I'm struggling to find a similar stock T/o for GUD as your 2...

I'm struggling to find a similar stock T/o for GUD as your 2 times. My calc's show :

GUD Holdings
		2017	2018	2019
Sales		426	397	434
CoGS			201.00	222.00
GP		87.8	196.0	212.0
Op Margin		20.6	21.4	21.2
Stock end		93	88	109
Stock T/o (times)		4.6	4.5	4.0

A reduction of 0.5x in stock t/o (or 11.25%) down yoy to 4x per year. The company has an extra $21m in stock at YE (largely in $15.0m+ finished goods), funded purely by cash at bank, as creditors have remained the same yoy (suggesting the new acquisition has shorter payment terms with suppliers). Importantly GPM & operating margin remain largely in line with last year, so integration cost control will be the key for future growth.
Going to be interesting to see if the new management team can deal with the extra stock & get stock turnover back to quicker than every 90 days. I like the GUD business, and have been a holder for 17 years. But this year might be the most interesting. Automotive needs to find it's feet in the new world of lease not buy, and more so an expanded number of electric cars on the road (which don't need the same type of servicing).
GLTH.