Declining Stock and Solid Fundamentals: Is The Market Wrong About M/I Homes, Inc. (NYSE:MHO)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About M/I Homes, Inc. (NYSE:MHO)?
With its stock down 7.8% over the past month, it is easy to disregard M/I Homes (NYSE:MHO). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to M/I Homes' ROE today.
由于股价下跌了7.8％的过去一个月，人们很容易忽视M/I Homes（NYSE:MHO）。然而，股票价格通常受到公司长期的财务表现驱动，在这种情况下看起来非常有前途。尤其是今天我们将关注M/I Homes的ROE。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率（roe）是一种关键指标，用于评估公司管理层如何有效利用公司资本。更简单地说，它衡量了公司相对股东权益的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for return on equity is:
权益回报率的计算公式是：
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 M/I Homes is:
因此，根据上述公式，M/I Homes的ROE为：
19% = US$500m ÷ US$2.6b (Based on the trailing twelve months to March 2024).
19％= 5,000万美元/26亿美元（截至2024年3月的最近十二个月）。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.19.
“回报”是指公司在过去一年内的收益。因此，这意味着对于每1美元的股东投资，该公司可以创造0.19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？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我们已经确定ROE是一种有效的利润生成标准，用于评估公司未来的盈利能力。我们现在需要评估公司“保留”为未来增长而重新投资的利润多少，这使我们对公司的增长潜力有了一个了解。一般而言，在其他条件相等的情况下，ROE和利润留存高的公司，增长率比没有这些属性的公司要高。
A Side By Side comparison of M/I Homes' Earnings Growth And 19% ROE
M/I Homes盈利增长率和19％的ROE的对比
To begin with, M/I Homes seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 15%. Probably as a result of this, M/I Homes was able to see an impressive net income growth of 29% over the last five years. However, there could also be other causes behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
首先，M/I Homes似乎拥有一定的ROE。此外，该公司的ROE相比行业平均水平的15％而言，相当具有优势。可能正是由于这个原因，M/I Homes在过去五年中实现了惊人的29％净利润增长。但是，这种增长也可能有其他原因。例如，公司的管理层可能已经做了一些明智的战略决策，或者公司的份额支付比率较低。
Next, on comparing with the industry net income growth, we found that M/I Homes' growth is quite high when compared to the industry average growth of 24% in the same period, which is great to see.
接下来，与行业净收入增长进行比较，我们发现M/I Homes的增长相对较高，高于同期行业平均增长率24％，这是令人振奋的。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is M/I Homes fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是估值股票时需要考虑的重要指标。接下来，投资者需要确定的是，预期的盈利增长或其缺乏是否已经融入了股价中。然后，这将有助于他们确定股票是面临光明未来还是黯淡未来。相较于其他公司，M/I Homes的价值是否公正？这3个估值指标可能会帮助您做出决策。
Is M/I Homes Using Its Retained Earnings Effectively?
M/I Homes是否有效利用其留存收益？
M/I Homes 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 high earnings growth number that we discussed above.
M/I Homes目前不支付任何普通股息，这基本意味着它一直在将所有利润再投资于业务。这无疑对我们上面讨论的高盈利增长率贡献良多。
Conclusion
结论
On the whole, we feel that M/I Homes' performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总体而言，我们认为M/I Homes的表现相当不错。特别是，非常高的回报率和业务的大量投资，导致了该公司收益的大幅增长。虽然如此，最新分析师预测的研究表明，预计公司未来的盈利增长将放缓。这些分析师的预期是基于行业的广泛预期还是基于公司的基本面？单击此处，可以访问我们的分析师预测页面，并了解更多信息。
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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.
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。