Declining Stock and Decent Financials: Is The Market Wrong About Novanta Inc. (NASDAQ:NOVT)?
Declining Stock and Decent Financials: Is The Market Wrong About Novanta Inc. (NASDAQ:NOVT)?
Novanta (NASDAQ:NOVT) has had a rough three months with its share price down 4.1%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to Novanta's ROE today.
在过去的三个月里，Novanta（纳斯达克: NOVT）的股价下降了4.1％。然而，该公司的基本面看起来相当不错，长期财务状况通常与未来的市场价格趋势相一致。特别是今天我们将关注Novanta的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股东权益回报率（ROE）是测试公司如何有效地增加其价值并管理投资者资金的指标。简而言之，它用于评估公司相对于股本资本的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for ROE is:
roe的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Novanta is:
因此，根据上面的公式，Novanta的roe为:
10% = US$69m ÷ US$682m (Based on the trailing twelve months to March 2024).
10％= US$ 69m ÷ US$ 682m（基于截至2024年3月的过去十二个月）
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.10 in profit.
“回报”是年利润。换句话说，对于每1美元的股东权益，公司可以赚取0.10美元的利润。
What Has ROE Got To Do With Earnings Growth?
ROE与盈利增长有什么关系？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前为止，我们已经了解了ROE衡量公司产生利润的效率。现在，我们需要评估公司为未来增长“留存”的利润或“保留”多少，这就让我们对公司的增长潜力有了一个想法。一般来说，其他条件相同的情况下，ROE和利润保留较高的公司比没有这些属性的公司具有更高的增长率。
Novanta's Earnings Growth And 10% ROE
Novanta的盈利增长和10％的roe
When you first look at it, Novanta's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 9.6%, so we won't completely dismiss the company. On the other hand, Novanta reported a moderate 13% net income growth over the past five years. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
当你第一次看它时，Novanta的roe看起来并不那么有吸引力。然而，其roe与行业平均值9.6％相似，因此我们不会完全忽略该公司。另一方面，Novanta在过去五年中报告了适度的13％净收入增长。考虑到相对较低的roe，很可能会有一些其他方面对公司的盈利增长产生积极影响。例如，公司的股息支付比率低或被有效地管理。
Next, on comparing Novanta's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 15% over the last few years.
接下来，将Novanta的净收入增长与行业进行比较，我们发现该公司报告的增长与过去几年的行业平均增长率15％相似。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Novanta's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
价值评估公司的基础在很大程度上取决于其盈利增长。投资者了解市场是否已经定价反映了公司预期的盈利增长（或下降）是很重要的。这有助于他们判断股票的未来前景是光明还是黯淡。如果你想知道Novanta的股票估值，请查看其市盈率相对于行业的计算方法。
Is Novanta Making Efficient Use Of Its Profits?
Novanta是否有效利用其利润？
Novanta doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the decent earnings growth number that we discussed above.
Novanta目前不支付任何常规股息，这基本上意味着公司一直在将其所有利润重新投资到业务中。这无疑有助于上述不错的盈利增长。
Conclusion
结论
Overall, we feel that Novanta certainly does have some positive factors to consider. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体而言，我们认为Novanta确实具有一些值得考虑的积极因素。虽然roe较低，但是公司以较高的再投资率实现了相当可观的盈利增长。虽然如此，最新的分析师预测显示，公司将继续看到其盈利的扩张。要了解有关公司最新分析师预测的更多信息，请查看本可视化分析师预测。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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