LAW

Cấp thoát nước Long An ·UPCOM ·2026Q1

● Maintaining

Capital structure should be read with cycle risk in mind Debt/equity 0.30x

Price

25,800

Latest close

03 Jun 2026

P/E 12.79x

P/B 1.46x

EPS 2,017

BVPS 17,679

ROE 12.1%

ROA 6.8%

Profit Margin 6.7%

Asset Turnover 1.02x

Equity Mult. 1.77x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, LAW posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 370bn
	                                
+10.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 25bn
	                                
+7.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	358.2	325.4	277.8	245.1	229.1
Growth	+10%	+17%	+13%	+7%	—
Net Income	29.8	20.3	14.8	13.8	11.4
Net Margin	8.33%	6.22%	5.34%	5.63%	4.98%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	98.2	88.2	88.3	95.0	86.6	81.4	80.2	85.5	78.3	71.4	70.5	71.5
Growth	+11%	-0%	-7%	+10%	+6%	+1%	-6%	+9%	+10%	+1%	-1%	—
Net Income	8.6	-1.3	8.9	8.4	5.6	3.5	8.1	5.7	5.2	-5.9	9.9	6.0
Net Margin	8.80%	-1.49%	10.07%	8.84%	6.48%	4.25%	10.14%	6.64%	6.62%	-8.24%	14.02%	8.37%

Drivers of LAW's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 29.2bn

Selling expenses ↑ 26.4bn

Administrative expenses ↑ 1.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 9.4bn

Selling expenses ↑ 5.4bn

Administrative expenses ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.3% = 6.9% × 1.07 × 1.68

2026Q1 12.1% = 6.7% × 1.02 × 1.77

ROE is broadly flat at 12.1% — the components are offsetting one another.

Net margin: 6.7% -0.2pp Asset turnover: 1.02x -0.05x Leverage: 1.77x +0.09x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 6.66%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 6.66% −0.2pp

Gross Margin 29.29% +5.6pp

SG&A / Revenue 21.29% +6.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.99x equity, net debt at 0.30x equity.

Over the last 12 months, working capital released 29.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −6.6bn

Inventories increased → lower CFO: −0.7bn

Payables increased → higher CFO: +37.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 24.1 days versus the same period last year. The main moves came from DIO rose 3.2 days, DSO rose 2.1 days, and DPO rose 29.4 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Receivables collection is slowing

DSO increased by +2.1 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +3.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 17.0 days +2.1 days

Inventory 30.6 days +3.2 days

Payables 71.1 days +29.4 days

Cash Conversion Cycle -23.6 days −24.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.30x and interest coverage at 5.98x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity 0.30x −0.00x

Interest Coverage 5.98x +0.40x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.63x +1.24x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 73.5bn in 2025, against investing cash flow of -63.8bn.

Post-investment cash flow was positive +9.7bn. Financing cash flow was positive +4.8bn.

CFO / net income was 2.63x.

