THOR Industries, Inc.'s (NYSE:THO) Has Had A Decent Run On The Stock Market: Are Fundamentals In The Driver's Seat?
THOR Industries, Inc.'s (NYSE:THO) Has Had A Decent Run On The Stock Market: Are Fundamentals In The Driver's Seat?
Most readers would already know that THOR Industries' (NYSE:THO) stock increased by 9.8% over the past three months. Given that stock prices are usually aligned with a company's financial performance in the long-term, we decided to investigate if the company's decent financials had a hand to play in the recent price move. In this article, we decided to focus on THOR Industries' ROE.
大多數讀者可能已經知道,索爾工業(NYSE:THO)的股價在過去三個月內上漲了9.8%。考慮到股價通常與公司的長期財務表現相一致,我們決定調查該公司良好的財務狀況是否對最近股價變動起到影響。在本文中,我們決定專注於索爾工業的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.
淨資產收益率或roe是用來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顯示了每一美元投資在股東投資方面產生的利潤。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
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(來自持續經營) ÷ 股東權益
So, based on the above formula, the ROE for THOR Industries is:
因此,根據上述公式,索爾工業的roe爲:
6.5% = US$265m ÷ US$4.1b (Based on the trailing twelve months to July 2024).
6.5% = 26500萬美元 ÷ 41億美元(基於截至2024年7月的過去十二個月)。
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 $0.07 in profit.
『回報』指的是公司過去一年的收益。概念化的一種理解方式是,對於公司每1美元的股東資本,公司賺取了0.07美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
What Is The Relationship Between ROE And Earnings Growth?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
到目前爲止,我們已經了解到ROE衡量了公司創造利潤的效率。現在我們需要評估公司爲未來增長「保留」的利潤量,然後我們就能了解公司的增長潛力。如果一切都相等,那麼ROE和利潤保留都更高的公司通常比沒有這些特徵的公司增長率更高。
A Side By Side comparison of THOR Industries' Earnings Growth And 6.5% ROE
THOR Industries的收益增長和6.5%的roe的並列表比
When you first look at it, THOR Industries' ROE doesn't look that attractive. Next, when compared to the average industry ROE of 15%, the company's ROE leaves us feeling even less enthusiastic. THOR Industries was still able to see a decent net income growth of 10% over the past five years. So, there might be other aspects that are positively influencing the company's earnings growth. 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.
當您第一次看到它時,THOR Industries的roe看起來並不那麼吸引人。接下來,與行業平均roe15%相比,公司的roe讓我們感到更不熱情。THOR Industries在過去五年仍然能夠看到10%的淨利潤增長。因此,可能會有其他一些積極影響公司收益增長的因素。例如,公司的管理可能做出了一些明智的戰略決策,或者公司的資金支付比率較低。
Next, on comparing with the industry net income growth, we found that THOR Industries' reported growth was lower than the industry growth of 18% over the last few years, which is not something we like to see.
接下來,與行業淨收入增長相比,我們發現THOR Industries報告的增長低於過去幾年行業18%的增長,這不是我們樂意看到的。
Earnings growth is an important metric to consider when valuing a stock. 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. Is THO fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增長是估值股票時需要考慮的重要指標。投資者需要判斷的下一步是,預期的盈利增長,或者缺乏盈利增長,是否已經融入股價之中。這樣做將有助於他們判斷股票的未來是看漲還是看跌。THO的價值是否公平?關於公司內在價值的信息圖表包含了您需要了解的一切。
Is THOR Industries Making Efficient Use Of Its Profits?
THOR Industries是否充分利用其利潤?
THOR Industries' three-year median payout ratio to shareholders is 14% (implying that it retains 86% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
THOR Industries的三年股東中位數派息比率爲14%(意味着保留了86%的收入),屬於較低水平,因此似乎管理層正在大量 reinvest profits heavily 來發展業務。
Besides, THOR Industries has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 23% over the next three years. Still, forecasts suggest that THOR Industries' future ROE will rise to 10% even though the the company's payout ratio is expected to rise. We presume that there could some other characteristics of the business that could be driving the anticipated growth in the company's ROE.
此外,THOR Industries至少連續十年以上支付股息。這表明該公司致力於與股東分享利潤。我們最新的分析師數據顯示,公司未來的派息比率預計將在未來三年內上升至23%。儘管公司的派息比率預計上升,但預測顯示THOR Industries未來的roe將上升至10%。我們推測公司業務的其他特徵可能推動了公司roe的預期增長。
Conclusion
結論
On the whole, we do feel that THOR Industries has some positive attributes. That is, a decent growth in earnings backed by a high rate of reinvestment. However, we do feel that that earnings growth could have been higher if the business were to improve on the low ROE rate. Especially given how the company is reinvesting a huge chunk of its profits. 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.
總體而言,我們認爲索爾工業具有一些積極的特點。也就是說,盈利增長穩健,受到高比率再投資的支持。然而,我們認爲,如果業務能提高低roe率,盈利增長可能會更高。尤其是考慮到公司正在大量再投資利潤。有鑑於此,最新的行業分析師預測顯示,公司的盈利預計將加速增長。這些分析師的期望是基於對整個行業的廣泛預期呢,還是基於公司的基本面?單擊此處,查看我們公司的分析師預測頁面。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。