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Declining Stock and Solid Fundamentals: Is The Market Wrong About Yelp Inc. (NYSE:YELP)?

Declining Stock and Solid Fundamentals: Is The Market Wrong About Yelp Inc. (NYSE:YELP)?

股票下跌但基本面穩固:市場對yelp inc(紐交所:YELP)錯了嗎?
Simply Wall St ·  10/30 20:45

Yelp (NYSE:YELP) has had a rough three months with its share price down 5.3%. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Yelp's ROE today.

Yelp (紐交所:YELP) 過去三個月股價下跌5.3%。然而,股價通常受到公司長期財務表現的影響,而在這種情況下,前景看起來相當有希望。特別是,今天我們將關注Yelp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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.

股本回報率或roe是評估公司管理層如何有效利用公司資本的關鍵指標。簡而言之,ROE顯示每美元股東投資所產生的利潤。

How Is ROE Calculated?

淨資產收益率怎麼計算?

The formula for ROE is:

roe的公式是:

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 Yelp is:

所以,根據以上公式,Yelp的roe爲:

19% = US$138m ÷ US$735m (Based on the trailing twelve months to June 2024).

19% = 美元13800萬 ÷ 美元73500萬 (基於截至2024年6月的過去十二個月)。

The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.19 in profit.

'回報'是年度利潤。概念化這一點的一種方式是,對於每1美元的股東資本,公司獲利0.19美元。

What Is The Relationship Between ROE And Earnings Growth?

ROE與盈利增長之間的關係是什麼?

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.

迄今爲止,我們已經了解到roe是公司盈利能力的一種衡量方式。根據公司重新投資或保留這些利潤的數量,以及有效程度,我們能夠評估公司的盈利增長潛力。一般來說,其他條件相同的情況下,具有高roe和盈利保留能力的公司比沒有這些特徵的公司的增長率更高。

Yelp's Earnings Growth And 19% ROE

Yelp的盈利增長和19%的roe

At first glance, Yelp seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 6.7%. This certainly adds some context to Yelp's exceptional 35% net income growth seen over the past five years. We believe that there might also be other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.

乍看之下,Yelp的roe似乎還不錯。此外,該公司的roe與行業平均水平6.7%相比表現得非常好。這無疑爲過去五年中Yelp異常的35%淨利潤增長增添了一些背景。我們相信,可能還有其他積極影響公司盈利增長的方面。比如,該公司的股息支付比率較低或者在有效管理。

Next, on comparing with the industry net income growth, we found that Yelp's growth is quite high when compared to the industry average growth of 9.1% in the same period, which is great to see.

接下來,與行業淨利潤增長相比,我們發現Yelp的增長在同一時期要比行業平均增長率9.1%高得多,這是一個好的跡象。

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NYSE:YELP Past Earnings Growth October 30th 2024
紐交所:YELP過去的盈利增長,2024年10月30日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. 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 Yelp is trading on a high P/E or a low P/E, relative to its industry.

公司的價值評估很大程度上取決於其盈利增長。 對於投資者來說,了解市場是否已經將公司預期的盈利增長(或下降)計入價格是很重要的。 這有助於他們判斷股票是處於光明還是黯淡的未來。 預期盈利增長的一個很好指標是市盈率,它根據公司盈利前景確定市場願意支付的股價。 因此,您可能需要檢查Yelp的市盈率是高還是低,相對於其所屬行業。

Is Yelp Using Its Retained Earnings Effectively?

Yelp是否有效利用保留盈利?

Yelp 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 high earnings growth number that we discussed above.

Yelp目前不支付任何定期股息,這基本上意味着它一直在將所有利潤重新投資到業務中。 這絕對有助於上面討論的高盈利增長數字。

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 feel that Yelp's performance has been quite good. 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. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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,我們覺得Yelp的表現相當不錯。 特別是,我們喜歡公司在業務上的大量再投資,並且以很高的回報率。 毫不奇怪,這導致了令人印象深刻的盈利增長。 鑑於此,對最新分析師預測的研究顯示,預計該公司未來的盈利增長會放緩。 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? 點擊這裏查看我們公司分析師的預測頁面。

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。

譯文內容由第三人軟體翻譯。


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