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Construction Partners, Inc.'s (NASDAQ:ROAD) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

Construction Partners, Inc.'s (NASDAQ:ROAD) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

建築合夥人有限公司”s(納斯達克股票代碼:ROAD)股票勢頭強勁:這是否需要對其財務前景進行更深入的研究?
Simply Wall St ·  05/23 00:11

Most readers would already be aware that Construction Partners' (NASDAQ:ROAD) stock increased significantly by 25% 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 study its financial indicators more closely to see if they had a hand to play in the recent price move. Particularly, we will be paying attention to Construction Partners' ROE today.

大多數讀者已經意識到,建築合夥人(納斯達克股票代碼:ROAD)的股票在過去三個月中大幅上漲了25%。鑑於股票價格通常與公司的長期財務表現一致,我們決定更仔細地研究其財務指標,看看它們在近期的價格走勢中是否有機會發揮作用。特別是,我們今天將關注建築合作伙伴的投資回報率。

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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.

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,它衡量公司相對於股東權益的盈利能力。

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 Construction Partners is:

因此,根據上述公式,建築合作伙伴的投資回報率爲:

12% = US$61m ÷ US$525m (Based on the trailing twelve months to March 2024).

12% = 6100萬美元 ÷ 5.25億美元(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. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.12.

“回報” 是過去十二個月的稅後收入。因此,這意味着公司每投資1美元,就會產生0.12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. 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 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,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。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。

A Side By Side comparison of Construction Partners' Earnings Growth And 12% ROE

建築合作伙伴的收益增長和12%的投資回報率的並排比較

To begin with, Construction Partners seems to have a respectable ROE. Even when compared to the industry average of 12% the company's ROE looks quite decent. Despite this, Construction Partners' five year net income growth was quite flat over the past five years. So, there could be some other aspects that could potentially be preventing the company from growing. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.

首先,建築合作伙伴的投資回報率似乎不錯。即使與12%的行業平均水平相比,該公司的投資回報率也相當不錯。儘管如此,建築夥伴的五年淨收入增長在過去五年中仍相當平緩。因此,可能還有其他一些方面可能會阻礙公司的發展。例如,該公司將其收益的很大一部分作爲股息支付,或者面臨競爭壓力。

We then compared Construction Partners' net income growth with the industry and found that the average industry growth rate was 20% in the same 5-year period.

然後,我們將建築合作伙伴的淨收入增長與該行業進行了比較,發現同期的行業平均增長率爲20%。

past-earnings-growth
NasdaqGS:ROAD Past Earnings Growth May 22nd 2024
納斯達克GS:盈利增長之路 2024年5月22日

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Construction Partners''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.

爲公司附加價值的基礎在很大程度上與其收益增長息息相關。無論情況如何,投資者都應設法確定預期的收益增長或下降是否已計入其中。通過這樣做,他們將知道股票是走向清澈的藍色海水,還是沼澤的水域在等着你。如果你想知道建築合夥人的估值,可以看看這個衡量其市盈率與行業相比的指標。

Is Construction Partners Making Efficient Use Of Its Profits?

建築合作伙伴是否在有效利用其利潤?

Construction Partners doesn't pay any regular dividends, meaning that potentially all of its profits are being reinvested in the business. However, this doesn't explain why the company hasn't seen any growth. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.

Construction Partners不支付任何定期股息,這意味着其所有利潤都可能被再投資於該業務。但是,這並不能解釋爲什麼該公司沒有實現任何增長。因此,在這方面可能還有其他解釋。例如,該公司的業務可能正在惡化。

Conclusion

結論

In total, it does look like Construction Partners has some positive aspects to its business. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. 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,建築合作伙伴的業務看起來確實有一些積極的方面。但是,低收益增長有點令人擔憂,特別是考慮到該公司的回報率很高,並且正在將很大一部分利潤再投資。從表面上看,可能還有其他一些因素阻礙了增長,這些因素不一定是業務的控制。話雖如此,我們研究了分析師的最新預測,發現儘管該公司過去曾縮減收益,但分析師預計其未來收益將增長。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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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