Packaging Corporation of America's (NYSE:PKG) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Packaging Corporation of America's (NYSE:PKG) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Packaging Corporation of America (NYSE:PKG) has had a rough three months with its share price down 5.4%. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on Packaging Corporation of America's ROE.
包装公司(Packaging Corporation of America)的纽交所价值(NYSE:PKG)股价在过去三个月以来下跌了5.4%。但如果您仔细观察，您可能会发现其关键的财务指标看起来相当不错，这可能意味着，在长期内，由于市场通常会奖励更具弹性的长期基本面，股票可能有潜力上涨。本文将重点关注包装公司(Packaging Corporation of America)的roe指标。
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？
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
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 Packaging Corporation of America is:
因此，根据上述公式，包装公司(Packaging Corporation of America)的ROE为：
18% = US$722m ÷ US$4.0b (Based on the trailing twelve months to March 2024).
18% = 7.22亿美元 ÷ 40亿美元 (根据截至2024年3月的过去十二个月计算)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.18 in profit.
“回报”是公司过去一年的收益。另一种思考方式是，对于每1美元的股本，公司能够赚取0.18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。
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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
我们已经确定了roe作为衡量公司未来收益的有效收益率。现在我们需要评估公司再投资或“保留”的利润，以便了解公司的增长潜力。假设其他一切不变，ROE和利润保留率越高，公司的增长率就越高，而与不一定具备这些特征的公司相比。
Packaging Corporation of America's Earnings Growth And 18% ROE
包装公司(Packaging Corporation of America)的盈利增长和18%的ROE
To start with, Packaging Corporation of America's ROE looks acceptable. Even when compared to the industry average of 16% the company's ROE looks quite decent. This probably goes some way in explaining Packaging Corporation of America's moderate 6.8% growth over the past five years amongst other factors.
首先，包装公司(Packaging Corporation of America)的roe看起来是可以接受的。即使与16%的行业平均水平相比，公司的roe也非常不错。这或许在解释过去五年间包装公司(Packaging Corporation of America)的6.8%中等增长等其他因素方面有所帮助。
We then compared Packaging Corporation of America's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 9.2% in the same 5-year period, which is a bit concerning.
然后，我们将包装公司(Packaging Corporation of America)的净收入增长与同一5年期间行业平均增长率9.2%进行了比较，发现公司的增长率低于平均行业增长率，这可能有些令人担忧。
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). Doing so will help them establish if the stock's future looks promising or ominous. Is PKG fairly valued? This infographic on the company's intrinsic value has everything you need to know.
对公司的估值的依据，在很大程度上与其盈利增长有关。了解市场是否已经定价了公司预期的盈利增长（或下降）对于投资者至关重要。这将有助于他们确定这只股票的未来是看涨还是看跌。PKG是否公平定价？此信息图表展示了公司内在价值的所有内容。
Is Packaging Corporation of America Efficiently Re-investing Its Profits?
包装公司(Packaging Corporation of America)是否高效地利用其利润再投资？
The high three-year median payout ratio of 51% (or a retention ratio of 49%) for Packaging Corporation of America suggests that the company's growth wasn't really hampered despite it returning most of its income to its shareholders.
包装公司(Packaging Corporation of America)高达三年的中位数股息支付比率为51%（或保留比率为49%），这意味着即使公司大部分收入归还给股东，其增长也没有受到太大影响。
Besides, Packaging Corporation of America has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 50% of its profits over the next three years. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 19%.
此外，包装公司(Packaging Corporation of America)已经连续十年以上派发股息。这表明该公司致力于与其股东分享利润。研究最新的分析师数据后，我们发现该公司预计在未来三年内将继续支付约50%的利润。因此，分析师预测该公司未来的roe也不会有太大变化，预期roe为19%。
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 Packaging Corporation of America has some positive attributes. The company has grown its earnings moderately as previously discussed. Still, the high ROE could have been even more beneficial to investors had the company been reinvesting more of its profits. As highlighted earlier, the current reinvestment rate appears to be quite low. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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.
总的来说，我们确实认为包装公司(Packaging Corporation of America)具有一些积极的特征。正如我们先前讨论的，该公司的盈利增长适度。不过，如果公司再投资更多的利润，高roe就可以更有利于投资者。如前所述，目前的再投资率似乎相当低。尽管如此，最新的分析师预测显示，该公司的收益将继续扩张。这些分析师预测是基于行业广泛的预期，还是基于该公司的基本面？单击此处进入我们的分析师预测页面，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.
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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
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