Track how much investment can be funded internally from operating cash flow.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 64.7bn +32.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The next item to monitor is capital structure should be read with cycle risk in mind. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	358.2	325.4	277.8	247.2	231.1
Revenue Deductions	—	0.0	0.0	2.1	0.0
Net Revenue	358.2	325.4	277.8	245.1	229.1
Cost of Goods Sold	246.9	242.7	217.6	192.6	0.0
Gross Profit	111.3	82.7	60.2	52.5	46.0
Financial Income	0.1	0.0	0.0	0.0	0.0
Financial Expenses	3.7	3.9	5.9	5.3	-5.9
Interest Expense	3.7	3.9	5.9	5.3	-5.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	50.8	33.8	19.5	13.1	-9.7
General and Administrative Expenses	23.6	21.9	20.3	18.7	-16.6
Operating Profit	33.2	23.2	14.5	15.4	13.8
Other Income	0.9	1.1	4.0	0.9	0.0
Other Expenses	0.9	1.1	0.9	0.9	0.0
Other Profit	0.0	0.0	3.0	-0.0	-0.3
Profit Before Tax	33.2	23.3	17.6	15.4	13.5
Current Income Tax Expense	3.4	3.0	2.7	1.6	-2.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	29.8	20.3	14.8	13.8	11.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	29.8	20.3	14.8	13.8	11.4
Earnings per Share	2,080.00	1,413.00	1,033.00	938.00	1,002.00
Diluted EPS	2,445.65	1,660.22	1,215.42	1,130.71	936.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	64.6	37.8	33.2	40.8	44.4
I. Cash and cash equivalents	19.9	5.4	4.5	4.1	7.8
1. Cash	19.9	5.1	4.1	3.7	0.0
2. Cash equivalents	—	0.4	0.3	0.3	0.0
II. Short-term financial investments	—	0.9	0.1	0.1	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.9	0.1	0.1	0.0
III. Short-term receivables	19.3	13.1	14.7	11.6	11.5
1. Short-term trade accounts receivable	15.0	10.6	11.5	7.0	0.0
2. Short-term prepayments to suppliers	2.7	1.4	1.5	1.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.7	1.1	1.7	3.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	19.5	15.7	13.6	23.7	24.7
1. Inventories	25.2	18.7	19.3	23.7	0.0
2. Provision for decline in value of inventories	-5.6	-3.0	-5.7	0.0	0.0
V. Other short-term assets	5.8	2.7	0.3	1.3	0.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	5.8	2.7	0.3	1.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	346.8	304.5	280.9	286.4	263.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	316.1	303.2	279.2	257.8	244.1
1. Tangible fixed assets	313.8	300.8	277.7	256.3	242.6
- Cost	746.2	698.8	640.2	583.8	0.0
- Accumulated depreciation	-432.4	-397.9	-362.5	-327.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.3	2.3	1.5	1.5	1.5
- Cost	2.9	2.9	2.0	2.0	0.0
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	16.6	0.3	0.0	27.5	12.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	16.6	0.3	0.0	27.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	14.1	1.0	1.8	1.1	0.0
1. Long-term prepayments	14.1	1.0	1.8	1.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	7.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	411.4	342.3	314.1	327.2	307.7
A. LIABILITIES (300=210+330)	204.3	155.2	141.3	158.8	143.3
I. Short -term liabilities	130.4	84.2	71.0	98.9	53.6
1. Short-term trade accounts payable	81.8	46.0	39.1	40.0	16.7
2. Short-term advances from customers	1.7	0.9	2.3	2.4	0.5
3. Taxes and other payables to state authorities	1.5	1.9	2.7	1.5	0.0
4. Payable to employees	7.7	4.6	3.8	1.5	0.0
5. Short-term acrrued expenses	—	0.8	0.5	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	18.9	13.7	8.9	8.0	0.0
10. Short-term borrowings and financial leases	14.2	13.3	11.8	43.3	21.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.6	3.0	1.9	2.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	73.9	71.0	70.3	59.9	89.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	11.3	12.3	13.8	14.3	0.0
