Avnet, Inc.'s (NASDAQ:AVT) Stock's On An Uptrend: Are Strong Financials Guiding The Market?
Avnet, Inc.'s (NASDAQ:AVT) Stock's On An Uptrend: Are Strong Financials Guiding The Market?
Avnet (NASDAQ:AVT) has had a great run on the share market with its stock up by a significant 17% over the last three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. In this article, we decided to focus on Avnet's ROE.
在股市上安富利(纳斯达克:AVT)的股票已经取得了巨大收益,最近三个月涨幅达到了显著的17%。由于市场通常会为一家公司的长期基本面买单,我们决定研究公司的关键业绩因子,以确定它们是否对市场产生影响。本文中,我们决定聚焦于安富利的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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率(roe)是一种关键指标,用于评估公司管理层如何有效利用公司资本。更简单地说,它衡量了公司相对股东权益的盈利能力。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
The formula for return on equity is:
权益回报率的计算公式是:
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 Avnet is:
因此,根据上述公式,安富利的roe为:
11% = US$571m ÷ US$5.0b (Based on the trailing twelve months to March 2024).
11%= US$57100万 ÷ US$50亿 (截至2024年3月的过去12个月)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.11 in profit.
“回报”是指公司在过去一年中的收益。概念化这一点的一种方法是,对于每1美元的股东资本,公司获得了0.11美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
既然我们已经确定ROE是一种有效的利润生成标准,用于评估公司未来的盈利能力,我们现在需要评估公司“保留”为未来增长而重新投资的利润多少,这使我们对公司的增长潜力有了一个了解。一般而言,在其他条件相等的情况下,ROE和利润留存高的公司,增长率比没有这些属性的公司要高。
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 all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
我们已经确定ROE是衡量公司未来盈利能力的有效指标。基于公司选择再投资或“留存”利润的比例,我们可以评估公司未来生成利润的能力。其他条件相同的情况下,具有更高净资产收益率和更高利润留存率的公司通常比没有这些特点的公司增长率更高。
A Side By Side comparison of Avnet's Earnings Growth And 11% ROE
安富利的收益增长和11%ROE的并列比较
To begin with, Avnet seems to have a respectable ROE. Even when compared to the industry average of 9.6% the company's ROE looks quite decent. This probably goes some way in explaining Avnet's significant 43% net income growth over the past five years amongst other factors. We believe that there might also be other aspects that are positively influencing the company's earnings growth. Such as - high earnings retention or an efficient management in place.
首先,与行业平均水平9.6%比较,安富利的roe似乎比较可观。即使与其他因素相比,公司过去五年间的净利润增长了43%,这可能可以解释一些原因。我们认为,可能还有其他方面对公司的盈利增长产生积极影响,例如高盈利保留率或高效管理。
We then compared Avnet's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 15% in the same 5-year period.
然后,我们将安富利的净利润增长与行业进行比较,很高兴看到公司的增长率比行业高,在同一个5年期内,行业的增长率为15%。
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Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is Avnet fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是考虑股票价值时的一个重要指标。投资者需要知道市场是否已经定价了公司预期的盈利增长(或者下降),这有助于他们确定股票的未来走势是否有前景。与其他公司相比,安富利的价值是否合理?这3个估值指标可能会帮助您决定。
Is Avnet Making Efficient Use Of Its Profits?
安富利是否高效利用了其利润?
Avnet has a really low three-year median payout ratio of 16%, meaning that it has the remaining 84% left over to reinvest into its business. So it seems like the management is reinvesting profits heavily to grow its business and this reflects in its earnings growth number.
安富利的三年中位数派息比率非常低,仅为16%,这意味着公司还有剩余的84%,可以重新投资到其业务中。因此,管理层将利润大量投入业务的增长中,这反映在其盈利增长数字中。
Moreover, Avnet 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. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 23% over the next three years.
此外,安富利决心继续与股东分享其利润,这可以从其至少连续十年支付股息的历史中推断出。根据当前的分析师共识数据,我们可以看到,公司未来三年的派息比率预计将上升到23%。
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。
On the whole, we feel that Avnet's performance has been quite good. 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. With that said, on studying the latest analyst forecasts, we found that while the company has seen growth in its past earnings, analysts expect its future earnings to shrink. 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.
总的来说,我们认为安富利的业绩表现相当不错,特别是公司强烈的再投资意愿和高回报率。毫不奇怪,这导致了令人印象深刻的收益增长。然而,通过研究最新的分析师预测,我们发现,尽管公司过去的收益增长,但分析师预计它未来的收益将会下降。这些分析师的预测是基于行业的广泛预期,还是基于公司的基本面?点击这里进入我们的分析师预测页面。
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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.
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
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
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。