Declining Stock and Solid Fundamentals: Is The Market Wrong About Markel Group Inc. (NYSE:MKL)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Markel Group Inc. (NYSE:MKL)?
It is hard to get excited after looking at Markel Group's (NYSE:MKL) recent performance, when its stock has declined 2.5% over the past three months. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Particularly, we will be paying attention to Markel Group's ROE today.
看了馬克爾集團(紐約證券交易所代碼:MKL)最近的表現,很難感到興奮,當時其股票在過去三個月中下跌了2.5%。但是,如果你密切關注,你可能會發現,鑑於市場通常會獎勵財務狀況良好的公司,其強勁的財務狀況可能意味着該股的長期價值可能會增加。特別是,我們今天將關注馬克爾集團的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回報率或投資回報率是對公司價值增長和管理投資者資金的有效性的考驗。換句話說,它是一種盈利比率,用於衡量公司股東提供的資本的回報率。
See our latest analysis for Markel Group
查看我們對馬克爾集團的最新分析
How Is ROE Calculated?
投資回報率是如何計算的?
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)÷ 股東權益
So, based on the above formula, the ROE for Markel Group is:
因此,根據上述公式,馬克爾集團的投資回報率爲:
14% = US$2.0b ÷ US$15b (Based on the trailing twelve months to September 2023).
14% = 20億美元 ¥150億美元(基於截至2023年9月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.14 in profit.
“回報” 是過去十二個月的稅後收入。這意味着,公司每獲得價值1美元的股東權益,就會產生0.14美元的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係?
So far, we've learned that ROE is a measure of a company's profitability. 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 all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前爲止,我們已經了解到,投資回報率是衡量公司盈利能力的指標。我們現在需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長,這樣我們就可以了解公司的增長潛力。假設其他條件相同,與不具有相同特徵的公司相比,既有更高股本回報率又更高利潤保留率的公司通常是增長率更高的公司。
A Side By Side comparison of Markel Group's Earnings Growth And 14% ROE
馬克爾集團的收益增長和14%的投資回報率的並排比較
At first glance, Markel Group seems to have a decent ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 14%. This certainly adds some context to Markel Group's moderate 12% net income growth seen over the past five years.
乍一看,馬克爾集團的投資回報率似乎不錯。與行業相比,我們發現行業的平均投資回報率相似,爲14%。這無疑爲馬克爾集團在過去五年中實現的12%的溫和淨收入增長增添了一些背景信息。
As a next step, we compared Markel Group's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 9.0%.
下一步,我們將Markel集團的淨收入增長與該行業進行了比較,令人高興的是,我們發現該公司的增長高於行業平均增長9.0%。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. What is MKL worth today? The intrinsic value infographic in our free research report helps visualize whether MKL is currently mispriced by the market.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。對於投資者來說,重要的是要知道市場是否對公司的預期收益增長(或下降)進行了定價。然後,這可以幫助他們確定股票是面向光明還是暗淡的未來。今天的 MKL 值多少錢?我們的免費研究報告中的內在價值信息圖有助於可視化市場目前是否對MKL進行了錯誤的定價。
Is Markel Group Efficiently Re-investing Its Profits?
Markel 集團是否有效地將其利潤再投資?
Markel Group doesn't pay any dividend currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the decent earnings growth number that we discussed above.
馬克爾集團目前不支付任何股息,這實質上意味着它一直在將所有利潤再投資於該業務。這無疑有助於實現我們上面討論的可觀的收入增長數字。
Summary
摘要
On the whole, we feel that Markel Group's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. With that said, on studying the latest analyst forecasts, we found that while the company has seen growth in its past earnings, analysts expect its future earnings to shrink. 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.
總的來說,我們認爲馬克爾集團的表現相當不錯。具體而言,我們喜歡該公司以高回報率再投資其利潤的很大一部分。當然,這導致該公司的收益大幅增長。話雖如此,在研究最新的分析師預測時,我們發現,儘管該公司過去的收益有所增長,但分析師預計其未來收益將萎縮。這些分析師的預期是基於對該行業的廣泛預期,還是基於公司的基本面?點擊此處進入我們分析師對公司的預測頁面。
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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。