Investors Shouldn't Be Too Comfortable With Target Hospitality's (NASDAQ:TH) Earnings
Investors Shouldn't Be Too Comfortable With Target Hospitality's (NASDAQ:TH) Earnings
Target Hospitality Corp.'s (NASDAQ:TH) robust earnings report didn't manage to move the market for its stock. We did some digging, and we found some concerning factors in the details.
塔吉特酒店集团's(纳斯达克股票代码:TH)强劲的收益报告未能推动其股票的市场。我们进行了一些挖掘,在细节中发现了一些相关的因素。
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A Closer Look At Target Hospitality's Earnings
仔细研究塔吉特酒店集团的收益
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
正如金融迷已经知道的那样,现金流的应计比率是评估公司自由现金流(FCF)与利润匹配程度的关键指标。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,负应计比率对公司来说是正数,而正应计比率是负数。这并不意味着我们应该担心应计比率为正,但值得注意的是,应计比率相当高的地方。这是因为一些学术研究表明,高应计率往往会导致利润下降或利润增长减弱。
For the year to December 2023, Target Hospitality had an accrual ratio of 0.21. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Indeed, in the last twelve months it reported free cash flow of US$88m, which is significantly less than its profit of US$173.7m. Target Hospitality's free cash flow actually declined over the last year, but it may bounce back next year, since free cash flow is often more volatile than accounting profits. The good news for shareholders is that Target Hospitality's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
在截至2023年12月的一年中,塔吉特酒店集团的应计比率为0.21。不幸的是,这意味着其自由现金流远低于其报告的利润。事实上,在过去的十二个月中,它报告的自由现金流为8800万美元,大大低于其1.737亿美元的利润。Target Hospitality的自由现金流实际上在去年有所下降,但明年可能会反弹,因为自由现金流通常比会计利润更具波动性。对股东来说,好消息是,塔吉特酒店集团去年的应计比率要好得多,因此今年的糟糕数据可能只是利润与FCF之间短期不匹配的例子。因此,一些股东可能希望在本年度实现更强的现金转换。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
Our Take On Target Hospitality's Profit Performance
我们对塔吉特酒店业利润表现的看法
Target Hospitality's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Therefore, it seems possible to us that Target Hospitality's true underlying earnings power is actually less than its statutory profit. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. While conducting our analysis, we found that Target Hospitality has 2 warning signs and it would be unwise to ignore these bad boys.
Target Hospitality在过去十二个月中的应计比率表明现金转换率不理想,就我们对收益的看法而言,这是负数。因此,在我们看来,塔吉特酒店集团的真正潜在盈利能力实际上可能低于其法定利润。但令人高兴的消息是,尽管承认我们必须将目光投向法定数字之外,但这些数字仍在改善,去年每股收益以非常高的速度增长。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。请记住,在分析股票时,值得注意所涉及的风险。在进行分析时,我们发现Target Hospitality有两个警告信号,忽视这些坏孩子是不明智的。
Today we've zoomed in on a single data point to better understand the nature of Target Hospitality's profit. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
今天,我们放大了单一数据点,以更好地了解塔吉特酒店利润的性质。但是,还有很多其他方法可以让你对公司的看法。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。因此,你可能希望看到这份免费收藏的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。