Is Weakness In Valero Energy Corporation (NYSE:VLO) Stock A Sign That The Market Could Be Wrong Given Its Strong Financial Prospects?
Is Weakness In Valero Energy Corporation (NYSE:VLO) Stock A Sign That The Market Could Be Wrong Given Its Strong Financial Prospects?
It is hard to get excited after looking at Valero Energy's (NYSE:VLO) recent performance, when its stock has declined 6.4% over the past three months. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Valero Energy's ROE today.
瓦莱罗能源(NYSE:VLO)近三个月股价下跌6.4%,不太令人兴奋。然而,股价通常受公司长期的财务表现影响,而在这种情况下,情况似乎相当有前途。特别是今天我们将关注瓦莱罗能源的roe。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东必须考虑股本回报率或ROE,因为它告诉他们公司如何有效地重新投资他们的资本。 简而言之,ROE显示每美元股东投资所产生的利润。
How Do You Calculate Return On Equity?
怎样计算ROE?
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 Valero Energy is:
因此,根据上述公式,瓦莱罗能源的roe为:
22% = US$6.1b ÷ US$28b (Based on the trailing twelve months to June 2024).
22% = 6100000000美元 ÷ 280000000000美元(基于截至2024年6月的过去十二个月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.22 in profit.
“回报率”是每年的利润。一个概念化的方法是,对于每1美元的股东资本,该公司赚取了0.22美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
ROE与盈利增长之间的关系是什么?
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. 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.
到目前为止,我们已经了解到roe是公司盈利能力的一种衡量标准。根据公司选择重新投资或“留存”的利润比例,我们能够评估公司未来产生利润的能力。其他条件不变的情况下,roe和盈利留存越高,相较于不具备这些特征的公司,企业的增长率越高。
A Side By Side comparison of Valero Energy's Earnings Growth And 22% ROE
瓦莱罗能源的盈利增长与22%的roe的并排比较。
At first glance, Valero Energy seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 17%. This probably laid the ground for Valero Energy's significant 46% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.
乍一看,瓦莱罗能源的roe似乎还不错。此外,该公司的roe与行业平均水平17%相当有利可图。这可能为瓦莱罗能源在过去五年中看到的显着46%净利润增长打下了基础。我们认为这里可能还有其他因素。例如,该公司的支付比率很低,或者被有效管理。
Next, on comparing Valero Energy's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 40% over the last few years.
接下来,将瓦莱罗能源的净收入增长与行业平均水平进行比较,我们发现该公司报告的增长与过去几年的40%的行业平均增长率相似。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-0c5feb9214a49208cb78a65bbc520e64-0-ae78c786cd9ea78baf57af93886011b6.png/big)
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. Is Valero Energy fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是股票估值的一个重要因素。投资者重要了解市场是否对公司预期的盈利增长(或下降)进行了定价。这有助于他们判断股票的未来发展前景是光明还是暗淡。与其他公司相比,瓦莱罗能源是否公平价值?这三个估值指标可能会帮助你决定。
Is Valero Energy Making Efficient Use Of Its Profits?
瓦莱罗能源是否有效利用其利润?
Valero Energy's ' three-year median payout ratio is on the lower side at 16% implying that it is retaining a higher percentage (84%) of its profits. This suggests that the management is reinvesting most of the profits to grow the business as evidenced by the growth seen by the company.
瓦莱罗能源三年的中位支付比率较低,为16%,表明它正在保留更高的利润比例(84%)。这表明管理层正在通过公司的增长来重新投资大部分利润。
Additionally, Valero Energy has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 40% over the next three years. Therefore, the expected rise in the payout ratio explains why the company's ROE is expected to decline to 12% over the same period.
此外,瓦莱罗能源已连续十年支付股息,这意味着该公司非常重视与股东分享利润。从目前的分析师共识数据来看,我们可以看到该公司未来的支付比率预计将在未来三年内上升到40%。因此,预期支付比率的上升解释了为什么在同一时期内该公司的roe预计将下降到12%。
Conclusion
结论
In total, we are pretty happy with Valero Energy's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. With that said, on studying the latest analyst forecasts, we found that while the company has seen growth in its past earnings, analysts expect its future earnings to shrink. 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,我们对瓦莱罗能源的业绩相当满意。特别是,我们喜欢公司大量重投其业务,并以较高的回报率进行。并不奇怪,这导致了令人印象深刻的盈利增长。但是,在评估最新的分析师预测时,我们发现尽管该公司在过去的盈利中有增长,但分析师预计其未来的盈利将会下降。如果想了解更多关于该公司未来盈利增长预测的信息,请参阅该公司的分析师预测免费报告。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。