Are Robust Financials Driving The Recent Rally In Liquidity Services, Inc.'s (NASDAQ:LQDT) Stock?
Are Robust Financials Driving The Recent Rally In Liquidity Services, Inc.'s (NASDAQ:LQDT) Stock?
Liquidity Services (NASDAQ:LQDT) has had a great run on the share market with its stock up by a significant 14% over the last three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on Liquidity Services' ROE.
納斯達克的Liquidity Services股票在股市上連續表現不俗,過去三個月股價大漲14%。鑑於該公司出色的表現,我們決定更加密切地研究其財務指標,因爲公司的長期財務狀況通常決定了市場走勢。在本文中,我們決定着重關注Liquidity Services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 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)是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之,它是一種利潤率,衡量由公司股東提供的資本的回報率。
How Do You Calculate Return On Equity?
如何計算淨資產收益率?
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(來自持續經營) ÷ 股東權益
So, based on the above formula, the ROE for Liquidity Services is:
所以,根據上述公式,Liquidity Services的roe爲:
12% = US$20m ÷ US$172m (Based on the trailing twelve months to June 2024).
12% = 2000萬美元 ÷ 17200萬美元(截至2024年6月的過去十二個月)。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.12.
「回報」是企業過去一年的收入。這意味着,對於每美元股東的投資,公司會創造出0.12美元的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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,我們已經了解了roe是衡量公司盈利能力的一種指標。根據公司選擇重新投資或「保留」多少利潤,我們就能評估公司未來盈利的能力。一般來說,其他條件相同的情況下,具有高roe和盈利保留的公司比不具備這些屬性的公司增長率更高。
Liquidity Services' Earnings Growth And 12% ROE
Liquidity Services的盈利增長及12%的roe
At first glance, Liquidity Services seems to have a decent ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 11%. This certainly adds some context to Liquidity Services' exceptional 38% net income growth seen over the past five years. However, there could also be other drivers behind this growth. For instance, the company has a low payout ratio or is being managed efficiently.
乍一看,Liquidity Services的ROE似乎還不錯。 與行業橫向比較後,我們發現行業平均ROE在11%左右。這確實爲過去五年間Liquidity Services異常的38%淨利潤增長增添了一些背景。然而,這種增長背後也可能有其他因素。例如,公司的分紅派息比率較低或者運營效率較高。
We then compared Liquidity Services' 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 12% in the same 5-year period.
隨後我們將Liquidity Services的淨利潤增長與整個行業進行了比較,我們很高興地發現,公司的增長率高於同一5年時期行業的12%增長率。
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. This then helps them determine if the stock is placed for a bright or bleak future. What is LQDT worth today? The intrinsic value infographic in our free research report helps visualize whether LQDT is currently mispriced by the market.
對公司進行估值的基礎在很大程度上取決於其盈利增長。投資者需要判斷的是,預期的盈利增長或缺乏盈利增長是否已經融入股價中。這幫助他們判斷股票是面臨光明還是黯淡的未來。LQDt今天值多少?我們免費研究報告中的內在價值信息圖表有助於看出LQDt目前是否被市場錯定。
Is Liquidity Services Using Its Retained Earnings Effectively?
流動性服務公司是否有效利用了留存收益?
Liquidity Services 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.
流動性服務公司目前不支付常規的股息,基本上意味着它一直在將所有利潤重新投資到業務中。這絕對有助於上面提到的高盈利增長率。
Summary
總結
In total, we are pretty happy with Liquidity Services' performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. 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. 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,我們對流動性服務公司的表現相當滿意。特別是看到公司大舉投資到業務中,再加上高回報率,這導致了盈利規模的可觀增長。鑑於此,對最新分析師預測的研究顯示,預計公司將看到未來盈利增長放緩。要了解更多關於公司未來盈利增長預測的信息,請查看這份關於公司的分析師預測的免費報告。
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譯文內容由第三人軟體翻譯。