8. Long-term borrowings and financial leases	62.7	58.7	56.5	45.6	74.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	207.0	187.0	172.8	168.4	164.4
I. Owner's equity	207.0	187.0	172.8	168.4	0.0
1. Owner's capital	122.0	122.0	122.0	122.0	164.4
- Common stock with voting right	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	85.0	65.0	50.8	46.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	—	0.0	0.0	0.0	0.0
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	—	0.0	0.0	0.0	0.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	411.4	342.3	314.1	327.2	307.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	33.2	23.3	17.6	15.4	5.8
Depreciation of Fixed Assets and Investment Property	34.5	35.4	35.1	33.1	30.8
Provision (Increase)/Reversal	2.6	-2.6	5.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.0	-0.0	0.0
Interest Expense	3.7	3.9	5.9	5.3	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	74.0	59.9	64.0	53.8	34.6
Increase/(Decrease) in Receivables	-9.3	-0.8	-1.9	-0.9	0.0
Increase/(Decrease) in Inventory	-6.4	0.6	4.4	-1.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.4	-3.3	20.7	6.9	0.0
Increase/(Decrease) in Prepaid Expenses	-13.1	0.8	-0.7	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.1	-3.9	-5.4	-5.3	0.0
Corporate Income Tax Paid	-4.1	-4.2	-0.9	-1.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.8	-1.9	-2.3	-1.8	0.0
Net Cash Flow from Operating Activities	73.5	47.0	77.9	50.1	79.4
Payments for Fixed Assets and Other Long-term Assets	-64.7	-49.0	-49.5	-41.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.8	-0.0	-0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.9	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-63.8	-49.8	-49.4	-41.1	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	17.9	16.5	94.3	123.2	15.8
Repayment of Borrowings	-13.1	-12.8	-115.0	-129.6	-74.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-7.4	-6.3	-17.6
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	4.8	3.8	-28.1	-12.6	-76.5
Net Cash Flow During the Period	14.5	1.0	0.4	-3.7	-2.1
Cash and Cash Equivalents at Beginning of Period	5.4	4.5	4.1	7.7	4.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.9	5.4	4.5	4.1	7.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	98.2	88.2	88.3	95.0	86.6	81.4	80.2	85.5	78.3	71.4	70.5	71.5
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	98.2	88.2	88.3	95.0	86.6	81.4	80.2	85.5	78.3	71.4	70.5	71.5
Cost of Goods Sold	71.1	55.2	65.7	69.4	69.0	64.3	62.9	58.6	64.2	60.2	49.7	55.7
Gross Profit	27.0	33.1	22.6	25.6	17.6	17.1	17.3	26.9	14.1	11.2	20.8	15.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	1.2	0.8	0.6	1.7	1.4	0.6	1.4	1.0	0.9	1.2	1.4	1.2
Interest Expense	1.2	0.8	0.6	1.7	1.4	0.6	1.4	1.0	0.9	1.2	1.4	1.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	11.0	25.1	7.6	10.2	5.6	6.6	3.1	12.2	3.4	9.0	3.4	3.7
General and Administrative Expenses	6.3	7.8	5.5	5.3	5.1	5.1	4.8	8.1	4.5	4.3	5.9	5.0
Operating Profit	8.5	-0.5	9.0	8.4	5.6	4.8	8.0	5.7	5.4	-3.2	10.1	6.0
Other Income	0.5	0.2	0.2	0.2	0.2	0.4	0.3	0.2	0.2	0.4	0.2	0.2
Other Expenses	0.4	0.1	0.3	0.3	0.2	0.2	0.2	0.2	0.4	0.2	0.4	0.2
Other Profit	0.1	0.1	-0.1	-0.0	0.0	0.2	0.1	-0.0	-0.2	0.1	-0.2	-0.0
Profit Before Tax	8.6	-0.4	8.9	8.4	5.6	5.0	8.1	5.7	5.2	-3.1	9.9	6.0
Current Income Tax Expense	0.0	0.9	—	—	0.0	1.5	0.0	0.0	0.0	2.8	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.6	-1.3	8.9	8.4	5.6	3.5	8.1	5.7	5.2	-5.9	9.9	6.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.6	-1.3	8.9	8.4	5.6	3.5	8.1	5.7	5.2	-5.9	9.9	6.0
Earnings per Share	707.90	-107.67	728.44	688.37	459.96	283.77	666.83	465.54	425.27	-482.71	810.25	490.69
Diluted EPS	707.90	-107.67	728.44	688.37	459.96	283.77	666.83	465.54	425.27	-482.71	810.25	490.69

