Smart national expansion using franchises, but Workman is directly hit by raw material costs.
クリスのレポート
営業総収入（フランチャイズフィーなど28％＋売上高72％）は伸びているが、原材料費高騰で営業利益は、−3ポイント。CFは、営業CFが財務CFのマイナス分と在庫差損で食われギリギリ全体で＋。フランチャイズ出店のため投資に大きくお金を使っていない。今後の原材料費はますます高くなると思われ歯止めがかからない可能性があるがコストダウンのための施作がないため利益の確保が難しいと思われる。元々のコストダウンが限界なのかもしれない。
Chris's report
The total operating revenue (28% from franchise fees and 72% from sales) is increasing, but the operating profit has decreased by 3 points due to the soaring cost of raw materials. The cash flow (CF) is just barely positive overall, as the operational CF is offset by the negative financial CF and inventory losses. They haven't spent much on investments for opening new franchises. It's expected that the cost of raw materials will continue to rise, potentially without any way to control it. Securing profits seems difficult as there are no measures for further cost reduction, suggesting that they may have reached the limit of their original cost-cutting efforts.
牧場に見学に行った時に長靴を買った。ちょっと格好良かった。田舎にも出店していて使いやすい。
Insight
When I visited the ranch, I bought a pair of boots. They were quite stylish. They suit the countryside and are easy to use.
ミナの判断
コストダウン手法の検討をしていない可能性はあるしPERが48倍と買われすぎているので、現在の原材料高騰のタイミングでは魅力的ではない。営業総収入は成長しているため環境が変われば再検討しても良いかもしれない。
Mina's judgment
There is a possibility that they haven't considered cost reduction methods, and with a PER of 48 times, it seems overbought. Given the current surge in raw material costs, it's not attractive at this time. However, since the total operating revenue is growing, it might be worth reconsidering if the environment changes.
