Will Weakness in Parker-Hannifin Corporation's (NYSE:PH) Stock Prove Temporary Given Strong Fundamentals?
Will Weakness in Parker-Hannifin Corporation's (NYSE:PH) Stock Prove Temporary Given Strong Fundamentals?
Parker-Hannifin (NYSE:PH) has had a rough three months with its share price down 9.0%. 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 Parker-Hannifin's ROE in this article.
Parker-Hannifin(紐交所:PH)的股價在過去的三個月裏下跌了9.0%。但是如果你仔細觀察,就可能意識到其強大的財務狀況可能意味着股票在長期內有潛在增值,因爲市場通常會獎勵擁有良好財務狀況的公司。具體來說,我們決定在本文中研究Parker-Hannifin的ROE。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股東權益回報率是評估公司如何有效地從股東那裏獲得回報的有用工具。簡而言之,它用於評估公司相對於其權益資本的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
The formula for return on equity is:
權益回報率的計算公式是:
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 Parker-Hannifin is:
因此,根據上述公式,Parker-Hannifin的ROE爲:
24% = US$2.8b ÷ US$12b (Based on the trailing twelve months to March 2024).
24%= US$2.8b ÷ US$12b(截至2024年3月的過去12個月的數據)。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.24.
'回報'是指公司在過去一年內的收益。因此,這意味着對於股東每美元的投資,該公司可以創造0.24美元的利潤。
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。
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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 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.
因此,我們已經了解到roe是衡量公司利潤率的有效方法。根據公司重新投資或“保留”這些收益的程度以及其有效程度,我們就能評估公司的盈利增長潛力。假設其他條件相同,權益回報率和利潤保留越高的公司通常比沒有相同特點的公司具有更快的增長率。
Parker-Hannifin's Earnings Growth And 24% ROE
Parker-Hannifin的盈利增長和24%的ROE
To begin with, Parker-Hannifin has a pretty high ROE which is interesting. Second, a comparison with the average ROE reported by the industry of 14% also doesn't go unnoticed by us. This likely paved the way for the modest 12% net income growth seen by Parker-Hannifin over the past five years.
首先,Parker-Hannifin具有相當高的ROE,這很有趣。其次,與該行業報告的平均ROE(14%)進行比較,我們也注意到了這一點。這可能爲Parker-Hannifin在過去五年中取得的適度12%的淨利潤增長鋪平了道路。
We then compared Parker-Hannifin's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 8.9% in the same 5-year period.
然後,我們將Parker-Hannifin的淨利潤增長與該行業進行了比較,並且很高興地看到該公司的增長率高於該行業,該行業在同一5年期間的增長率爲8.9%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240629/0-1ebdf3eebc03efd7a79a0e3b87cd58df-0-b347f9b3456d56ba58336609b4d7dea6.png/big)
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Has the market priced in the future outlook for PH? You can find out in our latest intrinsic value infographic research report.
盈利增長是股票估值的一個重要因素。投資者需要判斷的下一步是,預期的盈利增長或缺乏盈利增長是否已經反映在股價中。這有助於他們判斷股票投資的前景。市場是否已經爲PH未來的前景定價?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 Parker-Hannifin Efficiently Re-investing Its Profits?
Parker-Hannifin有效地再投資其利潤嗎?
Parker-Hannifin has a three-year median payout ratio of 31%, which implies that it retains the remaining 69% of its profits. This suggests that its dividend is well covered, and given the decent growth seen by the company, it looks like management is reinvesting its earnings efficiently.
Parker-Hannifin的三年中位數派息比率爲31%,這意味着它保留了其剩餘69%的利潤。這表明其股息得到很好的覆蓋,並且考慮到公司的良好增長,管理層似乎在有效地再投資其收益。
Moreover, Parker-Hannifin is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 24% over the next three years. Regardless, the ROE is not expected to change much for the company despite the lower expected payout ratio.
此外,Parker-Hannifin決心繼續與股東分享其利潤,我們從其至少十年支付股息的悠久歷史中推斷出這一點。在研究最新分析師的共識數據時,我們發現該公司未來的派息比率預計將在未來三年內下降至24%。儘管如此,該公司的ROE預計不會有太大變化,儘管派息比率預計會下降。
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。
On the whole, we feel that Parker-Hannifin's performance has been quite good. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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,我們認爲Parker-Hannifin的表現相當不錯。特別是,我們喜歡該公司大量再投資其業務,且回報率很高。毋庸置疑,這導致了令人印象深刻的盈利增長。也就是說,該公司的盈利增長預計將會放緩,這也反映在目前的分析師預測中。要了解該公司未來盈利增長的更多預測,請查看此免費報告,以獲取有關該公司的分析師預測的更多信息。
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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.
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