Is AppFolio, Inc.'s (NASDAQ:APPF) Recent Stock Performance Influenced By Its Fundamentals In Any Way?
Is AppFolio, Inc.'s (NASDAQ:APPF) Recent Stock Performance Influenced By Its Fundamentals In Any Way?
AppFolio (NASDAQ:APPF) has had a great run on the share market with its stock up by a significant 7.3% over the last week. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to study its financial indicators more closely to see if they had a hand to play in the recent price move. Specifically, we decided to study AppFolio's ROE in this article.
AppFolio(纳斯达克:APPF)股价在上周大幅上涨了7.3%,股市上表现非常出色。鉴于股票价格通常与公司长期的财务表现相关联,我们决定更仔细地研究其财务指标,看看它们是否在最近的股价走势中发挥了作用。具体来说,我们决定在本文中研究AppFolio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 Do You Calculate Return On Equity?
怎样计算ROE?
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 AppFolio is:
所以,根据上述公式,AppFolio的roe为:
23% = US$76m ÷ US$339m (Based on the trailing twelve months to March 2024).
23%= 7600万美元÷3.39亿美元(基于截至2024年3月的最近十二个月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.23 in profit.
“回报率”是指过去12个月税后赚取的金额。换句话说,对于每1美元的净资产,该公司能够赚取0.23美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
既然我们已经确定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。
So far, we've learned that ROE is a measure of a company's profitability. 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,我们已经了解到ROE是衡量公司盈利能力的一个指标。现在我们需要评估公司再投资或“保留”未来增长所需的利润,然后我们可以大致了解公司的增长潜力。一般来说,在其他条件相等的情况下,具有高ROE和利润保留的公司比没有这些属性的公司具有更高的增长率。
A Side By Side comparison of AppFolio's Earnings Growth And 23% ROE
AppFolio营收增长和23%roe的并排比较
Firstly, we acknowledge that AppFolio has a significantly high ROE. Additionally, the company's ROE is higher compared to the industry average of 12% which is quite remarkable. For this reason, AppFolio's five year net income decline of 37% raises the question as to why the high ROE didn't translate into earnings growth. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. These include low earnings retention or poor allocation of capital.
首先,我们承认AppFolio的roe显著高。此外,该公司的roe比行业平均值高12%,这相当惊人。因此,AppFolio的五年净收入下降了37%,这引起了一个问题,为什么高roe没有转化为盈利增长。基于此,我们认为还可能存在其他尚未在本文中讨论的原因,这些原因可能有碍公司的增长。这些包括低收益保留率或资本配置不当。
So, as a next step, we compared AppFolio's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 13% over the last few years.
因此,作为下一步,我们将AppFolio的业绩与行业进行了比较,并对发现的情况感到失望,尽管公司一直在缩减其收益,但行业在过去几年中的收益增长率为13%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240628/0-7fe0f57f98e01cfa18e9825076d178e1-0-4d0ec57bd9164597275aad3fa111b0d3.png/big)
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about AppFolio's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
公司附加价值的基础很大程度上取决于其盈利增长。投资者重要了解市场是否已将公司的预期盈利增长(或下降)定价。通过这样做,他们将会对股票是否进入清晰的蓝色水域或者是否等待在沼泽水域中有所了解。如果您想知道AppFolio的估值,请查看其市盈率与行业相比的情况。
Is AppFolio Making Efficient Use Of Its Profits?
AppFolio是否有效地利用其利润?
AppFolio doesn't pay any regular dividends, meaning that potentially all of its profits are being reinvested in the business, which doesn't explain why the company's earnings have shrunk if it is retaining all of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
AppFolio不支付常规股息,这意味着其所有利润都可能被重新投资于业务中,这并不能解释为什么公司的收益会缩水。看起来可能有其他原因可以解释这方面的缺乏。例如,业务可能在下滑。
Summary
总的来说,我们对伟明环保的表现非常满意。具体而言,我们喜欢公司以高回报率再投资了其利润的很大一部分。当然,这导致公司的收益大幅增长。但是,最新的行业分析师预测表明,该公司的收益预计将加速增长。
On the whole, we do feel that AppFolio has some positive attributes. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总体而言,我们认为AppFolio有一些积极的特点。但是,鉴于高roe和高利润保留率,我们希望公司能够提供强劲的盈利增长,但这在这里并不是这样。这表明业务可能受到外部威胁,从而影响其增长。即便如此,最新的行业分析师预测显示,分析师预计将看到公司的盈利增长率大幅提高。要了解有关公司未来盈利增长预测的更多信息,请查看此免费报告。
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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。