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	56.5	64.6	71.2	58.8	49.7	37.4	37.6	44.1	38.7	39.3	40.4	43.0
I. Cash and cash equivalents	12.7	19.9	33.3	22.7	10.3	6.3	7.0	8.5	5.7	4.6	6.5	6.6
1. Cash	12.7	19.9	32.5	21.9	9.5	5.1	5.7	7.3	5.2	4.1	6.1	6.2
2. Cash equivalents	—	—	0.8	0.8	0.8	1.2	1.2	1.2	0.5	0.5	0.5	0.5
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	22.7	19.3	21.5	18.2	19.4	13.2	14.5	16.9	16.1	15.1	11.7	12.9
1. Short-term trade accounts receivable	19.0	15.0	15.1	14.2	15.4	10.7	11.6	12.6	11.8	11.5	8.1	7.6
2. Short-term prepayments to suppliers	1.6	2.7	4.6	1.6	2.4	0.7	1.1	1.3	0.7	0.8	0.8	1.8
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.7
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.2	1.7	1.9	2.4	1.7	1.9	1.9	3.0	3.7	3.0	3.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	16.8	19.5	16.3	17.9	18.6	15.2	15.3	16.9	16.7	19.3	21.9	22.7
1. Inventories	22.2	25.2	22.3	20.7	21.6	18.2	20.3	16.9	16.7	19.3	21.9	22.7
2. Provision for decline in value of inventories	-5.5	-5.6	-6.0	-2.8	-3.0	-3.0	-5.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	4.3	5.8	0.1	0.0	1.5	2.7	0.8	1.9	0.2	0.3	0.2	0.9
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.3	5.8	0.1	—	1.0	2.7	0.8	1.9	0.0	0.3	0.0	0.4
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.4	0.0	0.0	0.0	0.2	0.0	0.2	0.4
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	338.1	346.0	291.8	268.7	278.0	304.5	277.0	275.8	257.1	275.5	274.1	273.3
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	308.1	315.8	287.1	285.9	294.7	303.2	267.2	274.2	268.9	277.5	271.7	271.2
1. Tangible fixed assets	305.8	313.5	284.8	283.6	292.4	301.4	265.4	272.7	267.4	276.0	270.2	269.7
- Cost	747.5	—	—	—	698.9	698.8	654.0	652.0	638.2	638.2	624.0	614.9
- Accumulated depreciation	-441.7	—	—	—	-406.5	-397.3	-388.6	-379.3	-370.8	-362.3	-353.8	-345.2
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.3	2.3	2.3	2.3	2.3	1.8	1.8	1.5	1.5	1.5	1.5	1.5
- Cost	2.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	14.9	16.6	3.3	8.1	2.7	0.3	8.2	1.7	0.3	0.0	1.8	9.3
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	14.9	16.6	3.3	8.1	2.7	0.3	8.2	1.7	0.3	0.0	1.8	9.3
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	-3.4	-3.6	-5.7	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	-3.4	-3.6	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-5.7	0.0	0.0
VI. Other long-term assets	15.1	13.6	1.4	-25.3	-19.4	1.0	1.6	3.4	-8.5	3.8	0.7	-7.2
1. Long-term prepayments	14.6	13.6	1.4	-25.3	-19.4	1.0	1.6	3.4	-8.5	3.8	0.7	-7.2
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	394.6	410.6	363.0	327.5	327.8	341.9	314.6	319.9	295.8	314.8	314.6	316.3
A. LIABILITIES (300=210+330)	178.9	203.6	133.9	126.5	135.1	154.8	116.7	136.3	117.8	141.9	125.3	137.6
I. Short -term liabilities	107.1	125.9	72.3	65.9	68.5	51.7	20.7	45.7	21.7	41.4	30.7	38.4
1. Short-term trade accounts payable	68.0	81.8	42.2	31.1	33.9	45.9	21.0	47.5	24.5	39.1	15.0	32.1
2. Short-term advances from customers	3.4	1.9	2.9	2.8	2.6	1.9	2.3	2.2	2.1	2.3	3.7	2.7
3. Dividends and profits payable	-0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	5.8	1.6	0.2	0.5	0.1	1.7	1.7	0.3	1.0	2.8	0.7	0.2
4. Payable to employees	—	7.7	3.5	4.1	4.9	4.8	4.4	4.6	3.3	3.8	0.1	1.7
5. Short-term acrrued expenses	—	—	11.0	1.2	0.8	0.4	8.4	0.4	0.0	0.4	0.0	0.4
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	30.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	—	17.9	1.9	12.7	12.6	11.9	0.8	8.9	9.0	9.0	8.6	8.3
10. Short-term borrowings and financial leases	—	10.4	10.4	13.3	13.3	-18.0	-18.0	-18.0	-18.0	-18.0	2.8	-6.7
11. Provision for short-term liabilities	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	4.6	0.2	0.2	0.2	3.0	-0.0	-0.2	-0.2	1.9	-0.3	-0.3
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	71.8	77.7	61.6	60.5	66.6	103.2	96.0	90.5	96.1	100.6	94.6	99.2
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	71.8	11.3	11.3	11.3	12.3	13.2	13.2	13.2	14.3	14.3	14.3	14.3
