Declining Stock and Solid Fundamentals: Is The Market Wrong About The Timken Company (NYSE:TKR)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About The Timken Company (NYSE:TKR)?
The formula for ROE is: Timken (NYSE:TKR) has had a rough three months with its share price down 25%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. In this article, we decided to focus on Timken's ROE.
铁姆肯(纽约证券交易所代码：TKR)经历了艰难的三个月，股价下跌了25%。然而，仔细看看它稳健的财务状况可能会让你重新考虑。鉴于基本面因素通常会推动长期市场结果，该公司值得关注。在本文中，我们决定关注铁姆肯的净资产收益率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之，它是用来评估一家公司相对于其权益资本的盈利能力。
View our latest analysis for Timken
查看我们对铁姆肯的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Timken is:
因此，根据上述公式，铁姆肯的净资产收益率为：
17% = US$445m ÷ US$2.7b (Based on the trailing twelve months to June 2023).
17%=4.45亿美元×27亿美元(基于截至2023年6月的12个月)。
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 $0.17 in profit.
“报税表”是过去12个月的税后收入。另一种说法是，公司每持有价值1美元的股票，就能赚取0.17美元的利润。
What Has ROE Got To Do With Earnings Growth?
净资产收益率与盈利增长有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前为止，我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。假设其他条件不变，净资产收益率和利润保留率越高，与不一定具有这些特征的公司相比，公司的增长率就越高。
A Side By Side comparison of Timken's Earnings Growth And 17% ROE
铁姆肯盈利增长与17%净资产收益率的并列比较
At first glance, Timken seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 14%. This probably laid the ground for Timken's moderate 7.7% net income growth seen over the past five years.
乍一看，铁姆肯似乎拥有不错的净资产收益率。此外，该公司的净资产收益率(ROE)与行业平均水平14%相比相当有利。这可能为铁姆肯过去五年中7.7%的净利润温和增长奠定了基础。
As a next step, we compared Timken's net income growth with the industry and found that the company has a similar growth figure when compared with the industry average growth rate of 8.8% in the same period.
作为下一步，我们将铁姆肯的净收入增长与行业进行比较，发现该公司与同期8.8%的行业平均增长率相比，有类似的增长数字。
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. What is TKR worth today? The intrinsic value infographic in our free research report helps visualize whether TKR is currently mispriced by the market.
盈利增长是评估一只股票时需要考虑的一个重要指标。投资者应该尝试确定预期的收益增长或下降是否已计入价格，无论是哪种情况。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。今天，将军澳的价值是多少？我们免费研究报告中的内在价值信息图有助于直观地了解TKR目前是否被市场错误定价。
Is Timken Using Its Retained Earnings Effectively?
铁姆肯是否有效地利用了其留存收益？
Timken has a low three-year median payout ratio of 24%, meaning that the company retains the remaining 76% of its profits. This suggests that the management is reinvesting most of the profits to grow the business.
铁姆肯的三年中值派息率较低，为24%，这意味着该公司保留了剩余76%的利润。这表明管理层正在将大部分利润进行再投资，以实现业务增长。
Besides, Timken 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's future payout ratio is expected to drop to 18% over the next three years. However, the company's ROE is not expected to change by much despite the lower expected payout ratio.
此外，铁姆肯至少在十年或更长时间内一直在支付股息。这表明该公司致力于与股东分享利润。在研究了最新的分析师共识数据后，我们发现，该公司未来三年的派息率预计将降至18%。然而，尽管预期派息率较低，该公司的净资产收益率预计不会有太大变化。
Summary
摘要
On the whole, we feel that Timken's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体而言，我们觉得铁姆肯的表现相当不错。特别是，很高兴看到该公司在业务上投入了大量资金，并获得了高回报率，这导致了其收益的可观增长。尽管如此，最新的行业分析师预测显示，该公司的收益预计将加速增长。要了解更多分析师对该公司的最新预测，请查看分析师对该公司预测的可视化。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
