Declining Stock and Solid Fundamentals: Is The Market Wrong About Ferguson Enterprises Inc. (NYSE:FERG)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Ferguson Enterprises Inc. (NYSE:FERG)?
With its stock down 9.8% over the past three months, it is easy to disregard Ferguson Enterprises (NYSE:FERG). 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 Ferguson Enterprises' ROE today.
弗格森企业(纽约证券交易所代码:FERG)的股票在过去三个月中下跌了9.8%,很容易被忽视。但是,股票价格通常由公司的长期财务业绩驱动,在这种情况下,这看起来很有希望。特别是,我们今天将关注弗格森企业的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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,它用于评估公司相对于其股权资本的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的?
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算:
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 Ferguson Enterprises is:
因此,根据上述公式,弗格森企业的投资回报率为:
31% = US$1.7b ÷ US$5.6b (Based on the trailing twelve months to July 2024).
31% = 17亿美元 ÷ 56亿美元(基于截至2024年7月的过去十二个月)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.31 in profit.
“回报” 是企业在过去一年中获得的收入。另一种思考方式是,每持有价值1美元的股权,该公司就能获得0.31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?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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,投资回报率衡量的是公司创造利润的效率。现在,我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长,从而使我们对公司的增长潜力有所了解。假设其他一切保持不变,那么与不一定具有这些特征的公司相比,投资回报率和利润保留率越高,公司的增长率就越高。
A Side By Side comparison of Ferguson Enterprises' Earnings Growth And 31% ROE
弗格森企业的收益增长和31%的投资回报率的并排比较
To begin with, Ferguson Enterprises has a pretty high ROE which is interesting. Second, a comparison with the average ROE reported by the industry of 17% also doesn't go unnoticed by us. This likely paved the way for the modest 14% net income growth seen by Ferguson Enterprises over the past five years.
首先,弗格森企业的投资回报率相当高,这很有趣。其次,与该行业报告的平均投资回报率为17%的比较也不会被我们忽视。这可能为弗格森企业在过去五年中实现的14%的温和净收入增长铺平了道路。
As a next step, we compared Ferguson Enterprises' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 25% in the same period.
下一步,我们将弗格森企业的净收入增长与该行业进行了比较,并失望地看到该公司的增长低于同期25%的行业平均增长。
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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for FERG? You can find out in our latest intrinsic value infographic research report.
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。通过这样做,他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。市场对FERG的未来展望进行了定价吗?您可以在我们最新的内在价值信息图研究报告中找到答案。
Is Ferguson Enterprises Efficiently Re-investing Its Profits?
弗格森企业是否有效地将其利润再投资?
Ferguson Enterprises has a healthy combination of a moderate three-year median payout ratio of 34% (or a retention ratio of 66%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
Ferguson Enterprises的三年中位派息率适中,为34%(或66%的留存率),再加上我们在上面看到的可观的收益增长,这意味着该公司一直在有效利用其利润。
Besides, Ferguson Enterprises has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 31%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 35%.
此外,弗格森企业派发股息已有至少十年或更长时间。这表明该公司致力于与股东分享利润。根据分析师的最新估计,我们发现该公司未来三年的派息率预计将稳定在31%。因此,预计该公司未来的投资回报率也不会有太大变化,分析师预计投资回报率为35%。
Conclusion
结论
Overall, we are quite pleased with Ferguson Enterprises' performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. As a result, the decent growth in its earnings is not surprising. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总的来说,我们对弗格森企业的表现非常满意。特别是,我们喜欢该公司对其业务进行大量再投资,而且回报率很高。因此,其收益的体面增长不足为奇。既然如此,对分析师最新预测的研究表明,预计该公司未来的收益增长将放缓。要详细了解分析师对公司的最新预测,请查看该公司的分析师预测的可视化。
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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。