCF esekwe.Isivuno sangoku se-FCF se-8.54% siphume kakuhle kwiminyaka emininzi ephezulu, kodwa sisekugqibeleni oluphezulu loluhlu lwaso.Oku kuyancomeka ngakumbi xa ucinga ngokunyuka kwamva nje kweCAPEX, ecinezela iFCF (kwaye ngaloo ndlela ityhala isivuno seFCF sibe sezantsi ngokuzenzileyo).
Eyona nto siyixhalabeleyo ngoqingqo-maxabiso lwe-WestRock Company yinyaniso yokuba isitokhwe esijikelezayo kwinto ekungathandabuzekiyo ukuba sisiphelo sokunyuka koqoqosho.Njengemeko yezitokhwe ezininzi ezijikelezayo, besiya kusinqanda isitokhwe de icandelo lijike, kwaye iimetrikhi zokusebenza ezinoxinzelelo zibonelela ngethuba elingcono lokufumana izabelo.
Inkampani yaseWestRock ngumdlali omkhulu kwicandelo lokupakisha-indawo "ye-vanilla", kodwa eneempawu zokukhula ngokusebenzisa i-ajenda yokusingqongileyo kunye nokwanda kwemithamo yokuthumela ngenqanawa.Isitokhwe yingeniso enkulu yokudlala kubatyali-mali, kwaye iimetriki zokusebenza zenkampani kufuneka ziphucule njengoko i-KapStone synergies ifezekiswa.Nangona kunjalo, iipropathi zomjikelo wenkampani zithetha ukuba amathuba angcono okuba ngabanini besitokhwe kunokwenzeka ukuba aziveze kubatyali-mali abanomonde.Sincoma ukulinda uxinzelelo lwe-macroeconomic ukutyhala isitokhwe kwiiveki eziphakamileyo ze-52.
Ukuba uyonwabele eli nqaku kwaye unqwenela ukufumana uhlaziyo kuphando lwethu lwamva nje, cofa "Landela" ecaleni kwegama lam phezulu kweli nqaku.
Ukubhengezwa: Mna / asinazo izikhundla kuzo naziphi na izitokhwe ezikhankanyiweyo, kwaye akukho zicwangciso zokuqalisa naziphi na izikhundla kwiiyure ezizayo ze-72.Eli nqaku ndilibhale ngokwam, kwaye livakalisa ezam izimvo.Andifumani mbuyekezo ngayo (ngaphandle kokufuna uAlpha).Andinabudlelwane beshishini kunye nayo nayiphi na inkampani isitokhwe esikhankanywe kweli nqaku.
Ixesha lokuposa: Jan-06-2020