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Shutterstock, Inc.'s (NYSE:SSTK) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?

Shutterstock, Inc.'s (NYSE:SSTK) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?

Shutterstock公司(紐交所:SSTK)的股價一直在下滑,但基本面看起來很強勁:市場錯了嗎?
Simply Wall St ·  08/30 07:29

It is hard to get excited after looking at Shutterstock's (NYSE:SSTK) recent performance, when its stock has declined 19% over the past month. 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 Shutterstock's ROE in this article.

看着Shutterstock(紐交所:SSTK)近期的表現,很難感到興奮,因爲其股價在過去一個月下跌了19%。但是如果你仔細觀察,你可能會發現它的強大財務狀況可能意味着股票在長期內有可能增值,因爲市場通常會獎勵那些財務狀況良好的公司。具體來說,我們決定在這篇文章中研究一下Shutterstock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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

股本回報率或ROE是一項用於評估公司管理層如何利用公司資本的效率的關鍵指標。簡而言之,它用於評估公司相對於其股本資本的盈利能力。

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 Shutterstock is:

因此,根據以上公式,Shutterstock的roe爲:

9.1% = US$47m ÷ US$520m (Based on the trailing twelve months to June 2024).

9.1% = 4700萬美元 ÷ 52000萬美元(基於截至2024年6月的過去12個月).

The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.09.

「回報」是年利潤。這意味着對於股東的每1美元投資,該公司可以創造0.09美元的利潤。

Why Is ROE Important For Earnings Growth?

ROE爲什麼對淨利潤增長很重要?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.

我們已經確定ROE服務於衡量一個公司未來收益的效率指標。根據公司再投資或「保留」的這些利潤的多少以及效果,我們便能夠評估一個公司的收益增長潛力。假設其他條件均相等,則ROE和利潤保留率均較高的公司通常比那些沒有同樣特徵的公司具有更高的增長速度。

A Side By Side comparison of Shutterstock's Earnings Growth And 9.1% ROE

與shutterstock的盈利增長和9.1%的roe進行了並排比較

At first glance, Shutterstock's ROE doesn't look very promising. However, the fact that the its ROE is quite higher to the industry average of 7.1% doesn't go unnoticed by us. Consequently, this likely laid the ground for the decent growth of 19% seen over the past five years by Shutterstock. Bear in mind, the company does have a moderately low ROE. It is just that the industry ROE is lower. Hence there might be some other aspects that are causing earnings to grow. For example, it is possible that the broader industry is going through a high growth phase, or that the company has a low payout ratio.

乍一看,shutterstock的roe看起來並不那麼令人期待。然而,其roe顯著高於行業平均水平的7.1%這一事實並未逃過我們的注意。因此,這很可能爲shutterstock過去五年中所見到的19%的不錯增長奠定了基礎。請記住,該公司的roe屬於中等偏低水平。只是該行業的roe更低。因此,可能存在導致收益增長的一些其他方面。例如,更廣泛的行業可能正在經歷高增長階段,或者該公司的派息比率較低。

As a next step, we compared Shutterstock's 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 11%.

作爲下一步,我們比較了shutterstock的淨利潤增長與行業的情況,令人高興的是,我們發現該公司的增長高於行業平均增長率11%。

1725017346675
NYSE:SSTK Past Earnings Growth August 30th 2024
紐約證券交易所:sstk過去盈利增長2024年8月30日

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. Is SSTK fairly valued? This infographic on the company's intrinsic value has everything you need to know.

盈利增長是股票估值中的一個重要因素。投資者接下來需要確定的是,預期的盈利增長或者缺乏盈利增長是否已經被納入股票價格之中。這有助於他們判斷股票的未來是光明還是黯淡。SSTk是否被合理估值?這張關於公司內在價值的信息圖包含了你所需要了解的一切。

Is Shutterstock Using Its Retained Earnings Effectively?

Shutterstock是否有效地利用了其留存收益?

Shutterstock has a three-year median payout ratio of 36%, which implies that it retains the remaining 64% 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.

Shutterstock過去三年的中位數派息比率爲36%,這意味着其保留了其利潤的其餘64%。這表明其股息得到很好的覆蓋,鑑於公司的良好增長勢頭,管理層似乎在有效地將其收益再投資。

Moreover, Shutterstock is determined to keep sharing its profits with shareholders which we infer from its long history of five years of paying a dividend. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 20% over the next three years. As a result, the expected drop in Shutterstock's payout ratio explains the anticipated rise in the company's future ROE to 15%, over the same period.

此外,Shutterstock決心與股東分享其利潤,我們從其長達五年的分紅歷史中推斷出這一點。在研究最新的分析師共識數據時,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到20%。因此,Shutterstock派息比率的預計下降解釋了同一時期該公司未來ROE預計上升至15%。

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 Shutterstock's performance. Specifically, we like that it has been reinvesting a high portion of its profits at a moderate rate of return, resulting in earnings expansion. 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 latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

總的來說,我們對shutterstock的表現非常滿意。特別是,我們喜歡它以適度的回報率重新投資其利潤的高比例,從而實現收益的擴張。鑑於此,最新的分析師預測顯示,該公司將繼續實現收益的擴張。要了解更多關於該公司的最新分析師預測,請查看該公司的分析師預測可視化。

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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。

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