Are Spectrum Brands Holdings, Inc.'s (NYSE:SPB) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Spectrum Brands Holdings, Inc.'s (NYSE:SPB) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity Spectrum Brands Holdings (NYSE:SPB) has had a rough week with its share price down 5.6%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to Spectrum Brands Holdings' ROE today.
Spectrum Brands Holdings（紐約證券交易所代碼：SPB）經歷了艱難的一週，其股價下跌了5.6％。但是，從長遠來看，股票價格通常由公司的財務狀況驅動，在這種情況下，這看起來相當可觀。特別是，我們今天將關注Spectrum Brands Holdings的投資回報率。
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.
股本回報率或投資回報率是股東要考慮的重要因素，因爲它告訴他們資本再投資的有效性。換句話說，它揭示了該公司成功地將股東投資轉化爲利潤。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營）÷ 股東權益
So, based on the above formula, the ROE for Spectrum Brands Holdings is:
因此，根據上述公式，Spectrum Brands Holdings的投資回報率爲：
4.6% = US$99m ÷ US$2.1b (Based on the trailing twelve months to September 2024).
4.6% = 9900萬美元 ÷ 21億美元（基於截至2024年9月的過去十二個月）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.05 in profit.
「回報」 是企業在過去一年中獲得的收入。另一種思考方式是，每持有價值1美元的股權，該公司就能獲得0.05美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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衡量的是公司創造利潤的效率。我們現在需要評估公司再投資或 「保留」 了多少利潤以用於未來的增長，這樣我們就可以了解公司的增長潛力。假設其他一切都保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
Spectrum Brands Holdings' Earnings Growth And 4.6% ROE
Spectrum Brands Holdings 的收益增長和 4.6% 的
When you first look at it, Spectrum Brands Holdings' ROE doesn't look that attractive. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 19% either. Spectrum Brands Holdings was still able to see a decent net income growth of 17% over the past five years. So, there might be other aspects that are positively influencing the company's earnings growth. Such as - high earnings retention or an efficient management in place.
當你第一次看時，Spectrum Brands Holdings的投資回報率看起來並不那麼吸引人。一項快速的進一步研究表明，該公司的投資回報率與行業平均水平的19％相比也並不理想。在過去五年中，Spectrum Brands Holdings仍然能夠實現17％的不錯的淨收入增長。因此，可能還有其他方面對公司的收益增長產生積極影響。例如——高收益留存率或實行高效管理。
As a next step, we compared Spectrum Brands Holdings' 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 3.6%.
下一步，我們將Spectrum Brands Holdings的淨收入增長與該行業進行了比較，令人高興的是，我們發現該公司的增長高於行業平均增長3.6％。
Earnings growth is an important metric to consider when valuing a stock. 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. If you're wondering about Spectrum Brands Holdings''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增長是對股票進行估值時要考慮的重要指標。無論情況如何，投資者都應設法確定預期的收益增長或下降是否已計入其中。然後，這可以幫助他們確定股票是爲光明還是暗淡的未來而佈局。如果你想知道Spectrum Brands Holdings的估值，可以看看這個衡量其市盈率與行業相比的指標。
Is Spectrum Brands Holdings Using Its Retained Earnings Effectively?
Spectrum Brands Holdings 是否有效地使用其留存
Spectrum Brands Holdings has a significant LTM (or last twelve month) payout ratio of 51%, meaning that it is left with only 49% to reinvest into its business. This implies that the company has been able to achieve decent earnings growth despite returning most of its profits to shareholders.
Spectrum Brands Holdings的LtM（或過去十二個月）的派息率很高，爲51％，這意味着它只剩下49％可以再投資其業務。這意味着儘管將大部分利潤返還給了股東，但該公司仍能夠實現可觀的收益增長。
Besides, Spectrum Brands Holdings has been paying dividends over a period of seven years. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 26% over the next three years. As a result, the expected drop in Spectrum Brands Holdings' payout ratio explains the anticipated rise in the company's future ROE to 7.8%, over the same period.
此外，Spectrum Brands Holdings已在七年內派發了股息。這表明該公司致力於與股東分享利潤。我們最新的分析師數據顯示，該公司的未來派息率預計將在未來三年降至26％。因此，Spectrum Brands Holdings的預期派息率下降解釋了該公司未來投資回報率同期預計將上升至7.8％的原因。
Summary
摘要
On the whole, we do feel that Spectrum Brands Holdings has some positive attributes. While no doubt its earnings growth is pretty substantial, we do feel that the reinvestment rate is pretty low, meaning, the earnings growth number could have been significantly higher had the company been retaining more of its profits. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. 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，我們確實認爲Spectrum Brands Holdings具有一些積極的特徵。儘管毫無疑問，其收益增長相當可觀，但我們確實認爲再投資率相當低，這意味着，如果該公司保留更多的利潤，收益增長數字本可以大大提高。在研究分析師當前的估計時，我們發現分析師預計該公司將繼續保持最近的增長勢頭。要了解有關公司未來收益增長預測的更多信息，請查看這份關於分析師預測的免費報告，以了解更多信息。
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論，我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。