Declining Stock and Decent Financials: Is The Market Wrong About ICF International, Inc. (NASDAQ:ICFI)?
Declining Stock and Decent Financials: Is The Market Wrong About ICF International, Inc. (NASDAQ:ICFI)?
It is hard to get excited after looking at ICF International's (NASDAQ:ICFI) recent performance, when its stock has declined 29% over the past three months. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on ICF International's ROE.
在看到ICF國際(納斯達克:ICFI)最近的表現後,令人難以激動,因爲其股票在過去三個月中下跌了29%。然而,股票價格通常是由公司的財務狀況在長期內驅動的,在這種情況下,情況看起來相當不錯。在本文中,我們決定專注於ICF國際的ROE。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
ROE或權益回報率是一個有用的工具,用於評估公司如何有效地利用從股東那裏獲得的投資來產生回報。簡而言之,ROE顯示每一美元投資生成的利潤與其股東投資的關係。
How Do You Calculate Return On Equity?
如何計算股本回報率?
Return on equity can be calculated by using the formula:
淨資產收益率可以通過以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股東權益回報率 = 凈利潤(來自持續運營)÷ 股東權益
So, based on the above formula, the ROE for ICF International is:
所以,根據上述公式,ICF國際的ROE爲:
11% = US$108m ÷ US$976m (Based on the trailing twelve months to September 2024).
11% = 10800萬美元 ÷ 97600萬美元(基於截至2024年9月的過去十二個月)。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.11 in profit.
「回報」是指業務在過去一年中賺取的收入。一種概念化的方法是,對於其每1美元的股東資本,該公司賺取了0.11美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
What Is The Relationship Between ROE And Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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是衡量公司盈利能力的指標。我們現在需要評估公司爲未來增長再投資或「保留」的利潤,這將給我們提供關於公司增長潛力的想法。假設其他條件相同,擁有更高股東權益回報率和更高利潤留存的公司通常在與不具備相同特徵的公司比較時,增長率更高。
ICF International's Earnings Growth And 11% ROE
ICF國際的盈利增長與11%的ROE
To start with, ICF International's ROE looks acceptable. Even so, when compared with the average industry ROE of 20%, we aren't very excited. However, the moderate 8.0% net income growth seen by ICF International over the past five years is definitely a positive. Therefore, the growth in earnings could probably have been caused by other variables. For instance, the company has a low payout ratio or is being managed efficiently. Bear in mind, the company does have a respectable level of ROE. It is just that the industry ROE is higher. So this also provides some context to the earnings growth seen by the company.
首先,ICF國際的ROE看起來是可以接受的。儘管如此,與行業平均ROE 20%相比,我們並不感到十分興奮。然而,ICF國際在過去五年中實現的8.0%的凈利潤增長確實是一個積極的信號。因此,盈利增長可能是由其他因素造成的。例如,公司低的分紅派息比率或高效的管理。請記住,公司確實有一個令人尊敬的ROE水平。只是行業的ROE更高。因此,這也爲公司所看到的盈利增長提供了一些背景。
We then compared ICF International's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 11% in the same 5-year period, which is a bit concerning.
然後,我們將ICF國際的凈利潤增長與行業進行了比較,發現公司在同一五年期間的增長數字低於11%的行業平均增長率,這讓人有些擔憂。
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. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about ICF International's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是評估股票時需要考慮的重要指標。投資者需要判斷的下一個問題是,預期的盈利增長或缺乏盈利增長是否已經反映在股價中。這將幫助他們判斷該股票未來是光明還是黯淡。如果你想了解ICF國際的估值,可以查看其市盈率與行業的對比。
Is ICF International Using Its Retained Earnings Effectively?
ICF國際有效利用其留存收益嗎?
ICF International has a low three-year median payout ratio of 15%, meaning that the company retains the remaining 85% of its profits. This suggests that the management is reinvesting most of the profits to grow the business.
ICF國際的三年中位數派息率爲15%,這意味着公司保留了剩餘的85%的利潤。這表明管理層正在將大部分利潤再投資以發展業務。
Additionally, ICF International has paid dividends over a period of seven years which means that the company is pretty serious about sharing its profits with shareholders.
此外,ICF國際在七年的期間內支付了分紅,這意味着該公司非常認真地與股東分享利潤。
Conclusion
結論
Overall, we feel that ICF International certainly does have some positive factors to consider. Specifically, we like that the company is reinvesting a huge chunk of its profits at a respectable rate of return. This of course has caused the company to see a good amount of growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言,我們認爲ICF國際確實有一些值得考慮的積極因素。具體來說,我們喜歡公司以相當可觀的回報率再投資其大量利潤。這當然導致公司盈利有了良好的增長。儘管如此,最新的行業分析師預測顯示公司盈利有望加速增長。要了解有關公司的最新分析師預測,請查看此可視化的公司分析師預測圖。
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