Are Strong Financial Prospects The Force That Is Driving The Momentum In Patterson Companies, Inc.'s NASDAQ:PDCO) Stock?
Are Strong Financial Prospects The Force That Is Driving The Momentum In Patterson Companies, Inc.'s NASDAQ:PDCO) Stock?
Most readers would already be aware that Patterson Companies' (NASDAQ:PDCO) stock increased significantly by 5.7% over the past month. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Specifically, we decided to study Patterson Companies' ROE in this article.
大多數讀者可能已經知道,帕特森公司(NASDAQ:PDCO)的股票在過去一個月內已經顯著增長了5.7%。鑑於該公司的出色表現,我們決定更仔細地研究其財務指標,因爲長期來看,一家公司的財務狀況通常會決定市場結果。具體而言,我們決定在本文中研究帕特森公司的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率ROE是測試公司增值能力和管理股東投資的有效性的指標。更簡單地說,它衡量公司在股東權益中的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
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 Patterson Companies is:
因此,根據上述公式,Patterson Companies的roe爲:
19% = US$186m ÷ US$1.0b (Based on the trailing twelve months to April 2024).
19% = US$18600萬 ÷ US$10億(基於2014年4月之前的過去12個月)。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.19 in profit.
“回報”是指公司在過去一年中的收益。這意味着對於每1美元的股東權益,公司將產生0.19美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
ROE與盈利增長之間的關係是什麼?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 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.
我們已經確定ROE作爲一個高效的盈利規模可以評估公司未來的收益。根據公司選擇再投資或保留多少利潤,我們可以評估公司未來盈利的能力。假設其他所有條件均保持不變,ROE和利潤留存率越高,相對於沒有這些特點的公司,公司的增長率就越高。
Patterson Companies' Earnings Growth And 19% ROE
帕特森公司的盈利增長和19%的roe
To begin with, Patterson Companies seems to have a respectable ROE. Especially when compared to the industry average of 11% the company's ROE looks pretty impressive. This probably laid the ground for Patterson Companies' significant 39% net income growth seen over the past five years. We believe that there might also be other aspects that are positively influencing the company's earnings growth. Such as - high earnings retention or an efficient management in place.
首先,帕特森公司的roe似乎還算不錯。特別是與行業平均水平11%相比,公司的roe看起來相當令人印象深刻。這很可能爲帕特森公司過去五年中出現的39%淨利潤增長奠定了基礎。我們認爲,可能還有其他方面對公司的盈利增長產生了積極影響。例如,高額盈餘留存或有效的管理。
As a next step, we compared Patterson Companies' 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 4.7%.
作爲下一步,我們將帕特森公司的淨利潤增長與行業進行了比較,令人高興的是,我們發現該公司的增長高於行業平均增長4.7%。
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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 Patterson Companies''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
評估一家公司的價值,很大程度上取決於其盈利增長。了解市場是否已將公司的預期盈利增長(或下降)定價對於投資者來說非常重要。通過這樣做,他們將會知道股票是走向清晰的藍色水域還是等待泥濘的水域。如果你想知道帕特森公司的估值,請查看它的市盈率相對於行業的比較。
Is Patterson Companies Efficiently Re-investing Its Profits?
帕特森公司是否有效地再投資其利潤?
Patterson Companies' significant three-year median payout ratio of 51% (where it is retaining only 49% of its income) suggests that the company has been able to achieve a high growth in earnings despite returning most of its income to shareholders.
帕特森公司顯著的三年中位數股息支付比率爲51%(只保留了49%的收入),這表明儘管將大部分收入返還給股東,該公司仍能取得高增長的盈利。
Moreover, Patterson Companies 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 28% over the next three years. Despite the lower expected payout ratio, the company's ROE is not expected to change by much.
此外,帕特森公司決定繼續與股東分享利潤,我們可以從其至少十年的派息歷史記錄中推斷出來。研究最新的分析師共識數據後,我們發現公司的未來股息支付比率預計會在未來三年降至28%。儘管預期股息支付比率較低,但公司的roe預計不會有太大變化。
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。
In total, we are pretty happy with Patterson Companies' performance. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. 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,我們對帕特森公司的表現非常滿意。特別是其高roe相當值得注意,也是其可觀的盈利增長的可能解釋。然而,該公司留存了一小部分利潤,這意味着儘管如此,公司仍能增長其盈利,所以情況並不糟糕。儘管如此,最新的行業分析師預測顯示,該公司的盈利增長預計將放緩。這些分析師的預期是基於行業的總體預期,還是基於公司的基本面?請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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。