Declining Stock and Decent Financials: Is The Market Wrong About CBRE Group, Inc. (NYSE:CBRE)?
Declining Stock and Decent Financials: Is The Market Wrong About CBRE Group, Inc. (NYSE:CBRE)?
With its stock down 9.0% over the past month, it is easy to disregard CBRE Group (NYSE:CBRE). 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 CBRE Group's ROE today.
世邦魏理仕集團（紐約證券交易所代碼：CBRE）的股價在過去一個月中下跌了9.0％，很容易被忽視。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，我們今天將關注世邦魏理仕集團的投資回報率。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
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 CBRE Group is:
因此，根據上述公式，世邦魏理仕集團的投資回報率爲：
11% = US$1.0b ÷ US$9.1b (Based on the trailing twelve months to December 2023).
11% = 10億美元 ÷ 91億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.11 in profit.
“回報” 是企業在過去一年中獲得的收入。這意味着，每持有價值1美元的股東權益，公司就會產生0.11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. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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盈利指標。然後，我們能夠評估公司的收益增長潛力，具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。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。
A Side By Side comparison of CBRE Group's Earnings Growth And 11% ROE
世邦魏理仕集團的收益增長和11％的投資回報率的並排比較
To start with, CBRE Group's ROE looks acceptable. On comparing with the average industry ROE of 6.3% the company's ROE looks pretty remarkable. Despite this, CBRE Group's five year net income growth was quite low averaging at only 2.9%. That's a bit unexpected from a company which has such a high rate of return. Such a scenario is likely to take place when a company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
首先，世邦魏理仕集團的投資回報率似乎可以接受。與6.3％的行業平均投資回報率相比，該公司的投資回報率看起來相當可觀。儘管如此，世邦魏理仕集團五年的淨收入增長還是相當低的，平均僅爲2.9％。對於一家回報率如此之高的公司來說，這有點出乎意料。當一家公司將其收益的很大一部分作爲股息支付，或者面臨競爭壓力時，可能會發生這種情況。
We then compared CBRE Group's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 20% in the same 5-year period, which is a bit concerning.
然後，我們將世邦魏理仕集團的淨收入增長與該行業進行了比較，發現該公司的增長數字低於同期20％的行業平均增長率，這有點令人擔憂。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is CBRE fairly valued? This infographic on the company's intrinsic value has everything you need to know.
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。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。然後，這可以幫助他們確定股票是面向光明還是暗淡的未來。世邦魏理仕的估值是否合理？這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is CBRE Group Using Its Retained Earnings Effectively?
世邦魏理仕集團是否有效使用其留存收益？
CBRE Group doesn't pay any regular dividends, meaning that potentially all of its profits are being reinvested in the business. However, this doesn't explain the low earnings growth the company has seen. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
世邦魏理仕集團不支付任何定期股息，這意味着其所有利潤可能都被再投資於該業務。但是，這並不能解釋該公司的低收益增長。因此，在這方面可能還有其他解釋。例如，該公司的業務可能正在惡化。
Summary
摘要
In total, it does look like CBRE Group has some positive aspects to its business. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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.
總的來說，看來世邦魏理仕集團的業務確實有一些積極的方面。但是，低收益增長有點令人擔憂，特別是考慮到該公司的回報率很高，並且正在將很大一部分利潤再投資。從表面上看，可能還有其他一些因素阻礙了增長，這些因素不一定是業務的控制。既然如此，分析師的最新預測顯示，該公司的收益將繼續擴大。這些分析師的預期是基於對該行業的廣泛預期，還是基於公司的基本面？點擊此處進入我們分析師對公司的預測頁面。
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譯文內容由第三人軟體翻譯。