Earnings Beat: P10, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
Earnings Beat: P10, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
A week ago, P10, Inc. (NYSE:PX) came out with a strong set of second-quarter numbers that could potentially lead to a re-rate of the stock. The company beat forecasts, with revenue of US$71m, some 7.9% above estimates, and statutory earnings per share (EPS) coming in at US$0.06, 50% ahead of expectations. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.
一個星期前,P10公司(紐交所:PX)發佈了一組強勁的第二季度業績,這可能會引領該公司的股票重新調整價格。該公司的業績超出了預期,營業收入爲7100萬美元,比預估高出7.9%,法定每股收益(EPS)爲0.06美元,比預期高出50%。結果公佈後,分析師們更新了他們的收益模型,現在我們很想知道他們是否認爲該公司的前景發生了重大變化,還是像往常一樣。我們認爲,讀者們會發現看到分析師們對明年的(法定)業績預測是很有趣的。
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Taking into account the latest results, the consensus forecast from P10's six analysts is for revenues of US$274.0m in 2024. This reflects an okay 5.7% improvement in revenue compared to the last 12 months. Per-share earnings are expected to soar 744% to US$0.19. In the lead-up to this report, the analysts had been modelling revenues of US$268.6m and earnings per share (EPS) of US$0.16 in 2024. There's been a pretty noticeable increase in sentiment, with the analysts upgrading revenues and making a nice gain to earnings per share in particular.
考慮到最新業績,P10的六名分析師預測2024年的營業收入將達到27400萬美元。這反映了營業收入與過去12個月相比的5.7%的改善。每股收益預計會猛增744%至0.19美元。在此報告之前,分析師們已經模擬出2024年的營業收入爲26860萬美元以及每股收益(EPS)爲0.16美元。在收益方面,分析師已經明顯看好P10,特別是在預測中賺得不少。
It will come as no surprise to learn that the analysts have increased their price target for P10 6.3% to US$10.79on the back of these upgrades. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on P10, with the most bullish analyst valuing it at US$13.00 and the most bearish at US$9.00 per share. These price targets show that analysts do have some differing views on the business, but the estimates do not vary enough to suggest to us that some are betting on wild success or utter failure.
毫不意外的是,分析師在這些升級的基礎上將P10的價格目標提高了6.3%至10.79美元。然而,這不是我們從這些數據中得出的唯一結論,有些投資者還喜歡在評估分析師的價格目標時考慮預測差距。P10存在差異看法,其中最看好的分析師的估值爲每股13.00美元,而最看淡的則爲每股9.00美元。這些價格目標表明,分析師對於該企業存在一些不同的看法,但估值差距不足以表明市場對於該企業的成功或失敗存有過度樂觀或悲觀的預期。
One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. We would highlight that P10's revenue growth is expected to slow, with the forecast 12% annualised growth rate until the end of 2024 being well below the historical 33% p.a. growth over the last five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 5.2% per year. Even after the forecast slowdown in growth, it seems obvious that P10 is also expected to grow faster than the wider industry.
了解這些預測的更多背景信息的一種方式是比較它們與過去的業績以及同一行業中的其他公司的業績。我們需要指出的是,P10的營收增長預計將放緩,預計2024年的年化增長率爲12%,遠低於過去五年的每年33%的歷史增長率。將其與該行業中的其他有分析師的公司進行對比,這些公司預計(總體上)每年將增長5.2%的營收。即便是在營收增長預計放緩之後,P10仍然有望比整個行業增長得更快。
The Bottom Line
最重要的事情是分析師增加了它對下一年每股虧損的估計。令人欣慰的是,營收預測未發生重大變化,業務仍有望比整個行業增長更快。共識價格目標穩定在28.50美元,最新估計不足以對價格目標產生影響。
The biggest takeaway for us is the consensus earnings per share upgrade, which suggests a clear improvement in sentiment around P10's earnings potential next year. Happily, they also upgraded their revenue estimates, and are forecasting them to grow faster than the wider industry. We note an upgrade to the price target, suggesting that the analysts believes the intrinsic value of the business is likely to improve over time.
對於我們來說最重要的是共識每股收益的提升,這表明了P10下一年的盈利潛力明顯提高了。令人高興的是,分析師們也升級了他們的營收預測,預測它們將比整個行業增長得更快。我們注意到價格目標也有所升級,表明分析師對該企業的內在價值很可能會隨時間而提高。
With that in mind, we wouldn't be too quick to come to a conclusion on P10. Long-term earnings power is much more important than next year's profits. At Simply Wall St, we have a full range of analyst estimates for P10 going out to 2026, and you can see them free on our platform here..
考慮到長期盈利能力比明年的利潤更爲重要,因此我們不應過快地就對P10做出結論。在Simply Wall St,我們對未來五年的P10分析師預測提供了全面的覆蓋,您可以在我們的平台上免費查看這些預測。
Before you take the next step you should know about the 3 warning signs for P10 (1 is significant!) that we have uncovered.
在進行下一步之前,您應該了解我們發現的P10的三個警告信號(其中一個相當重要!)。
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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.
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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。