CONSOL Energy Inc.'s (NYSE:CEIX) Stock Is Going Strong: Is the Market Following Fundamentals?
CONSOL Energy Inc.'s (NYSE:CEIX) Stock Is Going Strong: Is the Market Following Fundamentals?
CONSOL Energy's (NYSE:CEIX) stock is up by a considerable 9.1% over the past month. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Specifically, we decided to study CONSOL Energy's ROE in this article.
康索爾能源（紐約證券交易所代碼：CEIX）的股票在過去一個月中上漲了9.1％。鑑於公司的出色表現，我們決定更仔細地研究其財務指標，因爲公司的長期財務狀況通常決定市場業績。具體而言，我們決定在本文中研究康索爾能源的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
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。簡而言之，它衡量公司相對於股東權益的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
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 CONSOL Energy is:
因此，根據上述公式，CONSOL Energy的投資回報率爲：
49% = US$656m ÷ US$1.3b (Based on the trailing twelve months to December 2023).
49% = 6.56億美元 ÷ 13億美元（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 $0.49 in profit.
“回報” 是過去十二個月的利潤。對此進行概念化的一種方法是，該公司每擁有1美元的股東資本，就能獲得0.49美元的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要？
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前爲止，我們已經了解到，投資回報率是衡量公司盈利能力的指標。根據公司選擇將多少利潤進行再投資或 “保留”，我們便能夠評估公司未來創造利潤的能力。假設其他一切保持不變，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。
CONSOL Energy's Earnings Growth And 49% ROE
CONSOL Energy的收益增長和49％的投資回報率
First thing first, we like that CONSOL Energy has an impressive ROE. Second, a comparison with the average ROE reported by the industry of 21% also doesn't go unnoticed by us. As a result, CONSOL Energy's exceptional 58% net income growth seen over the past five years, doesn't come as a surprise.
首先，我們喜歡CONSOL Energy具有令人印象深刻的投資回報率。其次，與該行業報告的平均投資回報率爲21％的比較也不會被我們忽視。因此，CONSOL Energy在過去五年中實現了58％的驚人淨收入增長並不令人意外。
Next, on comparing with the industry net income growth, we found that CONSOL Energy's growth is quite high when compared to the industry average growth of 37% in the same period, which is great to see.
接下來，與行業淨收入增長進行比較時，我們發現CONSOL Energy的增長與同期37％的行業平均增長率相比相當高，這真是太好了。
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about CONSOL Energy's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增長是對股票進行估值時要考慮的重要指標。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。通過這樣做，他們將知道股票是走向清澈的藍色海水，還是沼澤的水域在等着你。如果你想知道CONSOL Energy的估值，可以看看這個衡量其市盈率與行業相比的指標。
Is CONSOL Energy Using Its Retained Earnings Effectively?
CONSOL Energy 是否在有效使用其留存收益？
While the company did pay out a portion of its dividend in the past, it currently doesn't pay a regular dividend. This is likely what's driving the high earnings growth number discussed above.
儘管該公司過去確實支付了部分股息，但目前不支付定期股息。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 feel that CONSOL Energy'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, on studying current analyst estimates, we were concerned to see that while the company has grown its earnings in the past, analysts expect its earnings to shrink in the future. 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，我們認爲康索爾能源的表現相當不錯。具體而言，我們喜歡該公司以高回報率再投資其利潤的很大一部分。當然，這導致該公司的收益大幅增長。話雖如此，在研究分析師目前的估計時，我們擔心地看到，儘管該公司過去的收益有所增長，但分析師預計其未來收益將萎縮。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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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。