Declining Stock and Solid Fundamentals: Is The Market Wrong About Taylor Morrison Home Corporation (NYSE:TMHC)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Taylor Morrison Home Corporation (NYSE:TMHC)?
With its stock down 11% over the past three months, it is easy to disregard Taylor Morrison Home (NYSE:TMHC). 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. Specifically, we decided to study Taylor Morrison Home's ROE in this article.
Taylor Morrison Home (NYSE:TMHC)的股價在過去三個月下跌了11%,很容易忽略它。但如果您仔細留意,您可能會發現,鑑於市場通常獎勵財務狀況良好的公司,其強大的財務狀況可能意味着股票在長期內有可能增值。具體來說,我們決定在本文中研究Taylor Morrison Home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. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或roe是一項關鍵指標,用於評估公司管理層使用公司資本的效率。換句話說,它揭示了公司將股東的投資轉化爲利潤的成功。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是:
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 Taylor Morrison Home is:
所以,根據上述公式,Taylor Morrison Home的ROE爲:
14% = US$770m ÷ US$5.4b (Based on the trailing twelve months to March 2024).
14%=美元7.7億÷美元54億(基於截至2024年3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 $0.14 in profit.
‘回報’是企業在過去一年中獲得的收益。有一種概念是,對於每個股東資本的1美元,公司的利潤爲0.14美元。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準,用於評估公司未來的盈利能力,我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少,這使我們對公司的增長潛力有了一個了解。一般而言,在其他條件相等的情況下,ROE和利潤留存高的公司,增長率比沒有這些屬性的公司要高。
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前爲止,我們已經了解了roe是公司盈利能力的一種衡量標準。根據公司重新投資或“保留”的利潤數量和效率,我們可以評估公司的盈利增長潛力。假設其他所有因素保持不變,roe和保留的利潤越高,相對於不一定具有這些特徵的公司,公司的增長率就越高。
A Side By Side comparison of Taylor Morrison Home's Earnings Growth And 14% ROE
Taylor Morrison Home盈利增長和14%ROE的並置比較
At first glance, Taylor Morrison Home seems to have a decent ROE. Even when compared to the industry average of 15% the company's ROE looks quite decent. This certainly adds some context to Taylor Morrison Home's exceptional 34% net income growth seen over the past five years. However, there could also be other drivers behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
乍一看,Taylor Morrison Home的ROE似乎還可以。即使與15%的行業平均水平相比,公司的ROE看起來也相當不錯。這無疑爲Taylor Morrison Home過去五年所見的34%淨利潤增長增添了一些背景。然而,這種增長的背後也可能有其他推動因素。例如,公司的管理層可能做出了一些明智的戰略決策,或者公司的派息比例較低。
Next, on comparing with the industry net income growth, we found that Taylor Morrison Home's growth is quite high when compared to the industry average growth of 24% in the same period, which is great to see.
接下來,與行業淨利潤增長進行比較,我們發現Taylor Morrison Home的增長相當高,與同期行業平均增長24%相比,這是值得一看的。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240628/0-ba1ba062651b14872bd168b91b9a940a-0-b4c76e42e5c522c10049c1d52105b8ad.png/big)
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Taylor Morrison Home's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
給公司賦值的基礎在很大程度上與其盈利增長息息相關。投資者了解市場是否已經定價反映了公司預期的盈利增長(或下降)非常重要。通過這樣做,他們將了解股票是否進入澄清的藍水區,還是等待泥濘的水域。如果您想了解Taylor Morrison Home的估值,請查看其市盈率與行業相比的這個儀表盤。
Is Taylor Morrison Home Making Efficient Use Of Its Profits?
Taylor Morrison Home是否有效地利用了其利潤?
Taylor Morrison Home doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the high earnings growth number that we discussed above.
Taylor Morrison Home目前沒有支付任何定期股息,這基本上意味着它一直在將利潤全部再投資到企業中。這肯定有助於上述高收益增長數字。
Conclusion
結論
In total, we are pretty happy with Taylor Morrison Home's performance. 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. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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,我們對Taylor Morrison Home的表現感到非常滿意。具體來說,我們喜歡該公司以高回報率再投資了大量利潤。這當然導致公司的收益大幅增長。即便如此,對最新分析師預測的研究顯示,預計該公司未來的盈利增長將放緩。這些分析師的預期是基於行業的廣泛預期,還是基於公司的基本面?單擊此處轉到我們的分析師預測頁面。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com