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Is Penumbra, Inc.'s (NYSE:PEN) Recent Price Movement Underpinned By Its Weak Fundamentals?

Is Penumbra, Inc.'s (NYSE:PEN) Recent Price Movement Underpinned By Its Weak Fundamentals?

是 Penumbra, Inc. 's(紐約證券交易所代碼:PEN)近期的價格走勢受到其疲軟的基本面支撐?
Simply Wall St ·  2023/11/03 12:32

With its stock down 21% over the past three months, it is easy to disregard Penumbra (NYSE:PEN). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Penumbra's ROE.

Penumbra(紐約證券交易所代碼:PEN)的股票在過去三個月中下跌了21%,很容易被忽視。但是,我們決定研究公司的財務狀況,以確定它們是否與價格下跌有關。基本面通常決定市場業績,因此研究公司的財務狀況是有意義的。在本文中,我們決定重點介紹Penumbra的投資回報率。

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. Put another way, it reveals the company's success at turning shareholder investments into profits.

股本回報率或投資回報率是股東需要考慮的重要因素,因爲它可以告訴他們資本再投資的有效性。換句話說,它揭示了公司成功地將股東投資轉化爲利潤。

View our latest analysis for Penumbra

查看我們對 Penumbra 的最新分析

How To Calculate Return On Equity?

如何計算股本回報率?

Return on equity can be calculated by using the formula:

股本回報率可以使用以下公式計算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益

So, based on the above formula, the ROE for Penumbra is:

因此,根據上述公式,Penumbra的投資回報率爲:

2.7% = US$29m ÷ US$1.1b (Based on the trailing twelve months to June 2023).

2.7% = 2900萬美元 ÷ 11億美元(基於截至2023年6月的過去十二個月)。

The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.03 in profit.

“回報” 是企業在過去一年中獲得的收入。將其概念化的一種方法是,公司每擁有1美元的股東資本,就能獲得0.03美元的利潤。

What Is The Relationship Between ROE And Earnings Growth?

投資回報率與收益增長之間有什麼關係?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.

到目前爲止,我們已經了解到,投資回報率衡量的是公司創造利潤的效率。根據公司選擇將多少利潤進行再投資或 “保留”,我們便能夠評估公司未來創造利潤的能力。一般而言,在其他條件相同的情況下,股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。

Penumbra's Earnings Growth And 2.7% ROE

Penumbra的收益增長和2.7%的投資回報率

As you can see, Penumbra's ROE looks pretty weak. Even compared to the average industry ROE of 9.5%, the company's ROE is quite dismal. Given the circumstances, the significant decline in net income by 28% seen by Penumbra over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.

如你所見,Penumbra的投資回報率看起來相當疲軟。即使與9.5%的行業平均投資回報率相比,該公司的投資回報率也相當慘淡。在這種情況下,Penumbra在過去五年中淨收入大幅下降了28%,這並不奇怪。但是,可能還有其他因素導致收益下降。例如,該企業的資本分配不佳,或者該公司的派息率非常高。

That being said, we compared Penumbra's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 9.7% in the same 5-year period.

話雖如此,我們將Penumbra的表現與該行業進行了比較,當我們發現儘管該公司縮減了收益,但該行業在5年同期的收益增長了9.7%時,我們對此感到擔憂。

past-earnings-growth
NYSE:PEN Past Earnings Growth November 3rd 2023
紐約證券交易所:PEN 過去的收益增長 2023 年 11 月 3 日

Earnings growth is an important metric to consider when valuing a stock. 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. Is PEN fairly valued? This infographic on the company's intrinsic value has everything you need to know.

收益增長是對股票進行估值時要考慮的重要指標。無論如何,投資者應設法確定預期的收益增長或下降是否已計入其中。通過這樣做,他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。PEN 的價值是否合理?這張關於公司內在價值的信息圖包含了你需要知道的一切。

Is Penumbra Efficiently Re-investing Its Profits?

Penumbra 是否有效地將其利潤再投資?

Because Penumbra doesn't pay any dividends, we infer that it is retaining all of its profits, which is rather perplexing when you consider the fact that there is no earnings growth to show for it. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.

由於Penumbra不支付任何股息,因此我們推斷它保留了所有利潤,考慮到它沒有收益增長這一事實,這相當令人困惑。因此,在這方面可能還有其他解釋。例如,該公司的業務可能正在惡化。

Conclusion

結論

Overall, we have mixed feelings about Penumbra. 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. 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.

總的來說,我們對 Penumbra 有喜憂參半的感覺。儘管鑑於投資回報率低,它似乎保留了大部分利潤,但投資者畢竟可能無法從所有這些再投資中受益。低收入增長表明我們的理論是正確的。話雖如此,從分析師目前的估計來看,我們發現該公司的收益增長率預計將出現巨大改善。要了解有關公司未來收益增長預測的更多信息,請查看這份關於分析師預測的免費報告,以了解更多信息。

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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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