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Declining Stock and Decent Financials: Is The Market Wrong About Teradyne, Inc. (NASDAQ:TER)?

Declining Stock and Decent Financials: Is The Market Wrong About Teradyne, Inc. (NASDAQ:TER)?

股价下跌且财务状况良好:市场对泰利丹公司(纳斯达克:TER)错了吗?
Simply Wall St ·  10/30 06:22

Teradyne (NASDAQ:TER) has had a rough month with its share price down 16%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Teradyne's ROE.

Teradyne (NASDAQ:TER) has had a rough month with its share price down 16%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Teradyne's ROE.

ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.

roe或权益回报率是评估公司有效利用股东投资产生回报效率的有用工具。简而言之,roe显示每个股东投资所产生的利润。

How To Calculate Return On Equity?

如何计算股东权益报酬率?

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 Teradyne is:

所以根据上述公式,泰瑞达的roe为:

18% = US$513m ÷ US$2.9b (Based on the trailing twelve months to September 2024).

18% = US$51300万 ÷ US$29亿 (Based on the trailing twelve months to September 2024).

The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.18 in profit.

“回报”是指企业在过去一年中获得的收入。这意味着对于每1美元的股东权益,公司可以创造0.18美元的利润。

Why Is ROE Important For Earnings Growth?

ROE为什么对净利润增长很重要?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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.

我们已经确认ROE是一个有效的判断公司未来盈利能力的指标。根据公司再投资或“保留”利润的比例及其效率来判定公司的盈利增长潜力,通常情况下,其他条件相同,具有高股权回报率和利润保留率的公司增长速度会高于这些属性缺失的公司。

A Side By Side comparison of Teradyne's Earnings Growth And 18% ROE

泰瑞达的盈利增长和18%的roe的并排比较

At first glance, Teradyne seems to have a decent ROE. Especially when compared to the industry average of 12% the company's ROE looks pretty impressive. For this reason, Teradyne's five year net income decline of 4.5% raises the question as to why the high ROE didn't translate into earnings growth. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.

乍一看,泰瑞达的roe似乎相当不错。特别是与行业平均12%的roe相比,公司的roe看起来相当令人印象深刻。由于泰瑞达五年净利润下降了4.5%,引发了这样一个问题:为什么高roe没有转化为盈利增长。基于这一点,我们认为可能存在其他原因尚未在本文中讨论,这些原因可能阻碍了公司的增长。比如,公司将大部分利润作为分红派息或面临竞争压力。

However, when we compared Teradyne's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 21% in the same period. This is quite worrisome.

然而,当我们将泰瑞达的增长与行业相比较时,我们发现虽然该公司的盈利在萎缩,行业在同一时期看到了21%的盈利增长。这是相当令人担忧的。

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NasdaqGS:TER Past Earnings Growth October 30th 2024
纳斯达克: 泰瑞达过去的盈利增长 2024年10月30日

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 TER? You can find out in our latest intrinsic value infographic research report.

公司被赋予价值的基础在很大程度上与其盈利增长息息相关。投资者应该设法确定盈利的预期增长或下降是否已经被定价。通过这样做,他们就能知道股票是朝着清澈明净的水域前进,还是会遇到沼泽般阻碍。市场是否已经对泰瑞达的未来前景进行定价?您可以在我们的最新内在价值信息图研究报告中找到答案。

Is Teradyne Making Efficient Use Of Its Profits?

泰瑞达是否有效地利用了其利润?

When we piece together Teradyne's low three-year median payout ratio of 11% (where it is retaining 89% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. So there might be other factors at play here which could potentially be hampering growth. For instance, the business has faced some headwinds.

当我们综合考虑泰瑞达过去三年的低中位数11%的股息支付率(即保留利润的89%),计算为过去三年,我们对缺乏增长感到困惑。低股息支付率应该意味着公司保留了大部分利润,因此应该能够实现一定增长。因此,可能有其他因素起作用,可能影响到增长。例如,该业务面临一些不利因素。

Moreover, Teradyne 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 over the next three years is expected to be approximately 8.7%. However, Teradyne's ROE is predicted to rise to 25% despite there being no anticipated change in its payout ratio.

此外,泰瑞达至少已经连续十年支付股息,这表明管理层必须认为股东更倾向于分红而不是盈利增长。我们最新的分析师数据显示,公司未来三年的股息支付比率预计约为8.7%。但是,尽管股息支付比率预计不会发生变化,泰瑞达的roe预计将提高至25%。

Conclusion

结论

Overall, we feel that Teradyne certainly does have some positive factors to consider. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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,我们认为泰瑞达确实有一些需要考虑的积极因素。然而,低盈利增长有点令人担忧,特别是考虑到该公司拥有高回报率,并且将其利润的很大一部分重新投资。看起来,可能有一些其他因素,并非业务能控制,正在阻碍增长。即便如此,最新的行业分析师预测显示,分析师们预计该公司的盈利增长率将有巨大改善。要了解更多关于公司未来盈利增长预测的信息,请查看此免费报告,了解该公司的分析师预测情况。

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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.

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