Should Weakness in F&G Annuities & Life, Inc.'s (NYSE:FG) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in F&G Annuities & Life, Inc.'s (NYSE:FG) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
With its stock down 12% over the past three months, it is easy to disregard F&G Annuities & Life (NYSE:FG). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to F&G Annuities & Life's ROE today.
由於其股票在過去三個月中下跌了12％，因此很容易忽視F＆G年金與人壽（紐約證券交易所代碼：FG）。但是，從長遠來看，股票價格通常由公司的財務狀況驅動，在這種情況下，這看起來相當可觀。特別是，我們今天將關注F&G年金和人壽的投資回報率。
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.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之，投資回報率顯示了每美元從其股東投資中產生的利潤。
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 F&G Annuities & Life is:
因此，根據上述公式，F&G年金和人壽的投資回報率爲：
6.9% = US$253m ÷ US$3.7b (Based on the trailing twelve months to March 2024).
6.9% = 2.53億美元 ÷ 37億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.07 in profit.
“回報” 是過去十二個月的稅後收入。對此進行概念化的一種方法是，該公司每擁有1美元的股東資本，就能獲得0.07美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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。然後，我們能夠評估公司的收益增長潛力，具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。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。
F&G Annuities & Life's Earnings Growth And 6.9% ROE
F&G 年金和人壽的收益增長和 6.9% 的投資回報率
When you first look at it, F&G Annuities & Life's ROE doesn't look that attractive. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 13%. However, the moderate 6.4% net income growth seen by F&G Annuities & Life over the past five years is definitely a positive. We reckon that there could be other factors at play here. 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.
當你第一次看時，F&G 年金與人壽的投資回報率看起來並不那麼吸引人。然後，我們將該公司的投資回報率與整個行業進行了比較，但對投資回報率低於行業平均水平的13％感到失望。但是，在過去五年中，F&G年金與人壽6.4％的溫和淨收入增長絕對是積極的。我們認爲這裏可能還有其他因素在起作用。例如，公司的管理層可能做出了一些良好的戰略決策，或者公司的派息率很低。
As a next step, we compared F&G Annuities & Life's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 8.4% in the same period.
下一步，我們將F&G Annuities & Life的淨收入增長與該行業進行了比較，並失望地看到該公司的增長低於同期8.4％的行業平均增長。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is F&G Annuities & Life fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是對股票進行估值時要考慮的重要指標。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。與其他公司相比，F&G年金與人壽的估值是否合理？這3種估值指標可能會幫助您做出決定。
Is F&G Annuities & Life Making Efficient Use Of Its Profits?
F&G 年金與人壽是否在有效利用其利潤？
F&G Annuities & Life has a healthy combination of a moderate LTM (or last twelve month) payout ratio of 41% (or a retention ratio of 59%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
如上所示，F&G Annuities & Life的LTM（或過去十二個月）派息率適中，爲41％（或59％的留存率），再加上可觀的收益增長，這意味着該公司一直在有效利用其利潤。
Along with seeing a growth in earnings, F&G Annuities & Life only recently started paying dividends. Its quite possible that the company was looking to impress its shareholders.
除了收益增長外，F&G 年金與人壽直到最近才開始派發股息。該公司很可能想給股東留下深刻的印象。
Summary
摘要
In total, it does look like F&G Annuities & Life has some positive aspects to its business. Specifically, its fairly high earnings growth number, which no doubt was backed by the company's high earnings retention. Still, the low ROE means that all that reinvestment is not reaping a lot of benefit to the investors. 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.
總的來說，F&G 年金與人壽的業務看起來確實有一些積極的方面。具體而言，其相當高的收益增長數字，這無疑得到了該公司高收益保留率的支持。儘管如此，低投資回報率意味着所有這些再投資並沒有給投資者帶來很多好處。話雖如此，最新的行業分析師預測顯示，該公司的收益有望加速。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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。