8. Long-term borrowings and financial leases	—	66.4	50.3	49.3	54.3	90.0	82.8	77.4	81.8	86.3	80.3	84.9
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	215.7	207.0	229.1	201.0	192.7	187.1	197.9	183.7	178.0	172.9	189.3	178.7
I. Owner's equity	215.7	207.0	229.1	201.0	192.7	187.1	197.9	183.7	178.0	172.9	189.3	178.7
1. Owner's capital	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0	122.0
- Common stock with voting right	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00	122,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	85.0	85.0	76.1	65.0	65.0	65.1	59.0	50.8	50.8	50.9	46.4	46.4
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	8.6	—	31.0	14.0	5.6	0.0	16.9	10.8	5.2	0.0	20.9	10.3
- Accumulated retained earning at the end of the previous period	—	—	—	—	0.0	0.0	16.9	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	8.6	—	31.0	14.0	5.6	0.0	0.0	10.8	5.2	0.0	20.9	10.3
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	394.6	410.6	363.0	327.5	327.8	341.9	314.6	319.9	295.8	314.8	314.6	316.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	8.6	-0.4	8.9	19.1	5.6	5.0	8.1	5.2	5.2	17.6	-11.0	6.7
Depreciation of Fixed Assets and Investment Property	9.3	8.9	8.6	8.5	8.6	8.7	8.7	9.1	8.6	35.1	-17.7	9.6
Provision (Increase)/Reversal	—	-0.9	—	3.5	0.0	0.0	0.7	-0.7	0.0	5.5	-6.9	6.9
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	0.1	0.0	-0.1	-0.1	0.0	0.2	-0.1	0.2	-0.2	-0.0	0.0	-3.1
Interest Expense	—	4.8	-3.5	2.4	0.0	-0.8	-2.3	1.9	0.0	5.9	-3.2	3.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	18.1	15.9	10.4	33.4	14.2	13.0	15.1	15.7	13.5	64.0	-38.8	23.3
Increase/(Decrease) in Receivables	-1.9	-3.7	-3.3	2.4	-4.7	-0.6	3.4	-3.4	-0.3	-1.9	0.1	-2.6
Increase/(Decrease) in Inventory	2.9	-1.7	-2.2	0.2	-2.8	2.0	-1.5	-2.1	2.6	4.4	-1.0	1.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.1	46.7	-17.8	23.3	-12.9	27.9	-21.6	19.3	-17.0	20.7	-13.5	16.1
Increase/(Decrease) in Prepaid Expenses	-0.5	-12.6	0.3	-1.7	1.0	0.6	1.7	-3.3	3.5	-0.7	-0.4	-0.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.0
Interest Paid	-1.2	-0.8	-1.0	-1.0	-1.4	-0.6	-0.9	-1.1	-0.9	-5.4	2.7	-1.9
Corporate Income Tax Paid	-0.8	0.0	-2.6	0.0	-1.5	-1.5	0.0	0.0	-2.7	-0.9	0.9	-32.0
Other Operating Receipts	5.9	—	—	—	0.0	-11.7	17.4	-18.2	16.2	0.0	0.0	3.3
Other Operating Payments	-4.1	6.8	-6.8	0.8	-3.6	-25.0	-10.5	5.6	-5.6	-2.3	2.0	-2.0
Net Cash Flow from Operating Activities	3.2	23.0	4.7	33.7	12.0	4.1	3.1	12.6	9.4	77.9	-48.0	7.3
Payments for Fixed Assets and Other Long-term Assets	—	-44.8	—	-20.0	0.0	0.0	7.7	-9.2	0.0	-49.5	34.8	-34.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	-0.8	0.0	-0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.4	0.4	-0.4	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	-64.3	20.3	-20.3	0.5	0.0	7.7	-9.9	0.0	-49.4	34.8	-34.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	17.9	—	—	0.0	0.0	0.0	0.0	0.0	94.3	-58.6	55.1
Repayment of Borrowings	-5.0	-1.8	-1.8	-5.0	-4.4	-1.2	-1.0	-4.4	-4.4	-115.0	69.3	-29.1
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-5.5	—	-8.7	—	-3.6	-3.6	-11.3	3.8	-3.8	-7.4	0.0	3.2
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-10.5	28.4	-14.1	-1.4	-8.1	-4.8	-12.4	-0.6	-8.3	-28.1	10.7	29.1
Net Cash Flow During the Period	-7.3	-12.9	10.9	12.0	4.5	-0.7	-1.5	2.1	1.1	0.4	-2.5	1.6
Cash and Cash Equivalents at Beginning of Period	19.9	32.5	21.9	9.5	5.1	4.1	4.1	4.5	4.1	4.1	0.0	4.1
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.7	19.9	32.5	21.9	9.5	5.1	5.7	7.6	5.2	4.5	0.0	6.5

Explore Other Stocks In The Same Sector

BWE, DNW, BWS, DNP, DNN, TDM, VAV, HPW, HWS, PMW, KHW, CTW, LDW, DWC, VLW, NNT, NQN, THN, TDW, CLW, NBT, DWS, HDW, BTW, GDW, QNW, BDW, TOW, BNW, TBW, NBW, NDW, PWS, PJS, STW, NAW, NS2, CMW, TNW, NTW, BGW, NLS, NVP, GLW, NQB, LKW, THW, DVW, SII, TAW, VPW, NSL, TQW, DKW, BWA

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

LAW

What Is Changing

Drivers of LAW's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow