Earnings Beat: P10, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
Earnings Beat: P10, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
A week ago, P10, Inc. (NYSE:PX) came out with a strong set of second-quarter numbers that could potentially lead to a re-rate of the stock. The company beat forecasts, with revenue of US$71m, some 7.9% above estimates, and statutory earnings per share (EPS) coming in at US$0.06, 50% ahead of expectations. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.
一个星期前,P10公司(纽交所:PX)发布了一组强劲的第二季度财报,这可能会引领该公司的股票重新调整价格。该公司的财报超出了预期,营业收入为7100万美元,比预估高出7.9%,法定每股收益(EPS)为0.06美元,比预期高出50%。结果公布后,分析师们更新了他们的收益模型,现在我们很想知道他们是否认为该公司的前景发生了重大变化,还是像往常一样。我们认为,读者们会发现看到分析师们对明年的(法定)财报预测是很有趣的。
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Taking into account the latest results, the consensus forecast from P10's six analysts is for revenues of US$274.0m in 2024. This reflects an okay 5.7% improvement in revenue compared to the last 12 months. Per-share earnings are expected to soar 744% to US$0.19. In the lead-up to this report, the analysts had been modelling revenues of US$268.6m and earnings per share (EPS) of US$0.16 in 2024. There's been a pretty noticeable increase in sentiment, with the analysts upgrading revenues and making a nice gain to earnings per share in particular.
考虑到最新业绩,P10的六名分析师预测2024年的营业收入将达到27400万美元。这反映了营业收入与过去12个月相比的5.7%的改善。每股收益预计会猛增744%至0.19美元。在此报告之前,分析师们已经模拟出2024年的营业收入为26860万美元以及每股收益(EPS)为0.16美元。在收益方面,分析师已经明显看好P10,特别是在预测中赚得不少。
It will come as no surprise to learn that the analysts have increased their price target for P10 6.3% to US$10.79on the back of these upgrades. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on P10, with the most bullish analyst valuing it at US$13.00 and the most bearish at US$9.00 per share. These price targets show that analysts do have some differing views on the business, but the estimates do not vary enough to suggest to us that some are betting on wild success or utter failure.
毫不意外的是,分析师在这些升级的基础上将P10的价格目标提高了6.3%至10.79美元。然而,这不是我们从这些数据中得出的唯一结论,有些投资者还喜欢在评估分析师的价格目标时考虑预测差距。P10存在差异看法,其中最看好的分析师的估值为每股13.00美元,而最看淡的则为每股9.00美元。这些价格目标表明,分析师对于该企业存在一些不同的看法,但估值差距不足以表明市场对于该企业的成功或失败存有过度乐观或悲观的预期。
One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. We would highlight that P10's revenue growth is expected to slow, with the forecast 12% annualised growth rate until the end of 2024 being well below the historical 33% p.a. growth over the last five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 5.2% per year. Even after the forecast slowdown in growth, it seems obvious that P10 is also expected to grow faster than the wider industry.
了解这些预测的更多背景信息的一种方式是比较它们与过去的业绩以及同一行业中的其他公司的业绩。我们需要指出的是,P10的营收增长预计将放缓,预计2024年的年化增长率为12%,远低于过去五年的每年33%的历史增长率。将其与该行业中的其他有分析师的公司进行对比,这些公司预计(总体上)每年将增长5.2%的营收。即便是在营收增长预计放缓之后,P10仍然有望比整个行业增长得更快。
The Bottom Line
最重要的事情是分析师增加了它对下一年每股亏损的估计。令人欣慰的是,营收预测未发生重大变化,业务仍有望比整个行业增长更快。共识价格目标稳定在28.50美元,最新估计不足以对价格目标产生影响。
The biggest takeaway for us is the consensus earnings per share upgrade, which suggests a clear improvement in sentiment around P10's earnings potential next year. Happily, they also upgraded their revenue estimates, and are forecasting them to grow faster than the wider industry. We note an upgrade to the price target, suggesting that the analysts believes the intrinsic value of the business is likely to improve over time.
对于我们来说最重要的是共识每股收益的提升,这表明了P10下一年的盈利潜力明显提高了。令人高兴的是,分析师们也升级了他们的营收预测,预测它们将比整个行业增长得更快。我们注意到价格目标也有所升级,表明分析师对该企业的内在价值很可能会随时间而提高。
With that in mind, we wouldn't be too quick to come to a conclusion on P10. Long-term earnings power is much more important than next year's profits. At Simply Wall St, we have a full range of analyst estimates for P10 going out to 2026, and you can see them free on our platform here..
考虑到长期盈利能力比明年的利润更为重要,因此我们不应过快地就对P10做出结论。在Simply Wall St,我们对未来五年的P10分析师预测提供了全面的覆盖,您可以在我们的平台上免费查看这些预测。
Before you take the next step you should know about the 3 warning signs for P10 (1 is significant!) that we have uncovered.
在进行下一步之前,您应该了解我们发现的P10的三个警告信号(其中一个相当重要!)。
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