Could The Market Be Wrong About PriceSmart, Inc. (NASDAQ:PSMT) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About PriceSmart, Inc. (NASDAQ:PSMT) Given Its Attractive Financial Prospects?
It is hard to get excited after looking at PriceSmart's (NASDAQ:PSMT) recent performance, when its stock has declined 8.8% over the past month. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Specifically, we decided to study PriceSmart's ROE in this article.
在看了PriceSmart（NASDAQ：PSMT）最近一个月下跌8.8％的表现后，很难感到兴奋。然而，股票价格通常是由公司长期的财务表现推动的，在这种情况下，看起来相当有前途。具体而言，我们决定在本文中研究PriceSmart的ROE。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率（roe）是衡量公司经营管理层如何有效利用公司资本的关键指标。换言之，它是一种利润率，衡量由公司股东提供的资本的回报率。
How Do You Calculate Return On Equity?
怎样计算ROE?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for PriceSmart is:
因此，根据上述公式，PriceSmart的ROE为：
11% = US$122m ÷ US$1.1b (Based on the trailing twelve months to February 2024).
11％=US $122m÷US $1.1b（截至2024年2月的过去十二个月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.11 in profit.
“回报”是税后在过去十二个月内赚取的金额。一个概念化的方法是，对于每1美元股东资本，公司可获利0.11美元。
Why Is ROE Important For Earnings Growth?
ROE对于盈利增长的重要性是什么？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
我们已经确定，roe是一种有效的盈利增长衡量标准，用于评估公司未来盈利的能力，根据公司选择重新投资或“保留”其利润的数量，我们可以评估公司未来的盈利能力。假设其他一切不变，roe和利润保留越高，与没有这些特征的公司相比，公司的增长速度就越高。
PriceSmart's Earnings Growth And 11% ROE
PriceSmart的盈利增长和11％的ROE
To start with, PriceSmart's ROE looks acceptable. Further, the company's ROE is similar to the industry average of 12%. This probably goes some way in explaining PriceSmart's moderate 10% growth over the past five years amongst other factors.
首先，PriceSmart的ROE看起来可接受。此外，公司的ROE与行业平均水平相似，均为12％。这或多或少解释了PriceSmart在过去五年中适度的10％增长等其他因素。
As a next step, we compared PriceSmart'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 14% in the same period.
接下来，我们将PriceSmart的净收入增长与行业进行比较，很失望地发现该公司的增长低于同期14％的行业平均增长率。
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. 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 PSMT? You can find out in our latest intrinsic value infographic research report.
盈利增长是估值股票时需要考虑的重要指标。投资者应尝试确定预期收益增长或下降是否已定价。通过这样做，他们将了解股票是进入清澈的蓝色水域还是等待沼泽水域。市场是否已经为PSMT的未来前景定价？您可以在我们的最新内在价值信息图研究报告中了解更多信息。
Is PriceSmart Making Efficient Use Of Its Profits?
PriceSmart是否有效利用其利润？
PriceSmart 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.
PriceSmart的三年中位数股息支付比率低至24％，这意味着公司保留其利润的其余76％。这表明管理层正在重新投资大部分利润以推动业务增长。
Moreover, PriceSmart is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years.
此外，根据其长期派发至少十年股息的历史记录，PriceSmart决心继续与股东分享其利润。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
Overall, we are quite pleased with PriceSmart's performance. 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 respectable growth in its earnings. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. 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，我们对PriceSmart的表现感到相当满意。特别是，看到公司大量投资业务，并且具有较高的回报率，导致其收益率可观增长，这非常棒。在研究了当前的分析师预测后，我们发现分析师预计该公司将继续其最近的增长势头。要了解有关该公司的最新分析师预测的更多信息，请查看此可视化分析师预测。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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