Are RBC Bearings Incorporated's (NYSE:RBC) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are RBC Bearings Incorporated's (NYSE:RBC) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
With its stock down 8.0% over the past three months, it is easy to disregard RBC Bearings (NYSE:RBC). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Specifically, we decided to study RBC Bearings' ROE in this article.
加拿大皇家銀行軸承（紐約證券交易所代碼：RBC）的股票在過去三個月中下跌了8.0％，很容易被忽視。但是，如果你密切關注，你可能會發現其關鍵財務指標看起來相當不錯，考慮到市場通常會獎勵更具彈性的長期基本面，這可能意味着該股有可能在長期內上漲。具體而言，我們決定在本文中研究加拿大皇家銀行軸承的投資回報率。
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.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。換句話說，它揭示了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？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for RBC Bearings is:
因此，根據上述公式，加拿大皇家銀行軸承的投資回報率爲：
7.3% = US$198m ÷ US$2.7b (Based on the trailing twelve months to December 2023).
7.3% = 1.98億美元 ÷ 27億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.07.
“回報” 是過去十二個月的利潤。因此，這意味着公司每向股東投資1美元，就會產生0.07美元的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係？
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 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.
到目前爲止，我們已經了解到，投資回報率衡量的是公司創造利潤的效率。現在，我們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，從而使我們對公司的增長潛力有所了解。假設其他條件都一樣，與功能不相同的公司相比，具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
A Side By Side comparison of RBC Bearings' Earnings Growth And 7.3% ROE
加拿大皇家銀行軸承的收益增長和7.3％的投資回報率的並排比較
At first glance, RBC Bearings' ROE doesn't look very promising. Next, when compared to the average industry ROE of 12%, the company's ROE leaves us feeling even less enthusiastic. RBC Bearings was still able to see a decent net income growth of 5.6% over the past five years. So, there might be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
乍一看，加拿大皇家銀行軸承的投資回報率看起來並不十分樂觀。接下來，與12％的行業平均投資回報率相比，該公司的投資回報率使我們感到不那麼熱情。在過去五年中，加拿大皇家銀行軸承仍然能夠實現5.6％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，公司的管理層可能做出了一些良好的戰略決策，或者公司的派息率很低。
As a next step, we compared RBC Bearings' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 7.4% in the same period.
下一步，我們將加拿大皇家銀行軸承的淨收入增長與該行業進行了比較，並失望地看到該公司的增長低於同期7.4％的行業平均增長。
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. Is RBC Bearings fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是對股票進行估值時要考慮的重要指標。無論如何，投資者應設法確定預期的收益增長或下降是否已計入其中。通過這樣做，他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。與其他公司相比，加拿大皇家銀行軸承的估值是否合理？這3種估值指標可能會幫助您做出決定。
Is RBC Bearings Making Efficient Use Of Its Profits?
加拿大皇家銀行軸承能否有效利用其利潤？
RBC Bearings doesn't pay any dividend, meaning that all of its profits are being reinvested in the business, which explains the fair bit of earnings growth the company has seen.
RBC Bearings不支付任何股息，這意味着其所有利潤都被再投資於該業務，這解釋了該公司實現了相當多的收益增長。
Conclusion
結論
In total, it does look like RBC Bearings has some positive aspects to its business. Namely, its respectable earnings growth, which it achieved due to it retaining most of its profits. However, given the low ROE, investors may not be benefitting from all that reinvestment after all. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，加拿大皇家銀行軸承的業務確實有一些積極的方面。也就是說，其可觀的收益增長是由於保留了大部分利潤而實現的。但是，鑑於投資回報率低，投資者畢竟可能無法從所有這些再投資中受益。話雖如此，從分析師目前的估計來看，我們發現該公司的收益有望增強。要詳細了解分析師對公司的最新預測，請查看該公司的分析師預測的可視化。
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譯文內容由第三人軟體翻譯。