Phillips 66's (NYSE:PSX) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Phillips 66's (NYSE:PSX) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 3.3% over the past three months, it is easy to disregard Phillips 66 (NYSE:PSX). But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. In this article, we decided to focus on Phillips 66's ROE.
由于Philips 66 (NYSE: PSX) 过去三个月股价下跌3.3%,因此很容易忽略该公司。但是如果您仔细观察,你可能会认为,长期来看,它的强劲财务状况可能意味着该股票有增值潜力,鉴于市场通常会奖励那些财务状况良好的公司。在本文中,我们决定集中讨论Phillips 66的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE,即净资产收益率,测试一家公司有效增加价值和管理股东资金的能力。换句话说,它揭示了公司将股东投资转化为利润的成功程度。
How Is ROE Calculated?
净资产收益率怎么计算?
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 Phillips 66 is:
因此,根据上述公式,Phillips 66的ROE为:
17% = US$5.2b ÷ US$31b (Based on the trailing twelve months to June 2024).
17% = 52亿美元 ÷ 310亿美元(基于截至2024年6月的过去十二个月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.17.
'收益'是指公司在过去一年内的收益。因此,这意味着对于每$1的股东投资,公司产生$0.17的利润。
Why Is ROE Important For Earnings Growth?
ROE为什么对净利润增长很重要?
So far, we've learned that ROE is a measure of a company's profitability. 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 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.
到目前为止,我们已经了解到roe是衡量公司盈利能力的指标。我们现在需要评估公司重新投资或“保留”的利润量,从而给我们提供有关公司增长潜力的想法。其他条件相同的情况下,roe和利润保留率均较高的公司通常是增长率比没有这些特征的公司高的公司。
A Side By Side comparison of Phillips 66's Earnings Growth And 17% ROE
Phillips 66的盈利增长和17%的ROE的并排对比
To begin with, Phillips 66 seems to have a respectable ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 16%. This certainly adds some context to Phillips 66's exceptional 37% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.
首先,Phillips 66的ROE似乎相当可观。与行业平均水平16%相比,我们发现其ROE接近行业平均水平。这确实为过去五年中Phillips 66杰出的37%的净利润增长增加了一些上下文信息。我们认为这里还可能有其他因素在起作用。例如,公司具有低派息比率或正在有效管理。
As a next step, we compared Phillips 66'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 39% in the same period.
作为下一步,我们比较了Phillips 66的净利润增长和行业,并发现在相同时期,公司的增长率与行业平均增长率39%相似。
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Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is PSX fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增长是评估股票价值时需要考虑的重要指标。投资者需要确定的下一步是预期的盈利增长或缺乏的利润是否已融入股价。通过这样做,他们会知道该股票是否处于良好增长的状态还是可能会遇到困难。PSX是否被合理定价?这份公司内在价值的信息图表拥有你所需要的答案。
Is Phillips 66 Efficiently Re-investing Its Profits?
Phillips 66是否有效地重新投资其利润?
Phillips 66's ' three-year median payout ratio is on the lower side at 25% implying that it is retaining a higher percentage (75%) of its profits. So it looks like Phillips 66 is reinvesting profits heavily to grow its business, which shows in its earnings growth.
Philips 66的三年中位数派息比率较低,为25%,表明公司留存了更高比例的利润(75%)。因此,看起来Phillips 66正在通过强烈的盈利再投资来增长其业务,这在其盈利增长中表现出来。
Moreover, Phillips 66 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. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 34% over the next three years. Regardless, the ROE is not expected to change much for the company despite the higher expected payout ratio.
此外,Phillips 66致力于与股东分享利润,这表现在其至少十年的分红历史中。最新的分析师数据显示,该公司未来三年的派息比率预计将上升至34%。然而,预计公司的ROE不会因派息比率的上升而发生太大变化。
Conclusion
结论
On the whole, we feel that Phillips 66's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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,我们认为Phillips 66的表现相当不错。特别是,我们喜欢该公司以高回报率重新投资其大量利润的方式。当然,这导致了公司的盈利出现了显着增长。虽然公司的盈利增长有望减缓,但按照当前分析师预期进行预测。
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