Are Teleflex Incorporated's (NYSE:TFX) Mixed Financials Driving The Negative Sentiment?
Are Teleflex Incorporated's (NYSE:TFX) Mixed Financials Driving The Negative Sentiment?
With its stock down 7.0% over the past three months, it is easy to disregard Teleflex (NYSE:TFX). It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Teleflex's ROE.
過去三個月,泰利福(紐交所:TFX)的股價下跌了7.0%,很容易忽略該公司。市場可能忽略了該公司不同的財務情況而決定傾向於消極情緒。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,我們決定關注泰利福的ROE。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率(roe)是一種關鍵指標,用於評估公司管理層如何有效利用公司資本。更簡單地說,它衡量了公司相對股東權益的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Teleflex is:
因此,根據上述公式,泰利福的ROE爲:
6.6% = US$296m ÷ US$4.5b (Based on the trailing twelve months to March 2024).
6.6%= US$296m ÷ US$4.5b(截至2024年3月的過去12個月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.07 in profit.
“回報”是納稅後在過去12個月內賺取的金額。另一種思考方式是,對於每1美元的股本,公司能夠賺取0.07美元的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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ROE衡量了公司創造利潤的效率。現在我們需要評估公司爲未來增長“保留”的利潤量,然後我們就能了解公司的增長潛力。如果一切都相等,那麼ROE和利潤保留都更高的公司通常比沒有這些特徵的公司增長率更高。
Teleflex's Earnings Growth And 6.6% ROE
泰利福的盈利增長和6.6%的roe
At first glance, Teleflex's ROE doesn't look very promising. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 11%. As a result, Teleflex's flat net income growth over the past five years doesn't come as a surprise given its lower ROE.
乍一看,泰利福的roe並不太令人滿意。我們將公司的roe與整個行業進行了比較,很失望地發現,roe低於平均水平的11%。因此,鑑於roe低於行業平均水平,泰利福在過去五年中的淨利潤增長停滯不前並不令人意外。
We then compared Teleflex's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 8.7% in the same 5-year period, which is a bit concerning.
我們接着將泰利福的淨利潤增長與行業進行了比較,發現公司的增長速度低於相同五年期間平均行業增長率的8.7%,這有些令人擔憂。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240613/0-8630a21b23125b1fdbb2ad2ae6f04dbf-0-ce599eac50cab5f80c46118feaeb879b.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. 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 TFX? You can find out in our latest intrinsic value infographic research report.
股票估值時,收益增長是一個重要的指標。接下來投資者需要判斷的是,預期的收益增長,或者缺失,是否已經被反映在股價中。通過這樣做,他們會了解到股票是走向清晰的藍色水域還是等待着泥濘的水域。市場是否已經對TFX未來的前景進行了定價?您可以在我們最新的內在價值信息圖研究報告中找到答案。
Is Teleflex Efficiently Re-investing Its Profits?
泰利福是否有效地重新投資了其利潤?
Teleflex's low three-year median payout ratio of 17% (implying that the company keeps83% of its income) should mean that the company is retaining most of its earnings to fuel its growth and this should be reflected in its growth number, but that's not the case.
此外,泰利福的三年中位數派息比率只有17%(這意味着公司保留了83%的收入),這應該意味着公司正在保留大部分收益以促進其增長,並反映在其增長數字中,但事實並非如此。
Moreover, Teleflex 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. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 8.2% over the next three years. The fact that the company's ROE is expected to rise to 12% over the same period is explained by the drop in the payout ratio.
此外,泰利福已經連續十年或更長時間支付分紅,這表明管理層肯定認爲股東更喜歡分紅而不是公司的收益增長。現有的分析師預測表明,公司未來三年的派息比率預計將下降到8.2%。公司的roe預計在同一時期將上升至12%,這一點可以通過向下調整派息比率來解釋。
Summary
總的來說,我們對偉明環保的表現非常滿意。具體而言,我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然,這導致公司的收益大幅增長。但是,最新的行業分析師預測表明,該公司的收益預計將加速增長。
Overall, we have mixed feelings about Teleflex. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. 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.
總體而言,我們對泰利福持有複雜的情感。儘管公司有高比例的再投資率,但低roe意味着所有這些再投資對投資者沒有任何好處,而且還對收益增長產生了負面影響。然而,最新的行業分析師預測顯示,公司的收益預計將加速增長。要了解有關公司未來收益增長預測的更多信息,請查看有關該公司分析師預測的免費報告。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。