The Cigna Group (NYSE:CI) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
The Cigna Group (NYSE:CI) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Most readers would already be aware that Cigna Group's (NYSE:CI) stock increased significantly by 5.2% over the past month. 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 Cigna Group's ROE.
大多数读者已经意识到,信诺集团(纽约证券交易所代码:CI)的股票在过去一个月中大幅上涨了5.2%。但是,我们想知道该公司财务状况不稳定是否会对当前的股价势头产生任何不利影响。在本文中,我们决定重点关注信诺集团的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之,投资回报率显示了每美元从其股东投资中产生的利润。
How Is ROE Calculated?
ROE 是如何计算的?
The formula for return on equity is:
股本回报率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for Cigna Group is:
因此,根据上述公式,信诺集团的投资回报率为:
9.6% = US$4.0b ÷ US$42b (Based on the trailing twelve months to June 2024).
9.6% = 40亿美元 ÷ 420亿美元(基于截至2024年6月的过去十二个月)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.10 in profit.
“回报” 是过去十二个月的税后收入。将其概念化的一种方法是,每持有1美元的股东资本,公司就会获得0.10美元的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。一般而言,在其他条件相同的情况下,股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
Cigna Group's Earnings Growth And 9.6% ROE
信诺集团的收益增长和9.6%的投资回报率
When you first look at it, Cigna Group's ROE doesn't look that attractive. Next, when compared to the average industry ROE of 13%, the company's ROE leaves us feeling even less enthusiastic. Hence, the flat earnings seen by Cigna Group over the past five years could probably be the result of it having a lower ROE.
当你第一次看时,信诺集团的投资回报率看起来并不那么吸引人。接下来,与13%的行业平均投资回报率相比,该公司的投资回报率使我们感到不那么热情。因此,信诺集团在过去五年中收益持平可能是其投资回报率较低的结果。
Next, on comparing with the industry net income growth, we found that the industry grew its earnings by 6.2% over the last few years.
接下来,与行业净收入增长相比,我们发现该行业的收益在过去几年中增长了6.2%。
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The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Cigna Group's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
为公司附加价值的基础在很大程度上与其收益增长息息相关。无论如何,投资者应设法确定预期的收益增长或下降是否已计入其中。这样做将帮助他们确定股票的未来是乐观还是不祥的。如果你想知道信诺集团的估值,可以看看这个衡量其与行业相比的市盈率指标。
Is Cigna Group Efficiently Re-investing Its Profits?
信诺集团是否有效地将其利润再投资?
In spite of a normal three-year median payout ratio of 25% (or a retention ratio of 75%), Cigna Group hasn't seen much growth in its earnings. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
尽管正常的三年派息率中位数为25%(或75%的留存率),但信诺集团的收益并未出现太大增长。因此,可能还有其他一些原因可以解释这方面的不足。例如,业务可能会下滑。
Moreover, Cigna Group has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 20% over the next three years. As a result, the expected drop in Cigna Group's payout ratio explains the anticipated rise in the company's future ROE to 19%, over the same period.
此外,信诺集团派发股息已有至少十年或更长时间,这表明管理层一定已经意识到股东更喜欢分红而不是收益增长。我们最新的分析师数据显示,该公司的未来派息率预计将在未来三年降至20%。因此,信诺集团派息率的预期下降解释了该公司未来投资回报率同期的预期上升至19%。
Summary
摘要
In total, we're a bit ambivalent about Cigna Group's performance. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. 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,我们对信诺集团的表现有点矛盾。尽管鉴于投资回报率低,它似乎保留了大部分利润,但投资者毕竟可能无法从所有这些再投资中受益。低收入增长表明我们的理论是正确的。话虽如此,从分析师目前的估计来看,我们发现该公司的收益增长率预计将出现巨大改善。这些分析师的预期是基于对该行业的广泛预期,还是基于公司的基本面?点击此处进入我们分析师对公司的预测页面。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。