Duckhorn Portfolio (NYSE:NAPA) Strong Profits May Be Masking Some Underlying Issues
Duckhorn Portfolio (NYSE:NAPA) Strong Profits May Be Masking Some Underlying Issues
The market shrugged off The Duckhorn Portfolio, Inc.'s (NYSE:NAPA) solid earnings report. We think that investors might be worried about some concerning underlying factors.
Duckhorn Portfolio,Inc.(紐交所:NAPA)發佈了強勁的業績，但市場卻並未看好。我們認爲投資者可能擔心一些令人擔憂的潛在因素。
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. Duckhorn Portfolio expanded the number of shares on issue by 28% over the last year. As a result, its net income is now split between a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Duckhorn Portfolio's historical EPS growth by clicking on this link.
要了解公司營收增長的價值，有必要考慮股東權益的任何稀釋。 在過去的一年中，Duckhorn Portfolio股份的發行量增加了28％。 因此，其淨利潤現在分散在更多的股票中。 如果沒有注意每股收益而只談淨收益，則是被大量數字所分散注意力，從而忽略了談論其價值的更小的數字。 請點擊此鏈接查看Duckhorn Portfolio的歷史每股收益增長。每股收益價值。 看看這個鏈接上Duckhorn Portfolio的歷史EPS增長。
How Is Dilution Impacting Duckhorn Portfolio's Earnings Per Share (EPS)?
稀釋如何影響Duckhorn Portfolio的每股收益（EPS）？
As you can see above, Duckhorn Portfolio has been growing its net income over the last few years, with an annualized gain of 36% over three years. But EPS was only up 22% per year, in the exact same period. And over the last 12 months, the company grew its profit by 9.7%. But in comparison, EPS only increased by 9.5% over the same period. Therefore, one can observe that the dilution is having a fairly profound effect on shareholder returns.
正如您在上面所看到的，Duckhorn Portfolio在過去幾年中一直在增長其淨利潤，最近三年的年均增長率爲36％。 但每股收益僅在完全相同的時期內增加了22％。 並且在過去12個月中，公司的利潤增長了9.7％。 但是與此同時，同期EPS僅增加了9.5％。 因此，可以觀察到股東回報受到股份稀釋的相當深遠的影響。
In the long term, earnings per share growth should beget share price growth. So Duckhorn Portfolio shareholders will want to see that EPS figure continue to increase. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
從長遠看，每股收益的增長應該帶來股票價格的增長。因此，如果Transcat能夠持續增長EPS，這對股東肯定是一個積極的因素。但另一方面，如果只是利潤不斷改善（而不是EPS），我們就會感到遠沒有這麼興奮。因此，可以說EPS在長期中比淨收入更重要，假設目標是評估公司的股票價格是否可能增長。每股收益成長應該帶來股價上漲。 因此，Duckhorn Portfolio的股東希望看到EPS數據繼續增加。 但是，如果其利潤增加而其每股收益保持不變（甚至下降），那麼股東可能不會獲得太多利益。 對於普通零售股東而言，每股收益是一種很好的衡量方式，用以檢查您在公司利潤中的假想“股份”。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是，您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。
Our Take On Duckhorn Portfolio's Profit Performance
我們對Duckhorn Portfolio的盈利表現看法
Duckhorn Portfolio shareholders should keep in mind how many new shares it is issuing, because, dilution clearly has the power to severely impact shareholder returns. Therefore, it seems possible to us that Duckhorn Portfolio's true underlying earnings power is actually less than its statutory profit. But at least holders can take some solace from the 22% per annum growth in EPS for the last three. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you want to do dive deeper into Duckhorn Portfolio, you'd also look into what risks it is currently facing. At Simply Wall St, we found 2 warning signs for Duckhorn Portfolio and we think they deserve your attention.
Duckhorn Portfolio的股東應該注意其發行的新股數量，因爲，股份稀釋顯然具有嚴重影響股東回報的能力。 因此，我們認爲Duckhorn Portfolio真正的基本盈利能力可能低於其法定盈利。 但至少持有者可以從過去三年每股收益的每年增長22％中獲得一些安慰。 本文的目的是評估我們能否依靠法定收益來反映公司的潛力，但還有很多要考慮的問題。 如果您想深入了解Duckhorn Portfolio，您還應該了解它目前面臨的風險。 在Simply Wall St上，我們爲Duckhorn Portfolio發現了2個預警信號，我們認爲它們值得您的注意。
This note has only looked at a single factor that sheds light on the nature of Duckhorn Portfolio's profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
本報告僅涉及揭示Duckhorn Portfolio利潤性質的單個因素。 但是，還有很多其他方法可以了解公司的情況。 有些人認爲高股本回報是優質企業的一個好跡象。 因此，您可以查看此收藏免費的股票和權益歸屬佔比高的股票列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。