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WD-40 Company's (NASDAQ:WDFC) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?

WD-40 Company's (NASDAQ:WDFC) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?

WD-40 公司(纳斯达克股票代码:WDFC)的股票最近表现疲软,但财务前景看起来不错:市场错了吗?
Simply Wall St ·  05/23 18:06

With its stock down 12% over the past three months, it is easy to disregard WD-40 (NASDAQ:WDFC). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to WD-40's ROE today.

由于其股价在过去三个月中下跌了12%,人们很容易忽视 WD-40(纳斯达克股票代码:WDFC)。但是,从长远来看,股票价格通常由公司的财务状况驱动,在这种情况下,这看起来相当可观。特别是,我们今天将关注 WD-40 的投资回报率。

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

股本回报率或投资回报率是股东需要考虑的重要因素,因为它可以告诉他们资本再投资的有效性。换句话说,它是衡量公司股东提供的资本回报率的盈利比率。

How Do You Calculate Return On Equity?

你如何计算股本回报率?

ROE can be calculated by using the formula:

ROE 可以通过以下公式计算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回报率 = 净利润(来自持续经营业务)÷ 股东权益

So, based on the above formula, the ROE for WD-40 is:

因此,根据上述公式,WD-40 的投资回报率为:

32% = US$68m ÷ US$216m (Based on the trailing twelve months to February 2024).

32% = 6800万美元 ÷ 2.16亿美元(基于截至2024年2月的过去十二个月)。

The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.32 in profit.

“回报” 是指公司去年的收益。另一种思考方式是,每持有价值1美元的股权,该公司就能获得0.32美元的利润。

What Is The Relationship Between ROE And Earnings Growth?

投资回报率与收益增长之间有什么关系?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.

到目前为止,我们已经了解到,投资回报率衡量的是公司创造利润的效率。然后,我们能够评估公司的收益增长潜力,具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。假设其他一切保持不变,那么与不一定具有这些特征的公司相比,投资回报率和利润保留率越高,公司的增长率就越高。

WD-40's Earnings Growth And 32% ROE

WD-40 的收益增长和 32% 的投资回报率

To begin with, WD-40 has a pretty high ROE which is interesting. Additionally, the company's ROE is higher compared to the industry average of 22% which is quite remarkable. Given the circumstances, we can't help but wonder why WD-40 saw little to no growth in the past five years. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. These include low earnings retention or poor allocation of capital

首先,WD-40 的投资回报率相当高,这很有趣。此外,该公司的投资回报率高于行业平均水平的22%,这非常引人注目。在这种情况下,我们不禁想知道为什么 WD-40 在过去五年中几乎没有增长。基于此,我们认为可能还有其他原因本文迄今尚未讨论过,这些原因可能会阻碍公司的发展。其中包括收益留存率低或资本配置不善

We then performed a comparison between WD-40's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 1.9% in the same 5-year period.

然后,我们对 WD-40 与该行业的净收入增长进行了比较,结果显示该公司的增长与同期 5 年内 1.9% 的行业平均增长率相似。

past-earnings-growth
NasdaqGS:WDFC Past Earnings Growth May 23rd 2024
纳斯达克GS:WDFC过去的收益增长 2024年5月23日

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). This then helps them determine if the stock is placed for a bright or bleak future. Is WD-40 fairly valued compared to other companies? These 3 valuation measures might help you decide.

收益增长是对股票进行估值时要考虑的重要指标。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。然后,这可以帮助他们确定股票是为光明还是暗淡的未来而布局。与其他公司相比,WD-40 的估值是否合理?这3种估值指标可能会帮助您做出决定。

Is WD-40 Making Efficient Use Of Its Profits?

WD-40 是否在有效利用其利润?

With a high three-year median payout ratio of 66% (implying that the company keeps only 34% of its income) of its business to reinvest into its business), most of WD-40's profits are being paid to shareholders, which explains the absence of growth in earnings.

WD-40 的三年派息率中位数很高,为66%(这意味着该公司仅保留其收入的34%),用于再投资其业务),因此大部分利润都支付给了股东,这解释了收益缺乏增长的原因。

In addition, WD-40 has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.

此外,WD-40 派发股息已持续了至少十年,这表明即使以业务增长为代价,维持股息支付对管理层来说也更为重要。

Summary

摘要

In total, it does look like WD-40 has some positive aspects to its business. Its earnings have grown respectably as we saw earlier, which was likely due to the company reinvesting its earnings at a pretty high rate of return. However, given the high ROE, we do think that the company is reinvesting a small portion of its profits. This could likely be preventing the company from growing to its full extent. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

总的来说,看起来 WD-40 的业务确实有一些积极的方面。正如我们之前看到的那样,其收益增长可观,这可能是由于该公司以相当高的回报率对其收益进行了再投资。但是,鉴于投资回报率高,我们确实认为该公司正在再投资其利润的一小部分。这可能会阻碍公司的全面发展。话虽如此,最新的行业分析师预测显示,该公司的收益有望加速。要详细了解分析师对公司的最新预测,请查看该公司的分析师预测的可视化。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

译文内容由第三方软件翻译。


以上内容仅用作资讯或教育之目的,不构成与富途相关的任何投资建议。富途竭力但不能保证上述全部内容的真实性、准确性和原创性。
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