DocuSign, Inc.'s (NASDAQ:DOCU) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
DocuSign, Inc.'s (NASDAQ:DOCU) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 9.1% over the past month, it is easy to disregard DocuSign (NASDAQ:DOCU). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on DocuSign's ROE.
在過去一個月中，DocuSign（納斯達克：docusign）的股票下跌了9.1％，因此很容易忽視它。然而，股價通常是由一個公司的長期財務狀況驅動的，在這種情況下，看起來相當可觀。在這篇文章中，我們決定專注於DocuSign的roe。
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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
roe或權益回報率是評估公司有效利用股東投資產生回報效率的有用工具。簡而言之，roe顯示每個股東投資所產生的利潤。
How Do You Calculate Return On Equity?
怎樣計算ROE?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for DocuSign is:
因此，根據上述公式，DocuSign的roe爲：
9.4% = US$107m ÷ US$1.1b (Based on the trailing twelve months to April 2024).
9.4％= 1.1b美元（截至2024年4月的過去十二個月）÷ 1.07億美元
The 'return' is the amount earned after tax over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.09 in profit.
“回報”是指過去十二個月的稅後收益。這意味着對於每1美元的股東權益價值，該公司創造了0.09美元的利潤。
What Has ROE Got To Do With Earnings Growth?
ROE與盈利增長有什麼關係？
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 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.
因此，我們已經了解到roe是衡量公司利潤率的有效方法。根據公司重新投資或“保留”這些收益的程度以及其有效程度，我們就能評估公司的盈利增長潛力。假設其他條件相同，權益回報率和利潤保留越高的公司通常比沒有相同特點的公司具有更快的增長率。
DocuSign's Earnings Growth And 9.4% ROE
DocuSign的盈利增長和9.4％的roe
When you first look at it, DocuSign's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 12%, so we won't completely dismiss the company. Particularly, the exceptional 43% net income growth seen by DocuSign over the past five years is pretty remarkable. Considering the moderately low ROE, it is quite possible that there might be some 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.
當您首次看到它時，DocuSign的roe似乎並不那麼有吸引力。然而，它的roe類似於行業平均水平的12％，所以我們不會完全忽視這家公司。尤其是DocuSign在過去五年中表現出的43％的淨收入增長非常顯着。考慮到roe相對較低，很可能存在一些其他積極影響公司收益增長的因素。例如，公司管理層可能已經做出了一些良好的戰略決策，或者公司具有較低的股息支付比率。
As a next step, we compared DocuSign's 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 15%.
作爲下一步，我們將DocuSign的淨收入增長與行業進行了比較，並且令人高興的是，我們發現該公司的增長速度超過了平均行業增長率的15％。
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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is DOCU fairly valued? This infographic on the company's intrinsic value has everything you need to know.
對於一家公司的附加價值的基礎，在很大程度上與其盈利增長相關。投資者需要下一步判斷預期的收益增長是否已經融入股票價格，以此了解股票是進入清晰的藍色水域還是等待沼澤水域。DOCU是否公平價值？關於公司內在價值的信息圖表盡在您眼前。
Is DocuSign Efficiently Re-investing Its Profits?
DocuSign是否有效地將其利潤再投資到業務中？
DocuSign doesn't pay any regular dividends 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.
DocuSign沒有向股東支付任何定期股息，這意味着該公司一直在將其所有利潤重新投資到業務中。這很可能是上面討論的高盈利增長數字的驅動力。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
In total, it does look like DocuSign has some positive aspects to its business. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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，DocuSign的業務具有一些積極的方面。儘管ROE較低，但通過高額再投資率，公司設法實現了盈利的相當大的增長。話雖如此，根據當前分析師的預測，該公司的盈利增長預計將放緩。這些分析師的預期是基於行業的廣泛預期還是基於公司的基本面呢？單擊此處，了解我們的分析師的預測頁面以了解公司的情況。
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