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HNI Corporation's (NYSE:HNI) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

HNI Corporation's (NYSE:HNI) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

HNI公司(紐交所:HNI)的股票表現出強勁的勢頭:這是否需要更深入地研究其財務前景?
Simply Wall St ·  12/09 19:06

HNI (NYSE:HNI) has had a great run on the share market with its stock up by a significant 13% over the last three months. As most would know, fundamentals are what usually guide market price movements over the long-term, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. Specifically, we decided to study HNI's ROE in this article.

HNI(紐交所:HNI)在股市上表現出色,過去三個月其股票上漲了顯著的13%。衆所周知,基本面通常是指導市場價格長期波動的因素,因此我們決定今天查看公司的主要財務指標,以判斷它們是否在最近的價格波動中發揮了作用。具體而言,我們決定在這篇文章中研究HNI的roe。

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Put another way, it reveals the company's success at turning shareholder investments into profits.

ROE(淨資產收益率)是股東需考慮的一個重要因素,因爲它告訴他們資本被有效地再投資的效果如何。換句話說,它揭示了公司將股東的投資轉化爲利潤的成功程度。

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(來自持續經營) ÷ 股東權益

So, based on the above formula, the ROE for HNI is:

因此,根據上述公式,HNI的roe爲:

15% = US$124m ÷ US$847m (Based on the trailing twelve months to September 2024).

15% = US$12400萬 ÷ US$84700萬(基於截至2024年9月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.15 in profit.

'回報'是過去十二個月稅後賺取的金額。換句話說,對於每一美元的股權,公司能夠賺取0.15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?

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. 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.

到目前爲止,我們已經了解到roe衡量公司生成利潤的效率。根據公司再投資或「保留」的利潤比例及其有效性,我們能夠評估公司的收益增長潛力。在其他一切保持不變的情況下,roe和利潤保留率越高,公司的增長率就越高,相比於那些不一定擁有這些特性的公司。

A Side By Side comparison of HNI's Earnings Growth And 15% ROE

HNI的盈利增長與15% roe的並排比較

To start with, HNI's ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 12%. However, we are curious as to how the high returns still resulted in flat growth for HNI in the past five years. Therefore, there could be some other aspects that could potentially be preventing the company from growing. For example, it could be that the company has a high payout ratio or the business has allocated capital poorly, for instance.

首先,HNI的roe看起來是可以接受的。此外,該公司的roe與行業板塊平均水平12%相比相當不錯。然而,我們很好奇,HNI在過去五年中高回報率爲何仍然導致平穩增長。因此,可能還有其他方面在阻礙公司的增長。例如,可能是公司有較高的分紅派息比例,或者業務資本配置不當等。

As a next step, we compared HNI's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 11% in the same period.

作爲下一步,我們將HNI的淨利潤增長與行業進行了比較,令人失望的是,公司的增長低於同期行業板塊平均增長的11%。

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NYSE:HNI Past Earnings Growth December 9th 2024
紐交所:HNI過去的盈利增長2024年12月9日

Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is HNI fairly valued compared to other companies? These 3 valuation measures might help you decide.

盈利增長是評估股票時需要考慮的重要指標。 投資者接下來需要判斷的是,預期的盈利增長或其缺失是否已經反映在股票價格中。 通過這樣做,他們將能夠判斷股票是走向一片沃特世,還是面臨沼澤般的困境。 HNI與其他公司相比是否被合理估值?這三個估值指標可能會幫助你做出決定。

Is HNI Making Efficient Use Of Its Profits?

HNI是否在有效利用其利潤?

HNI has a high three-year median payout ratio of 74% (or a retention ratio of 26%), meaning that the company is paying most of its profits as dividends to its shareholders. This does go some way in explaining why there's been no growth in its earnings.

HNI的三年中位支付比例高達74%(或保留比例爲26%),這意味着公司將大部分利潤作爲分紅派息支付給股東。這在一定程度上解釋了其盈利沒有增長的原因。

In addition, HNI has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.

此外,HNI在至少十年的時間裏一直支付分紅,表明維持分紅派息比業務增長對管理層更爲重要,即使這會以業務增長爲代價。

Summary

總結

Overall, we feel that HNI 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. Investors could have benefitted from the high ROE, had the company been reinvesting more of its earnings. As discussed earlier, the company is retaining a small portion of its profits. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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.

總體而言,我們認爲HNI確實有一些積極因素值得考慮。然而,低收益增長略顯令人擔憂,尤其是考慮到公司擁有較高的回報率。如果公司能夠將更多的收益進行再投資,投資者本可以從高roe中獲益。如前所述,公司保留了其利潤的一小部分。話雖如此,從當前分析師的預估來看,我們發現公司的收益預計將會增強。這些分析師的預期是基於行業的廣泛預期,還是基於公司的基本面?點擊這裏查看我們分析師爲該公司做出的預測頁面。

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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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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