Should Weakness in AAR Corp.'s (NYSE:AIR) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in AAR Corp.'s (NYSE:AIR) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
AAR (NYSE:AIR) has had a rough week with its share price down 12%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Specifically, we decided to study AAR's ROE in this article.
AAR（NYSE：AIR）股價下跌12％，表現糟糕。不過，公司的基本面看起來相當不錯，長期財務狀況通常與未來市場價格走勢相一致。具體而言，我們決定在本文中研究AAR的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率（roe）是一種關鍵指標，用於評估公司管理層如何有效利用公司資本。更簡單地說，它衡量了公司相對股東權益的盈利能力。
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 AAR is:
因此，根據上述公式，AAR的roe爲：
3.9% = US$46m ÷ US$1.2b (Based on the trailing twelve months to May 2024).
3.9％= US $4600萬 ÷ US $12億（基於過去十二個月至2024年5月）。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.04 in profit.
“回報”是在過去的十二個月內稅後獲得的金額。我們可以理解爲，對於每$1的淨資產，公司能夠獲得$0.04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。
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。
AAR's Earnings Growth And 3.9% ROE
AAR的盈利增長和3.9％的roe
It is hard to argue that AAR's ROE is much good in and of itself. Even compared to the average industry ROE of 14%, the company's ROE is quite dismal. However, the moderate 6.5% net income growth seen by AAR over the past five years is definitely a positive. We reckon that there could be other factors at play here. 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.
很難說AAR本身的roe非常好。即使與14％的行業平均roe相比，公司的roe也相當不足。但是，在過去五年中AAR看到了適度的6.5％淨收入增長，這絕對是一個積極因素。我們認爲這裏可能有其他因素在起作用。例如，公司的管理層可能做出了一些良好的戰略決策，或者公司的派息比率較低。
Next, on comparing AAR's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 7.0% over the last few years.
接下來，比較AAR的淨收入增長與行業情況，我們發現公司報告的增長與過去幾年7.0％的行業平均增長率相似。
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. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if AAR is trading on a high P/E or a low P/E, relative to its industry.
給公司的價值附加價值的基礎，在很大程度上與其盈利增長密切相關。投資者需要確定的下一步是預期的盈利增長是否已經反映在股價中，或者缺乏它是否已經反映在股價中。這樣一來，他們就會知道股票是進入清澈的藍色水域還是仍有泥濘的沼澤等待。預期盈利增長的一個好指標是市盈率，它確定了市場對一隻股票的收益前景所支付的價格。因此，您可能想查看AAR是否相對於其行業在高市盈率還是低市盈率交易。
Is AAR Making Efficient Use Of Its Profits?
AAR是否高效地利用了其利潤？
AAR doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the decent earnings growth number that we discussed above.
AAR目前不支付任何普通股息，這基本意味着它一直在將其所有利潤重新投資到業務上。這當然有助於我們上面討論的不錯的盈利增長數字。
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。
On the whole, we do feel that AAR has some positive attributes. 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, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總的來說，我們認爲AAR具有一些積極的屬性。雖然roe較低，但以高比率的再投資爲代價，公司已經成功實現了相當大的收益增長。話雖如此，在看到目前的分析師預測後，我們發現公司的收益預計將會增加。要了解更多關於公司未來盈利增長預測的信息，請查看此公司的分析師預測的免費報告。
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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。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。