GLOBALFOUNDRIES Inc.'s (NASDAQ:GFS) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
GLOBALFOUNDRIES Inc.'s (NASDAQ:GFS) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
It is hard to get excited after looking at GLOBALFOUNDRIES' (NASDAQ:GFS) recent performance, when its stock has declined 10% over the past three months. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to GLOBALFOUNDRIES' ROE today.
看了GLOBALFOUNDRIES(納斯達克股票代碼:GFS)最近的表現,很難感到興奮,當時其股票在過去三個月中下跌了10%。但是,該公司的基本面看起來相當不錯,長期財務狀況通常與未來的市場價格走勢一致。特別是,我們今天將關注環球鑄造的投資回報率。
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.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說,它是衡量公司股東提供的資本回報率的盈利比率。
How Is ROE Calculated?
ROE 是如何計算的?
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 GLOBALFOUNDRIES is:
因此,根據上述公式,GLOBALFOUNDRIES的投資回報率爲:
9.1% = US$1.0b ÷ US$11b (Based on the trailing twelve months to December 2023).
9.1% = 10億美元 ÷ 110億美元(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. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.09 in profit.
“回報” 是過去十二個月的利潤。將其概念化的一種方法是,公司每擁有1美元的股東資本,就能獲得0.09美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 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.
我們已經確定,投資回報率是衡量公司未來收益的有效利潤創造指標。我們現在需要評估公司爲未來增長再投資或 “保留” 了多少利潤,這樣我們就可以了解公司的增長潛力。假設其他一切都保持不變,那麼與不一定具有這些特徵的公司相比,投資回報率和利潤保留率越高,公司的增長率就越高。
GLOBALFOUNDRIES' Earnings Growth And 9.1% ROE
GLOBALFOUNDRIES的收益增長和9.1%的投資回報
At first glance, GLOBALFOUNDRIES' ROE doesn't look very promising. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 14%. In spite of this, GLOBALFOUNDRIES was able to grow its net income considerably, at a rate of 79% in the last five years. Therefore, there could be other reasons behind this 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,GLOBALFOUNDRIES的投資回報率看起來並不十分樂觀。然後,我們將該公司的投資回報率與整個行業進行了比較,但對投資回報率低於行業平均水平的14%感到失望。儘管如此,GLOBALFOUNDRIES還是得以大幅增長其淨收入,在過去五年中增長了79%。因此,這種增長背後可能還有其他原因。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 GLOBALFOUNDRIES' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 29%.
下一步,我們將GLOBALFOUNDRIES的淨收入增長與該行業進行了比較,令人高興的是,我們發現該公司的增長高於29%的行業平均增長。
![past-earnings-growth](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240403/0-848313107478ca9ce7462a729694dbce-0-c70a0249b907f2ba6399a1c110453a86.png/big)
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about GLOBALFOUNDRIES''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。投資者接下來需要確定的是,預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。如果你想知道GlobalFoundries的估值,可以看看這個衡量其市盈率與行業相比的指標。
Is GLOBALFOUNDRIES Making Efficient Use Of Its Profits?
GLOBALFOUNDRIES 是否在有效利用其利潤?
GLOBALFOUNDRIES doesn't pay any dividend to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.
GLOBALFOUNDRIES不向其股東支付任何股息,這意味着該公司一直在將所有利潤再投資於該業務。這可能是推動上述高收益增長數字的原因。
Conclusion
結論
On the whole, we do feel that GLOBALFOUNDRIES has some positive attributes. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. 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 company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總的來說,我們確實認爲格洛方德具有一些積極的屬性。儘管回報率很低,但該公司將其利潤的很大一部分再投資於其業務這一事實無疑促進了其高收益增長。話雖如此,正如分析師目前的估計所預測的那樣,該公司的收益增長預計將放緩。要了解有關公司未來收益增長預測的更多信息,請查看這份關於分析師預測的免費報告,以了解更多信息。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。