A a glance their receipts don't really match their revenues - unlike how they did in 2017, and their net receipts are worse again. receivables are very high, Inventories similar.
So do sales hit the wall soon because channels are overstuffed? How do they manage to overstuff? The buyers would need to be pushed somehow. Doesn't sound like an easy thing to do without great terms or pricing or both (I think in China they were getting the good stuff - but had to take some average stuff to get it - maybe that is an aspect of the channel stuffing referred to by that shorter). Deferred payment terms could relate to the higher receivables. About 10% of annual sales higher than pcp. That could have a big impact on the bottom line. But you wouldn't think deferred payment terms would happen in China, but possibly in the US, Europe and ANZ.
Anybody have any ideas.
TWE Price at posting:
$15.10 Sentiment: Sell Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)