Pentair Plc's (NYSE:PNR) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Pentair Plc's (NYSE:PNR) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
It is hard to get excited after looking at Pentair's (NYSE:PNR) recent performance, when its stock has declined 7.9% over the past three months. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. In this article, we decided to focus on Pentair's ROE.
近三個月，濱特爾（NYSE：PNR）遭遇了7.9%的股價下跌，難以振奮人心。但如果你仔細觀察，會發現其強勁的財務狀況可能意味着，鑑於市場通常會獎勵財務狀況良好的公司，該股長期來看可能會增值。本文決定關注濱特爾的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（ROE）是衡量公司增值和管理投資者資金有效性的測試。換句話說，它是一種盈利能力比率，用於衡量公司股東提供的資金回報率。
How Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for return on equity is:
權益回報率的計算公式是：
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 Pentair is:
因此，根據上述公式，濱特爾的roe爲:
19% = US$628m ÷ US$3.3b (Based on the trailing twelve months to March 2024).
19% = US$628m ÷ US$3.3b（基於過去12個月到2024年3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 $0.19 in profit.
‘回報’是企業在過去一年內賺取的收入。這意味着對於每1美元的股東權益，公司創造了0.19美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準，用於評估公司未來的盈利能力，我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少，這使我們對公司的增長潛力有了一個了解。一般而言，在其他條件相等的情況下，ROE和利潤留存高的公司，增長率比沒有這些屬性的公司要高。
So far, we've learned that ROE is a measure of a company's profitability. 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，我們已經了解到roe是衡量公司盈利能力的一種指標。根據公司再投資或“保留”的這些利潤的多少以及效率如何，我們能夠評估公司的盈利增長潛力。總體來說，在其他條件相同的情況下，roe和盈利“保留”高的公司比不具備這些屬性的公司增長率更高。
Pentair's Earnings Growth And 19% ROE
濱特爾的盈利增長和19%的roe
At first glance, Pentair seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 14%. Probably as a result of this, Pentair was able to see a decent growth of 12% over the last five years.
乍一看，濱特爾似乎具有不錯的roe。此外，公司的roe與行業平均水平14%相比具有相當大的優勢。可能正是因爲這個原因，濱特爾在過去五年中能夠實現12%的相對不俗增長。
We then compared Pentair's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 8.9% in the same 5-year period.
然後我們將濱特爾的淨收入增長與行業進行比較，很高興看到，該公司的增長數字在同期5年中比行業的增長率8.9%高。
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. Doing so will help them establish if the stock's future looks promising or ominous. What is PNR worth today? The intrinsic value infographic in our free research report helps visualize whether PNR is currently mispriced by the market.
附加價值的基礎很大程度上取決於收益增長。接下來，投資者需要判斷的是預期的收益增長或缺失是否已經體現在股價中。這樣做將有助於他們判斷股票的未來前景是看漲還是看跌。PNR今天值多少錢？我們的免費研究報告中的內在價值信息圖表可以幫助看到PNR是否被市場當前錯價。
Is Pentair Making Efficient Use Of Its Profits?
濱特爾是否有效利用其利潤？
Pentair has a healthy combination of a moderate three-year median payout ratio of 26% (or a retention ratio of 74%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
濱特爾具有一箇中等的三年中位數派息比率26%（或保留比率74%）和可觀的盈利增長，意味着公司一直在有效地利用其利潤。此外，濱特爾已經連續至少十年派息，這說明公司非常重視與股東分享利潤。根據最新的分析師共識數據，我們發現公司未來的派息比率預計將在未來三年內降至19%。儘管預計派息比率將降低，但公司的roe預計不會有太大變化。
Additionally, Pentair has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 19% over the next three years. Despite the lower expected payout ratio, the company's ROE is not expected to change by much.
總的來說，我們對濱特爾的表現相當滿意。特別是，我們喜歡公司正在大力投資其業務，並以較高的回報率進行投資。毫不意外，這導致了令人矚目的盈利增長。最新的行業分析師預測顯示，該公司預計將維持其當前的增長率。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？單擊此處進入我們的分析師預測頁面了解有關該公司的更多信息。
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, we are pretty happy with Pentair's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. The latest industry analyst forecasts show that the company is expected to maintain its current growth rate. 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，我們對濱特爾的業務表現相當滿意。特別是，我們喜歡公司高額再投資的做法，而且回報率也很高。不出所料，這也帶來了出色的盈利增長。最新的行業分析師預測顯示，該公司有望保持目前的增長率。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？點擊這裏，進入我們的分析師預測頁面，查看更多信息。
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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。
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譯文內容由第三人軟體翻譯。