Statutory Profit Doesn't Reflect How Good MasTec's (NYSE:MTZ) Earnings Are
Statutory Profit Doesn't Reflect How Good MasTec's (NYSE:MTZ) Earnings Are
Investors were underwhelmed by the solid earnings posted by MasTec, Inc. (NYSE:MTZ) recently. We have done some analysis and have found some comforting factors beneath the profit numbers.
最近MasTec股票(NYSE:MTZ)公布了强劲的盈利表现,但投资者并不满意。我们进行了一些分析,并发现利润数字背后有一些令人安心的因素。
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Zooming In On MasTec's Earnings
深入研究MasTec的盈利表现
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.
许多投资者没有听说过现金流的权责发生制比率,但实际上它是一个衡量公司在一定时期内利润受自由现金流(FCF)支持程度的有用指标。该权责发生制比率将给定期间的自由现金流从利润中减去,并将结果除以公司在此期间的平均营运资产。该比率告诉我们公司利润中有多少是不受自由现金流支持的。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,负的应计比率对公司来说是积极的,而正的应计比率则是消极的。虽然应计比率高于零并不值得担心,但当公司有相对较高的应计比率时,我们认为这值得注意。引用Lewellen和Resutek 2014年的一篇论文:“应计比率较高的公司未来往往利润较低”。
Over the twelve months to June 2024, MasTec recorded an accrual ratio of -0.20. Therefore, its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of US$1.0b during the period, dwarfing its reported profit of US$7.86m. MasTec shareholders are no doubt pleased that free cash flow improved over the last twelve months. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
在过去的12个月中,MasTec的应计比率为-0.20。因此,其法定盈利比其自由现金流量要少得多。换句话说,它在此期间产生了10亿美元的自由现金流量,而其报告的利润为786万美元。MasTec的股东毫无疑问会高兴的是,自由现金流量在过去12个月有所提高。话虽如此,事情并非尽如人意。应计比率在一定程度上反映了非一般性项目对法定盈利的影响。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让您想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看基于其估计的未来盈利能力的互动图表。
How Do Unusual Items Influence Profit?
非常规项目如何影响利润?
MasTec's profit was reduced by unusual items worth US$37m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect MasTec to produce a higher profit next year, all else being equal.
在过去的12个月中,MasTec因不寻常项目损失了3700万美元,这有助于它产生高比例的现金转换,如其非一般性项目所反映的。这正是当公司有非现金费用减少纸面利润时所希望看到的。虽然由于非一般性项目的扣除而导致的转折令人失望,但其中存在一线希望。当我们分析全球绝大部分上市公司时,我们发现重大非一般性项目通常不会重复。考虑到这些项目被视为非正常项目,这也不足为奇。假设这些非正常支出不再出现,我们因此预计MasTec的利润将在明年上涨,其他所有条件不变。
Our Take On MasTec's Profit Performance
我们对MasTec的盈利表现的看法
Considering both MasTec's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. After considering all this, we reckon MasTec's statutory profit probably understates its earnings potential! With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Be aware that MasTec is showing 3 warning signs in our investment analysis and 1 of those is potentially serious...
考虑到MasTec的应计比率和非一般性项目,我们认为其法定盈利不太可能夸大公司的基本盈利能力。在考虑所有这些因素之后,我们认为MasTec的法定盈利可能低估了其盈利潜力!基于这一点,在投资任何股票之前,我们不会考虑投资,除非我们对风险有深入了解。请注意,我们的投资分析中MasTec显示了3个警告信号,其中1个可能是严重的。
Our examination of MasTec has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
我们对MasTec的研究集中在某些因素上,这些因素可以使其盈利看起来比实际更好。而它已经通过了这方面的考验。但是,还有很多其他方法可以了解一家公司。例如,许多人认为高净资产回报率是良好业务经济的指标,而另一些人则喜欢“跟随资金”并寻找内部人员正在购买的股票。因此,您可能希望查看这些拥有高净资产回报率的公司的免费收藏,或这些拥有高内部所有权的股票清单。
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