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Declining Stock and Decent Financials: Is The Market Wrong About Teradyne, Inc. (NASDAQ:TER)?

Declining Stock and Decent Financials: Is The Market Wrong About Teradyne, Inc. (NASDAQ:TER)?

股價下跌且財務狀況良好:市場對泰利丹公司(納斯達克:TER)錯了嗎?
Simply Wall St ·  10/30 06:22

Teradyne (NASDAQ:TER) has had a rough month with its share price down 16%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Teradyne's ROE.

Teradyne (NASDAQ:TER) has had a rough month with its share price down 16%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Teradyne's 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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.

roe或權益回報率是評估公司有效利用股東投資產生回報效率的有用工具。簡而言之,roe顯示每個股東投資所產生的利潤。

How To Calculate Return On Equity?

如何計算股東權益報酬率?

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 Teradyne is:

所以根據上述公式,泰瑞達的roe爲:

18% = US$513m ÷ US$2.9b (Based on the trailing twelve months to September 2024).

18% = US$51300萬 ÷ US$29億 (Based on the trailing twelve months to September 2024).

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 $0.18 in profit.

「回報」是指企業在過去一年中獲得的收入。這意味着對於每1美元的股東權益,公司可以創造0.18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. 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.

我們已經確認ROE是一個有效的判斷公司未來盈利能力的指標。根據公司再投資或「保留」利潤的比例及其效率來判定公司的盈利增長潛力,通常情況下,其他條件相同,具有高股權回報率和利潤保留率的公司增長速度會高於這些屬性缺失的公司。

A Side By Side comparison of Teradyne's Earnings Growth And 18% ROE

泰瑞達的盈利增長和18%的roe的並排比較

At first glance, Teradyne seems to have a decent ROE. Especially when compared to the industry average of 12% the company's ROE looks pretty impressive. For this reason, Teradyne's five year net income decline of 4.5% raises the question as to why the high ROE didn't translate into earnings growth. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.

乍一看,泰瑞達的roe似乎相當不錯。特別是與行業平均12%的roe相比,公司的roe看起來相當令人印象深刻。由於泰瑞達五年淨利潤下降了4.5%,引發了這樣一個問題:爲什麼高roe沒有轉化爲盈利增長。基於這一點,我們認爲可能存在其他原因尚未在本文中討論,這些原因可能阻礙了公司的增長。比如,公司將大部分利潤作爲分紅派息或面臨競爭壓力。

However, when we compared Teradyne's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 21% in the same period. This is quite worrisome.

然而,當我們將泰瑞達的增長與行業相比較時,我們發現雖然該公司的盈利在萎縮,行業在同一時期看到了21%的盈利增長。這是相當令人擔憂的。

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NasdaqGS:TER Past Earnings Growth October 30th 2024
納斯達克: 泰瑞達過去的盈利增長 2024年10月30日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for TER? You can find out in our latest intrinsic value infographic research report.

公司被賦予價值的基礎在很大程度上與其盈利增長息息相關。投資者應該設法確定盈利的預期增長或下降是否已經被定價。通過這樣做,他們就能知道股票是朝着清澈明淨的水域前進,還是會遇到沼澤般阻礙。市場是否已經對泰瑞達的未來前景進行定價?您可以在我們的最新內在價值信息圖研究報告中找到答案。

Is Teradyne Making Efficient Use Of Its Profits?

泰瑞達是否有效地利用了其利潤?

When we piece together Teradyne's low three-year median payout ratio of 11% (where it is retaining 89% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. So there might be other factors at play here which could potentially be hampering growth. For instance, the business has faced some headwinds.

當我們綜合考慮泰瑞達過去三年的低中位數11%的股息支付率(即保留利潤的89%),計算爲過去三年,我們對缺乏增長感到困惑。低股息支付率應該意味着公司保留了大部分利潤,因此應該能夠實現一定增長。因此,可能有其他因素起作用,可能影響到增長。例如,該業務面臨一些不利因素。

Moreover, Teradyne has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 8.7%. However, Teradyne's ROE is predicted to rise to 25% despite there being no anticipated change in its payout ratio.

此外,泰瑞達至少已經連續十年支付股息,這表明管理層必須認爲股東更傾向於分紅而不是盈利增長。我們最新的分析師數據顯示,公司未來三年的股息支付比率預計約爲8.7%。但是,儘管股息支付比率預計不會發生變化,泰瑞達的roe預計將提高至25%。

Conclusion

結論

Overall, we feel that Teradyne certainly does have some positive factors to consider. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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,我們認爲泰瑞達確實有一些需要考慮的積極因素。然而,低盈利增長有點令人擔憂,特別是考慮到該公司擁有高回報率,並且將其利潤的很大一部分重新投資。看起來,可能有一些其他因素,並非業務能控制,正在阻礙增長。即便如此,最新的行業分析師預測顯示,分析師們預計該公司的盈利增長率將有巨大改善。要了解更多關於公司未來盈利增長預測的信息,請查看此免費報告,了解該公司的分析師預測情況。

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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。

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