Could The Market Be Wrong About IDEX Corporation (NYSE:IEX) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About IDEX Corporation (NYSE:IEX) Given Its Attractive Financial Prospects?
With its stock down 11% over the past three months, it is easy to disregard IDEX (NYSE:IEX). However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Specifically, we decided to study IDEX's ROE in this article.
由於其股價在過去三個月中下跌了11％，因此很容易忽視IDEX（紐約證券交易所代碼：IEX）。但是，仔細觀察其穩健的財務狀況可能會讓你重新考慮。鑑於基本面通常會推動長期市場業績，因此該公司值得關注。具體而言，我們決定在本文中研究IDEX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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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。簡而言之，它用於評估公司相對於其股權資本的盈利能力。
How Is ROE Calculated?
ROE 是如何計算的？
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 IDEX is:
因此，根據上述公式，IDEX的投資回報率爲：
16% = US$577m ÷ US$3.6b (Based on the trailing twelve months to March 2024).
16% = 5.77億美元 ÷ 36億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.16 in profit.
“回報” 是每年的利潤。將其概念化的一種方法是，公司每擁有1美元的股東資本，就能獲得0.16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？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
我們已經確定，投資回報率是衡量公司未來收益的有效盈利指標。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。一般而言，在其他條件相同的情況下，股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
IDEX's Earnings Growth And 16% ROE
IDEX的收益增長和16％的投資回報率
To start with, IDEX's ROE looks acceptable. Even when compared to the industry average of 14% the company's ROE looks quite decent. This probably goes some way in explaining IDEX's moderate 10% growth over the past five years amongst other factors.
首先，IDEX的投資回報率似乎可以接受。即使與行業平均水平的14％相比，該公司的投資回報率也相當不錯。這可能在某種程度上解釋了IDEX在過去五年中溫和的10％增長以及其他因素。
Next, on comparing with the industry net income growth, we found that IDEX's growth is quite high when compared to the industry average growth of 8.0% 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IDEX的增長與同期8.0％的行業平均增長率相比相當高，這真是太好了。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is IEX fairly valued? This infographic on the company's intrinsic value has everything you need to know.
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。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。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。IEX 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 IDEX Efficiently Re-investing Its Profits?
IDEX 是否有效地將其利潤再投資？
IDEX has a healthy combination of a moderate three-year median payout ratio of 32% (or a retention ratio of 68%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
IDEX的三年派息率中位數爲32％（或68％的留存率）和可觀的收益增長（如上所示），這是一個健康的組合，這意味着該公司一直在有效利用其利潤。
Besides, IDEX has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 29%. Accordingly, forecasts suggest that IDEX's future ROE will be 17% which is again, similar to the current ROE.
此外，IDEX已經派發股息至少十年或更長時間。這表明該公司致力於與股東分享利潤。根據分析師的最新估計，我們發現該公司未來三年的派息率預計將穩定在29％。因此，預測表明，IDEX的未來投資回報率將爲17％，與當前的投資回報率相似。
Summary
摘要
Overall, we are quite pleased with IDEX's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. We also studied the latest analyst forecasts and found that the company's earnings growth is expected be similar to its current growth rate. 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，我們對IDEX的表現非常滿意。特別是，我們喜歡該公司對其業務進行大量再投資，而且回報率很高。毫不奇怪，這帶來了令人印象深刻的收益增長。我們還研究了最新的分析師預測，發現該公司的收益增長預計與其當前的增長率相似。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。