Fortive Corporation's (NYSE:FTV) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Fortive Corporation's (NYSE:FTV) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Fortive (NYSE:FTV) has had a rough three months with its share price down 11%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on Fortive's ROE.
Fortive(NYSE:FTV)的股價在過去三個月裏下跌了11%。然而,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的變動相一致。在本文中,我們決定關注Fortive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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或ROE是一項用於評估公司管理層如何利用公司資本的效率的關鍵指標。簡而言之,它用於評估公司相對於其股本資本的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算:
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 Fortive is:
因此,根據上述公式,Fortive的roe爲:
8.4% = US$886m ÷ US$11b (Based on the trailing twelve months to June 2024).
8.4% = US$88600萬 ÷ US$110億 (截至2024年6月的過去12個月)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.08 in profit.
「回報」是指公司過去一年的收益。一個概念化的方法是,對於1美元的股東資本,公司賺了0.08美元的利潤。
Why Is ROE Important For Earnings Growth?
ROE爲什麼對淨利潤增長很重要?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我們已經確認ROE是一個有效的判斷公司未來盈利能力的指標。根據公司再投資或「保留」利潤的比例及其效率來判定公司的盈利增長潛力,通常情況下,其他條件相同,具有高股權回報率和利潤保留率的公司增長速度會高於這些屬性缺失的公司。
Fortive's Earnings Growth And 8.4% ROE
Fortive的收益增長和8.4%的roe。
On the face of it, Fortive's ROE is not much to talk about. Next, when compared to the average industry ROE of 15%, the company's ROE leaves us feeling even less enthusiastic. However, the moderate 11% net income growth seen by Fortive over the past five years is definitely a positive. We reckon that there could be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.
表面上看,Fortive的roe不值得一提。當與15%的行業平均roe相比時,公司的roe讓我們感到更加不熱衷。然而,過去五年裏Fortive見到的適度的11%淨利潤增長肯定是一個積極的因素。我們估計這裏可能有其他因素在起作用。例如,公司的分紅比率很低或管理高效。
We then performed a comparison between Fortive's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 12% in the same 5-year period.
然後我們對Fortive的淨利潤增長與行業進行了比較,發現公司的增長與同一5年期內行業的12%的平均增長相似。
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Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for FTV? You can find out in our latest intrinsic value infographic research report.
收益增長是考慮估值股票時的重要指標。對於投資者來說,了解市場是否已經對公司預期的收益增長(或下降)進行了定價很重要。通過這樣做,他們將知道股票是否走向清澈的藍色水域,還是要面對泥濘的水域。市場是否已經爲FTV的未來前景定價?您可以在我們最新的內在價值信息圖研究報告中了解到。
Is Fortive Using Its Retained Earnings Effectively?
Fortive是否有效利用了保留收益?
Fortive has a low three-year median payout ratio of 12%, meaning that the company retains the remaining 88% of its profits. This suggests that the management is reinvesting most of the profits to grow the business.
Fortive有一個低的三年中位數分紅比率爲12%,這意味着公司保留了其利潤的88%。這表明管理層正在將大部分利潤重新投資於業務發展。
Moreover, Fortive is determined to keep sharing its profits with shareholders which we infer from its long history of eight years of paying a dividend. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 8.1% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 13%, over the same period.
此外,Fortive決心繼續與股東分享其利潤,這可以從其長達八年的派息歷史中推斷出。我們最新的分析師數據顯示,公司未來三年的分紅率預計將降至8.1%。因此,預計分紅率的下降解釋了同期公司roe預計將增加至13%。
Conclusion
結論
On the whole, we do feel that Fortive has some positive attributes. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. 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,我們認爲Fortive具有一些積極的特點。即使回報率低,公司通過大量投資於業務。儘管如此,最新的行業分析預測顯示,該公司的收益預計將加速增長。這些分析師的預期是基於對行業的廣泛期望,還是基於公司的基本情況呢?單擊此處進入我們的分析師預測頁面。
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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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