Declining Stock and Decent Financials: Is The Market Wrong About Avnet, Inc. (NASDAQ:AVT)?
Declining Stock and Decent Financials: Is The Market Wrong About Avnet, Inc. (NASDAQ:AVT)?
Avnet (NASDAQ:AVT) has had a rough month with its share price down 3.2%. 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 Avnet's ROE.
安富利 (纳斯达克:AVT) 在过去一个月经历了艰难的时光,其股价下跌了3.2%。然而,从长期来看,股票价格通常是由公司的财务状况驱动的,而在这种情况下,财务状况看起来相当不错。本文我们决定关注安富利的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率(ROE)是测试公司如何有效增长其价值和管理投资者资金的指标。简单来说,它用于评估公司在其股本资本方面的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算?
Return on equity can be calculated by using the formula:
净资产收益率可以通过以下公式计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股东权益回报率 = 净利润(来自持续运营)÷ 股东权益
So, based on the above formula, the ROE for Avnet is:
因此,根据上述公式,安富利的ROE为:
6.9% = US$348m ÷ US$5.0b (Based on the trailing twelve months to September 2024).
6.9% = 34800万美元 ÷ 50亿美元(基于截至2024年9月的过去十二个月)。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.07.
“回报”是指每年的利润。这意味着,对于股东的每1美元投资,该公司产生了0.07美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
What Is The Relationship Between ROE And Earnings Growth?
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. 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.
我们已经意识到,ROE作为公司未来盈利的有效衡量值。根据公司重新投资或“保留”这些利润的程度,以及公司有效地运用这些利润的程度,我们就能评估公司的盈利增长潜力。假设其他所有因素保持不变,ROE和利润保留越高,增长率就会越高,相比于没有这些特点的公司,公司的增长率就会更高。
Avnet's Earnings Growth And 6.9% ROE
安富利的收益增长和6.9%的ROE
At first glance, Avnet's ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 10% either. In spite of this, Avnet was able to grow its net income considerably, at a rate of 38% in the last five years. We reckon that there could be other factors at play here. Such as - high earnings retention or an efficient management in place.
乍一看,安富利的ROE似乎并不太有前景。深入分析后发现,该公司的ROE与行业平均水平10%相比也并不理想。尽管如此,安富利在过去五年中净利润的增长幅度相当可观,达到了38%。我们认为,这里可能还有其他因素在起作用,例如——高收益留存率或高效的管理。
We then compared Avnet's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 14% in the same 5-year period.
随后我们将安富利的净利润增长与行业进行了比较,我们很高兴地看到该公司的增长数字高于行业,在同样的五年期间内行业的增长率为14%。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Avnet's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是股票估值的重要因素。投资者应尝试确定预期的盈利增长或下降,无论是哪种情况,是否已被定价。这将帮助他们判断股票未来是光明还是阴暗。如果你想了解安富利的估值,可以查看其市盈率与行业的比较。
Is Avnet Efficiently Re-investing Its Profits?
安富利是否有效地再投资其利润?
Avnet has a really low three-year median payout ratio of 16%, meaning that it has the remaining 84% left over to reinvest into its business. So it looks like Avnet is reinvesting profits heavily to grow its business, which shows in its earnings growth.
安富利的三年中位数分红派息比率非常低,仅为16%,这意味着它有84%的利润剩余用于再投资于其业务。因此,安富利似乎在大量再投资利润以发展其业务,这在其盈利增长中有所体现。
Additionally, Avnet 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. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 24% over the next three years.
此外,安富利在至少十年的时间里一直支付分红,这意味着该公司非常认真地与股东分享其利润。我们的最新分析师数据表明,公司的未来派息比率预计将在接下来的三年内上升到24%。
Conclusion
结论
On the whole, we do feel that Avnet has some positive attributes. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体来说,我们确实觉得安富利有一些积极的属性。尽管其回报率较低,但该公司将很大一部分利润再投资于其业务,这无疑促进了其高盈利增长。话虽如此,公司的盈利增长预计将放缓,这在当前分析师的预期中已被预测。要了解关于该公司的最新分析师预测,请查看该公司的分析师预测可视化。
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