Should Weakness in N-able, Inc.'s (NYSE:NABL) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in N-able, Inc.'s (NYSE:NABL) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
With its stock down 8.2% over the past three months, it is easy to disregard N-able (NYSE:NABL). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Particularly, we will be paying attention to N-able's ROE today.
N-able（紐約證券交易所代碼：NABL）的股票在過去三個月中下跌了8.2％，很容易被忽視。但是，如果你密切關注，你可能會發現其關鍵財務指標看起來相當不錯，考慮到市場通常會獎勵更具彈性的長期基本面，這可能意味着該股有可能在長期內上漲。特別是，我們今天將關注N-able的投資回報率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for N-able is:
因此，根據上述公式，N-able 的投資回報率爲：
3.3% = US$23m ÷ US$711m (Based on the trailing twelve months to December 2023).
3.3% = 2300萬美元 ÷ 7.11億美元（基於截至2023年12月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.03 in profit.
“回報” 是指公司去年的收益。另一種看法是，每持有價值1美元的股權，該公司就能獲得0.03美元的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前爲止，我們已經了解到，投資回報率衡量的是公司創造利潤的效率。根據公司選擇將多少利潤進行再投資或 “保留”，我們便能夠評估公司未來創造利潤的能力。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
A Side By Side comparison of N-able's Earnings Growth And 3.3% ROE
N-able的收益增長和3.3％的投資回報率的並排比較
As you can see, N-able's ROE looks pretty weak. Not just that, even compared to the industry average of 12%, the company's ROE is entirely unremarkable. However, we we're pleasantly surprised to see that N-able grew its net income at a significant rate of 66% in the last five years. We reckon that there could be other factors at play here. Such as - high earnings retention or an efficient management in place.
如你所見，N-able的投資回報率看起來相當疲軟。不僅如此，即使與行業平均水平的12％相比，該公司的投資回報率也完全不引人注目。但是，我們驚喜地看到，在過去五年中，N-able的淨收入大幅增長了66％。我們認爲這裏可能還有其他因素在起作用。例如——高收益留存率或實行高效管理。
Next, on comparing with the industry net income growth, we found that N-able's growth is quite high when compared to the industry average growth of 15% in the same period, which is great to see.
接下來，與行業淨收入增長相比，我們發現與同期行業平均增長15％相比，N-able的增長相當高，這真是太好了。
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 NABL fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增長是對股票進行估值時要考慮的重要指標。投資者接下來需要確定的是，預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。NABL 的估值是否合理？這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is N-able Efficiently Re-investing Its Profits?
N-able 是否有效地將利潤再投資？
N-able doesn't pay any regular dividends to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.
N-able不定期向股東支付任何股息，這意味着該公司一直在將所有利潤再投資於該業務。這可能是推動上述高收益增長數字的原因。
Conclusion
結論
In total, it does look like N-able has some positive aspects to its business. 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. 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，看來N-able的業務確實有一些積極的方面。儘管回報率很低，但由於對業務進行了大量再投資，該公司的收益增長令人印象深刻。既然如此，對分析師最新預測的研究表明，預計該公司未來的收益增長將放緩。這些分析師的預期是基於對該行業的廣泛預期，還是基於公司的基本面？點擊此處進入我們分析師對公司的預測頁面。
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