Eastman Chemical Company's (NYSE:EMN) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Eastman Chemical Company's (NYSE:EMN) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
It is hard to get excited after looking at Eastman Chemical's (NYSE:EMN) recent performance, when its stock has declined 3.7% over the past week. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Eastman Chemical's ROE.
近期伊士曼化工(NYSE:EMN)股价下跌3.7%,很难让人感到兴奋。然而,股价通常受一家公司长期的财务表现的驱动,而在这种情况下,伊士曼化工的前景看起来相当不错。本篇文章,我们决定聚焦于伊士曼化工的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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe,即净资产收益率,是一种评估公司如何有效地从股东手中获取投资回报的有用工具。换句话说,它是一种盈利能力比率,衡量公司股东提供的资本的回报率。
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 Eastman Chemical is:
因此,基于以上公式,伊士曼化工的ROE为:
16% = US$886m ÷ US$5.7b (Based on the trailing twelve months to June 2024).
16% = US$88600万 ÷ US$57亿(根据截至2024年6月的过去十二个月)。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.16 in profit.
'回报'是公司过去一年所赚取的收益。这意味着,对于每1美元的股东权益,公司可以产生0.16美元的利润。
What Has ROE Got To Do With Earnings Growth?
roe与盈利增长有何关系?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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衡量了公司有效地利用其利润的能力。根据公司再投资或“保留”的利润量以及公司再投资利润的效果,我们就能评估公司的盈利增长潜力。一般来说,其他条件相同,ROE高和盈利保留公司的成长率比没有这些属性的公司更高。
Eastman Chemical's Earnings Growth And 16% ROE
伊士曼化工的收益增长和16%的roe
To start with, Eastman Chemical's ROE looks acceptable. Especially when compared to the industry average of 9.2% the company's ROE looks pretty impressive. Probably as a result of this, Eastman Chemical was able to see a decent growth of 5.5% over the last five years.
首先,伊士曼化工的ROE看起来是可接受的。特别是与9.2%的行业平均值相比,该公司的ROE看起来相当令人印象深刻。可能是由于此原因,伊士曼化工在过去五年中能够见到5.5%的相当不错的增长。
We then compared Eastman Chemical's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 13% in the same 5-year period, which is a bit concerning.
然后,我们将伊士曼化工的净利润增长与行业进行比较,发现该公司的增长数字低于相同5年期行业的平均增长率13%,这有点令人担忧。
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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. What is EMN worth today? The intrinsic value infographic in our free research report helps visualize whether EMN is currently mispriced by the market.
盈利增长是股票估值的重要因素。投资者知道市场是否已经定价了公司的预期盈利增长(或下降)是非常重要的。然后,这有助于他们判断股票是否将迎来光明或黯淡的未来。 EMN今天的价值是多少?我们免费的研究报告中的内在价值信息图表可以帮助你了解EMN是否被市场定价不合理。
Is Eastman Chemical Efficiently Re-investing Its Profits?
伊士曼化工是否高效重新投资其利润?
Eastman Chemical has a three-year median payout ratio of 47%, which implies that it retains the remaining 53% of its profits. This suggests that its dividend is well covered, and given the decent growth seen by the company, it looks like management is reinvesting its earnings efficiently.
伊士曼化工三年的中位数派息比率为47%,这意味着它保留了其剩余的53%利润。这表明其股息很有保障,并且鉴于公司的良好增长,看起来管理层正在高效地重新投资其收益。
Moreover, Eastman Chemical is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 38% over the next three years. Regardless, the ROE is not expected to change much for the company despite the lower expected payout ratio.
此外,伊士曼化工决心继续与股东分享其利润,我们从向至少十年付股息的长期历史记录中推断出这一点。在研究最新的分析师共识数据后,我们发现公司未来的派息比率预计将在未来三年内下降到38%。无论如何,尽管预期的派息比率较低,ROE对于公司的预期变化并不大。
Conclusion
结论
On the whole, we feel that Eastman Chemical's 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 respectable 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 company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总的来说,我们觉得伊士曼化工的表现相当不错。特别是看到公司在大量投资业务和高回报率的同时,其收益增长也是令人瞩目的。即便如此,最新的分析师预测显示,公司将继续看到其收益扩张。欲知更多有关该公司未来盈利增长预测的信息,请查看此免费报告中有关该公司的分析师预测。
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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。