Penumbra, Inc.'s (NYSE:PEN) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Penumbra, Inc.'s (NYSE:PEN) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Penumbra (NYSE:PEN) has had a rough three months with its share price down 22%. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study Penumbra's ROE in this article.
Penumbra（紐約證券交易所代碼：PEN）經歷了艱難的三個月，其股價下跌了22％。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。具體而言，我們決定在本文中研究Penumbra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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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，它是衡量公司股東提供的資本回報率的盈利比率。
How Is ROE Calculated?
ROE 是如何計算的？
The formula for ROE is:
ROE 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 Penumbra is:
因此，根據上述公式，Penumbra的投資回報率爲：
7.8% = US$93m ÷ US$1.2b (Based on the trailing twelve months to March 2024).
7.8% = 9,300萬美元 ÷ 12億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.08 in profit.
“回報” 是過去十二個月的利潤。另一種思考方式是，公司每持有價值1美元的股權，就能獲得0.08美元的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係？
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。
Penumbra's Earnings Growth And 7.8% ROE
Penumbra 的收益增長和 7.8% 的投資回報率
At first glance, Penumbra's ROE doesn't look very promising. Next, when compared to the average industry ROE of 11%, the company's ROE leaves us feeling even less enthusiastic. However, the moderate 18% net income growth seen by Penumbra over the past five years is definitely a positive. So, the growth in the company's earnings could probably have been caused by other variables. 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.
乍一看，Penumbra的投資回報率看起來並不十分樂觀。接下來，與11％的行業平均投資回報率相比，該公司的投資回報率使我們感到不那麼熱情。但是，Penumbra在過去五年中實現的18％的溫和淨收入增長絕對是積極的。因此，公司收益的增長可能是由其他變量造成的。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 Penumbra's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 9.8%.
下一步，我們將Penumbra的淨收入增長與該行業進行了比較，令人高興的是，我們發現該公司的增長高於行業平均增長9.8％。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for PEN? You can find out in our latest intrinsic value infographic research report.
收益增長是股票估值的重要因素。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。通過這樣做，他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。市場對PEN的未來展望進行了定價嗎？您可以在我們最新的內在價值信息圖研究報告中找到答案。
Is Penumbra Using Its Retained Earnings Effectively?
Penumbra 能否有效使用其留存收益？
Penumbra 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 decent earnings growth number that we discussed above.
Penumbra目前不支付任何定期股息，這實質上意味着它一直在將所有利潤再投資於該業務。這無疑有助於實現我們上面討論的可觀的收入增長數字。
Summary
摘要
In total, it does look like Penumbra has some positive aspects to its business. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，Penumbra的業務看起來確實有一些積極的方面。儘管回報率很低，但該公司將其利潤的很大一部分再投資於其業務這一事實無疑促進了其高收益增長。話雖如此，從分析師目前的估計來看，我們發現該公司的收益有望增強。要詳細了解分析師對公司的最新預測，請查看該公司的分析師預測的可視化。
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