The company reported a strong first quarter result with improved earnings, revenues and profit margins.First quarter 2022 results:
- Revenue: US$5.05b (up 29% from 1Q 2021).
- Net income: US$610.0m (up US$670.0m from 1Q 2021).
- Profit margin: 12% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue.
Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
Price target decreased to US$75.42
Down from US$90.17, the current price target is an average from 17 analysts.
- New target price is 44% above last closing price of US$52.29.
- Stock is up 39% over the past year.
- The company is forecast to post earnings per share of US$7.16 for next year compared to US$2.69 last year.