Does The Market Have A Low Tolerance For Super Group (SGHC) Limited's (NYSE:SGHC) Mixed Fundamentals?
Does The Market Have A Low Tolerance For Super Group (SGHC) Limited's (NYSE:SGHC) Mixed Fundamentals?
Super Group (SGHC) (NYSE:SGHC) has had a rough week with its share price down 4.0%. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Super Group (SGHC)'s ROE.
超級集團(SGHC)(紐約證券交易所代碼:SGHC)經歷了艱難的一週,其股價下跌了4.0%。看來市場可能完全忽視了公司基本面的積極方面,並決定更多地考慮負面方面。基本面通常決定市場結果,因此研究公司的財務狀況是有意義的。在本文中,我們決定重點關注超級集團(SGHC)的投資回報率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. 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用於評估公司管理層利用公司資本效率的關鍵指標。換句話說,它是衡量公司股東提供的資本回報率的盈利比率。
How To Calculate Return On Equity?
如何計算股本回報率?
The formula for return on equity is:
股本回報率的公式是:
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 Super Group (SGHC) is:
因此,根據上述公式,超級集團(SGHC)的投資回報率爲:
5.8% = €34m ÷ €590m (Based on the trailing twelve months to March 2024).
5.8% = 3,400萬歐元 ÷ 5.9億歐元(基於截至2024年3月的過去十二個月)。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.06 in profit.
“回報” 是每年的利潤。另一種思考方式是,每持有價值1美元的股權,該公司就能獲得0.06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?
So far, we've learned that ROE is a measure of a company's profitability. 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. 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。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。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
Super Group (SGHC)'s Earnings Growth And 5.8% ROE
超級集團(SGHC)的收益增長和5.8%的投資回報率
On the face of it, Super Group (SGHC)'s ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 18% either. Given the circumstances, the significant decline in net income by 5.5% seen by Super Group (SGHC) over the last five years is not surprising. We reckon that there could also be other factors at play here. Such as - low earnings retention or poor allocation of capital.
從表面上看,超級集團(SGHC)的投資回報率沒什麼好談的。一項快速的進一步研究表明,該公司的投資回報率與行業平均水平的18%相比也並不理想。在這種情況下,超級集團(SGHC)在過去五年中淨收入大幅下降了5.5%,這並不奇怪。我們認爲,這裏可能還有其他因素在起作用。例如-收益保留率低或資本配置不佳。
That being said, we compared Super Group (SGHC)'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 25% in the same 5-year period.
話雖如此,我們將Super Group(SGHC)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,但該行業在同期5年內以25%的速度增長了收益時,我們對此感到擔憂。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240511/0-3c0b3409d4e4c9aa3ec6e9c7c0802466-0-0e5bc3b7bb2b887c0647370b7cb7331a.png/big)
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Super Group (SGHC) is trading on a high P/E or a low P/E, relative to its industry.
收益增長是對股票進行估值時要考慮的重要指標。投資者接下來需要確定的是,預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。衡量預期收益增長的一個很好的指標是市盈率,它根據收益前景決定了市場願意爲股票支付的價格。因此,您可能需要檢查超級集團(SGHC)相對於其行業是高市盈率還是低市盈率。
Is Super Group (SGHC) Making Efficient Use Of Its Profits?
超級集團(SGHC)是否在有效利用其利潤?
Super Group (SGHC) doesn't pay any regular dividends, meaning that potentially all of its profits are being reinvested in the business, which doesn't explain why the company's earnings have shrunk if it is retaining all of its profits. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
Super Group(SGHC)不支付任何定期股息,這意味着其所有利潤都可能被再投資於該業務,這並不能解釋爲什麼如果該公司保留所有利潤,其收益就會萎縮。因此,這裏可能還有其他因素在起作用,這些因素可能會阻礙增長。例如,該業務面臨一些阻力。
Conclusion
結論
In total, we're a bit ambivalent about Super Group (SGHC)'s performance. 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 latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說,我們對超級集團(SGHC)的表現有點矛盾。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。要詳細了解分析師對公司的最新預測,請查看該公司的分析師預測的可視化。
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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。