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Prada S.p.A.'s (HKG:1913) Stock Is Going Strong: Is the Market Following Fundamentals?

Prada S.p.A.'s (HKG:1913) Stock Is Going Strong: Is the Market Following Fundamentals?

普拉達S.p.A.(HKG:1913)的股票表現強勁:市場是否跟隨基本面?
Simply Wall St ·  06:03

Prada's (HKG:1913) stock is up by a considerable 26% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on Prada's ROE.

普拉達(HKG:1913)的股票在過去三個月上漲了26%。鑑於公司表現優異,我們決定更加深入地研究其財務指標,因爲公司的財務健康狀況通常主導市場結果。本文我們決定重點關注普拉達的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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

股本回報率或ROE是股東需要考慮的重要因素,因爲它告訴他們自己的資本是如何有效地被再投資的。簡單來說,它衡量的是公司相對於股東權益的盈利能力。

How To Calculate Return On Equity?

如何計算股東權益回報率?

The formula for return on equity is:

股東權益回報率的公式是:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股東權益回報率 = 淨利潤(來自持續運營)÷ 股東權益

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

因此,根據上述公式,普拉達的ROE爲:

19% = €752m ÷ €3.9b (Based on the trailing twelve months to June 2024).

19% = €75200萬 ÷ €39億(基於截至2024年6月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. So, this means that for every HK$1 of its shareholder's investments, the company generates a profit of HK$0.19.

「回報」是指在過去十二個月中稅後獲得的金額。因此,這意味着每HK$1的股東投資,公司產生的利潤爲HK$0.19。

What Is The Relationship Between ROE And Earnings Growth?

What Is The Relationship Between ROE And Earnings Growth?

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 Prada's Earnings Growth And 19% ROE

普拉達的收益增長與19% ROE的並排比較

To start with, Prada's ROE looks acceptable. Especially when compared to the industry average of 11% the company's ROE looks pretty impressive. This certainly adds some context to Prada's exceptional 39% net income growth seen over the past five years. However, there could also be other causes behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.

首先,普拉達的ROE看起來是可以接受的。尤其是與行業平均水平11%相比,該公司的ROE顯得非常出色。這確實爲普拉達在過去五年中觀察到的39%的淨利潤增長提供了一些背景。然而,這一增長背後可能還有其他原因。例如,該公司管理層可能做出了一些良好的戰略決策,或者公司有較低的分紅派息比率。

As a next step, we compared Prada'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 15%.

作爲下一步,我們將普拉達的淨利潤增長與行業進行了比較,讓人欣慰的是,我們發現該公司的增長高於行業平均15%的增長。

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SEHK:1913 Past Earnings Growth December 13th 2024
SEHK:1913 過去的收益增長 2024年12月13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. This then helps them determine if the stock is placed for a bright or bleak future. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Prada is trading on a high P/E or a low P/E, relative to its industry.

對公司的估值基礎在很大程度上與其盈利增長相關。投資者應嘗試確定預期的盈利增長或下降,無論哪種情況是否已計入價格。這樣有助於他們判斷股票未來的前景是光明還是黯淡。一個良好的預期盈利增長指標是市盈率,它決定了市場願意爲股票支付的價格,基於其盈利前景。因此,您可能希望檢查普拉達的市盈率是相對行業而言的高市盈率還是低市盈率。

Is Prada Making Efficient Use Of Its Profits?

普拉達是否有效利用其利潤?

Prada has a three-year median payout ratio of 48% (where it is retaining 52% of its income) which is not too low or not too high. By the looks of it, the dividend is well covered and Prada is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.

普拉達的三年中位派息比率爲48%(其中保留了52%的收入),這既不低也不高。從外觀上看,分紅得到了很好的覆蓋,普拉達有效地再投資其利潤,正如我們上述討論的其卓越增長所證明的那樣。

Besides, Prada has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 53% of its profits over the next three years. Accordingly, forecasts suggest that Prada's future ROE will be 20% which is again, similar to the current ROE.

此外,普拉達至少已經支付了十年的分紅。這表明公司致力於與其股東分享利潤。通過研究最新的分析師共識數據,我們發現公司預計在未來三年內將繼續支付約53%的利潤。因此,預測顯示,普拉達未來的ROE將爲20%,這與當前的ROE相似。

Conclusion

結論

In total, we are pretty happy with Prada's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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,我們對普拉達的表現很滿意。特別是,我們喜歡該公司正在大力 reinvest 其業務,並且回報率很高。可以想見,這導致了令人印象深刻的盈利增長。儘管如此,最新的分析師預測研究顯示,該公司未來的盈利增長預計將放緩。要了解更多關於該公司未來的盈利增長預測,請查看此份免費的分析師預測報告以獲取更多信息。

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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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。

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