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Universal Health Services, Inc.'s (NYSE:UHS) Stock Has Shown A Decent Performance: Have Financials A Role To Play?

Universal Health Services, Inc.'s (NYSE:UHS) Stock Has Shown A Decent Performance: Have Financials A Role To Play?

universal health services公司(NYSE:UHS)的股票表現不錯:財務狀況有所發揮嗎?
Simply Wall St ·  06/11 22:02

Universal Health Services' (NYSE:UHS) stock is up by 8.3% over the past three months. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to investigate if the company's decent financials had a hand to play in the recent price move. In this article, we decided to focus on Universal Health Services' ROE.

過去三個月中,Universal Health Services(紐交所:UHS)的股票上漲了8.3%。考慮到股價通常與公司的長期財務表現相一致,我們決定調查該公司的良好財務是否在最近的價格變動中起了作用。在本文中,我們決定關注Universal Health Services的roe。

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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.

股東要考慮的關鍵因素之一是淨資產收益率或roe,因爲它告訴他們公司如何有效地重新投資他們的資本。簡單點說,它衡量了公司與股東權益相關的盈利能力。

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 Universal Health Services is:

因此,根據上述公式,Universal Health Services的roe爲:

13% = US$823m ÷ US$6.3b (Based on the trailing twelve months to March 2024).

13%= US$823m ÷ US$6.3b(根據過去十二個月截至2024年3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 $0.13 in profit.

“回報”是指公司在過去一年中的盈利。換句話說,對於每1美元的淨資產,公司能夠獲得0.13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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.

到目前爲止,我們學到了ROE如何評估公司有效地產生利潤。根據公司再投資或“保留”的這些利潤的多少以及其如何有效地進行再投資,我們可以評估公司的盈利增長潛力。一般而言,在其他條件相同的情況下,ROE高、利潤保留高的公司,比沒有這些屬性的公司增長率更高。

A Side By Side comparison of Universal Health Services' Earnings Growth And 13% ROE

Universal Health Services盈利增長和13%roe的對比

To start with, Universal Health Services' ROE looks acceptable. Especially when compared to the industry average of 11% the company's ROE looks pretty impressive. Needless to say, we are quite surprised to see that Universal Health Services' net income shrunk at a rate of 2.2% over the past five years. We reckon that there could be some other factors at play here that are preventing the company's growth. These include low earnings retention or poor allocation of capital.

首先,Universal Health Services的roe看起來是可接受的。特別是與11%的行業平均水平相比,公司的roe看起來非常令人印象深刻。毫無疑問,我們非常驚訝看到Universal Health Services的淨收入在過去五年中以2.2%的速度下降。我們認爲可能存在一些其他因素阻止了公司的增長。這包括低收益保留或資本配置不良。

So, as a next step, we compared Universal Health Services' performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 5.6% over the last few years.

因此,作爲下一步,我們比較了Universal Health Services與行業的表現,發現雖然公司一直在縮減其盈利,但行業在過去幾年中的盈利增長率爲5.6%。

past-earnings-growth
NYSE:UHS Past Earnings Growth June 11th 2024
NYSE:UHS過去的盈利增長2024年6月11日

Earnings growth is a huge factor in stock valuation. 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. If you're wondering about Universal Health Services''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

盈利增長是股票估值的巨大因素。投資者應該嘗試確定預期的盈利增長或下降是否已經定價。這有助於他們確定股票是處於光明或黯淡的未來。如果您想了解Universal Health Services的估值,請查看其市盈率相對於行業的比較。

Is Universal Health Services Efficiently Re-investing Its Profits?

Universal Health Services是否有效地再投資其利潤?

When we piece together Universal Health Services' low three-year median payout ratio of 7.7% (where it is retaining 92% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. This typically shouldn't be the case when a company is retaining most of its earnings. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.

當我們結合Universal Health Services過去三年的中位數低至7.7%的分紅比率(它保留了92%的利潤)來計算過去三年的情況時,我們對缺乏增長感到困惑。當公司保留大部分收益時,通常情況下不會出現這種情況。看起來似乎可能有其他原因來解釋該公司在這方面的不足。例如,業務可能正在下滑。

Moreover, Universal Health Services has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 4.7% over the next three years. Despite the lower expected payout ratio, the company's ROE is not expected to change by much.

此外,Universal Health Services一直在支付分紅,至少十年以上,這表明管理層認爲股東更喜歡分紅而不是盈利增長。在研究最新的分析師共識數據時,我們發現該公司未來的股息支付比率預計將下降至4.7%。儘管股息支付比率預計更低,但公司的roe預計不會有太大的變化。

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 Universal Health Services has some positive aspects to its business. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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,Universal Health Services的業務有一些積極的方面。然而,考慮到高ROE和高利潤保留,我們期望公司實現強勁的盈利增長,但事實並非如此。這表明,可能存在威脅該業務的外部威脅,從而影響了其增長。但是,查看當前分析師的預測,我們發現該公司的盈利增長率有望獲得巨大的改善。要了解更多有關該公司的最新分析師預測,請查看此可視化分析師預測。

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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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

譯文內容由第三人軟體翻譯。


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