Eastman Chemical Company's (NYSE:EMN) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Eastman Chemical Company's (NYSE:EMN) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
It is hard to get excited after looking at Eastman Chemical's (NYSE:EMN) recent performance, when its stock has declined 3.7% over the past week. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Eastman Chemical's ROE.
近期伊士曼化工(NYSE:EMN)股價下跌3.7%,很難讓人感到興奮。然而,股價通常受一家公司長期的財務表現的驅動,而在這種情況下,伊士曼化工的前景看起來相當不錯。本篇文章,我們決定聚焦於伊士曼化工的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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe,即淨資產收益率,是一種評估公司如何有效地從股東手中獲取投資回報的有用工具。換句話說,它是一種盈利能力比率,衡量公司股東提供的資本的回報率。
How Is ROE Calculated?
淨資產收益率怎麼計算?
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 Eastman Chemical is:
因此,基於以上公式,伊士曼化工的ROE爲:
16% = US$886m ÷ US$5.7b (Based on the trailing twelve months to June 2024).
16% = US$88600萬 ÷ US$57億(根據截至2024年6月的過去十二個月)。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.16 in profit.
'回報'是公司過去一年所賺取的收益。這意味着,對於每1美元的股東權益,公司可以產生0.16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. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前爲止,我們已經了解到ROE衡量了公司有效地利用其利潤的能力。根據公司再投資或「保留」的利潤量以及公司再投資利潤的效果,我們就能評估公司的盈利增長潛力。一般來說,其他條件相同,ROE高和盈利保留公司的成長率比沒有這些屬性的公司更高。
Eastman Chemical's Earnings Growth And 16% ROE
伊士曼化工的收益增長和16%的roe
To start with, Eastman Chemical's ROE looks acceptable. Especially when compared to the industry average of 9.2% the company's ROE looks pretty impressive. Probably as a result of this, Eastman Chemical was able to see a decent growth of 5.5% over the last five years.
首先,伊士曼化工的ROE看起來是可接受的。特別是與9.2%的行業平均值相比,該公司的ROE看起來相當令人印象深刻。可能是由於此原因,伊士曼化工在過去五年中能夠見到5.5%的相當不錯的增長。
We then compared Eastman Chemical's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 13% in the same 5-year period, which is a bit concerning.
然後,我們將伊士曼化工的淨利潤增長與行業進行比較,發現該公司的增長數字低於相同5年期行業的平均增長率13%,這有點令人擔憂。
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Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. What is EMN worth today? The intrinsic value infographic in our free research report helps visualize whether EMN is currently mispriced by the market.
盈利增長是股票估值的重要因素。投資者知道市場是否已經定價了公司的預期盈利增長(或下降)是非常重要的。然後,這有助於他們判斷股票是否將迎來光明或黯淡的未來。 EMN今天的價值是多少?我們免費的研究報告中的內在價值信息圖表可以幫助你了解EMN是否被市場定價不合理。
Is Eastman Chemical Efficiently Re-investing Its Profits?
伊士曼化工是否高效重新投資其利潤?
Eastman Chemical has a three-year median payout ratio of 47%, which implies that it retains the remaining 53% 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.
伊士曼化工三年的中位數派息比率爲47%,這意味着它保留了其剩餘的53%利潤。這表明其股息很有保障,並且鑑於公司的良好增長,看起來管理層正在高效地重新投資其收益。
Moreover, Eastman Chemical 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 38% 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,伊士曼化工決心繼續與股東分享其利潤,我們從向至少十年付股息的長期歷史記錄中推斷出這一點。在研究最新的分析師共識數據後,我們發現公司未來的派息比率預計將在未來三年內下降到38%。無論如何,儘管預期的派息比率較低,ROE對於公司的預期變化並不大。
Conclusion
結論
On the whole, we feel that Eastman Chemical's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a respectable growth in its earnings. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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.
總的來說,我們覺得伊士曼化工的表現相當不錯。特別是看到公司在大量投資業務和高回報率的同時,其收益增長也是令人矚目的。即便如此,最新的分析師預測顯示,公司將繼續看到其收益擴張。欲知更多有關該公司未來盈利增長預測的信息,請查看此免費報告中有關該公司的分析師預測。
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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。