UniFirst Corporation's (NYSE:UNF) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
UniFirst Corporation's (NYSE:UNF) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
Most readers would already be aware that UniFirst's (NYSE:UNF) stock increased significantly by 16% over the past three months. However, we wonder if the company's inconsistent financials would have any adverse impact on the current share price momentum. In this article, we decided to focus on UniFirst's ROE.
大多数读者可能已经意识到,UniFirst(纽交所:UNF)的股票在过去三个月中大幅增长了16%。然而,我们想知道公司不一致的财务会不会对当前股价动能产生任何不利影响。 在本文中,我们决定专注于UniFirst的roe。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股东权益回报率,是一种有用的工具,用于评估公司如何有效地从股东获得的投资中产生回报。简单来说,这衡量了一家公司相对于股东权益的盈利能力。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
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 UniFirst is:
因此,根据上述公式,UniFirst的ROE为:
6.2% = US$128m ÷ US$2.1b (Based on the trailing twelve months to May 2024).
6.2%= 1.28亿美元÷ 21亿美元(基于截至2024年5月的过去十二个月)。
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 $0.06.
“回报”是指公司在过去一年中的收益。因此,这意味着对于每个股东的1美元投资,公司会获得0.06美元的利润。
What Has ROE Got To Do With Earnings Growth?
roe与盈利增长有何关系?
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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是衡量公司盈利能力的一种指标。根据公司选择重新投资或“保留”多少利润,我们就能评估公司未来盈利的能力。一般来说,其他条件相同的情况下,具有高roe和盈利保留的公司比不具备这些属性的公司增长率更高。
A Side By Side comparison of UniFirst's Earnings Growth And 6.2% ROE
UniFirst盈利增长和6.2%ROE的并排比较
On the face of it, UniFirst's ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 12% either. For this reason, UniFirst's five year net income decline of 11% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For example, it is possible that the business has allocated capital poorly or that the company has a very high payout ratio.
表面上看,UniFirst的ROE并不值得一谈。 快速进一步的研究表明,该公司的ROE与12%的行业平均水平也不相匹配。 因此,考虑到其较低的ROE,UniFirst五年净收入下降11%并不令人意外。 但是,导致收益下降的原因也可能是其他因素。 例如,可能公司资本分配不当或公司的股息支付比例非常高。
So, as a next step, we compared UniFirst'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UniFirst的表现与行业进行了比较,并发现尽管公司一直在缩减其收益,但该行业在过去几年中的收益增长率为13%。
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Earnings growth is a huge factor in stock valuation. 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. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if UniFirst is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是股票估值的重要因素。了解市场是否已经反映了公司预期的盈利增长(或下降)对投资者很重要。这有助于他们判断股票未来是光明还是暗淡。预期盈利增长的一个很好的指标是市盈率,它根据股票的盈利前景确定市场愿意支付的价格。因此,您可能需要检查UniFirst是在高PE还是低PE上交易,相对于其行业。
Is UniFirst Making Efficient Use Of Its Profits?
UniFirst是否高效地利用其利润?
UniFirst's low three-year median payout ratio of 21% (implying that it retains the remaining 79% of its profits) comes as a surprise when you pair it with the shrinking earnings. This typically shouldn't be the case when a company is retaining most of its earnings. So there could be some other explanations in that regard. For example, the company's business may be deteriorating.
当您将UniFirst的收益下降与其较低的三年中位数股息支付比率(意味着其保留了其余79%的利润)配对时,您会感到惊讶。当公司大多数保留其收益时,通常不会这样。因此,在这方面可能会有其他解释。例如,公司的业务可能正在恶化。
In addition, UniFirst has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 14% over the next three years. However, the company's ROE is not expected to change by much despite the lower expected payout ratio.
此外,UniFirst已经连续至少十年支付股息,这表明即使这是以业务增长为代价,公司管理层也更加重视保持股息支付。我们最新的分析师数据显示,未来三年公司的红利支付比率预计将下降到14%。然而,尽管预期的红利支付比率较低,该公司的ROE预计不会有太大变化。
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。
Overall, we have mixed feelings about UniFirst. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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,我们对UniFirst有好有坏的感觉。尽管该公司拥有高比率的利润保留率,但其低回报率可能会妨碍其盈利增长。话虽如此,根据目前的分析师预测,我们发现该公司的盈利增长率有望大幅提高。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?单击此处转到我们的分析师预测页面。
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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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。