Grocery Outlet Holding Corp.'s (NASDAQ:GO) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Grocery Outlet Holding Corp.'s (NASDAQ:GO) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
It is hard to get excited after looking at Grocery Outlet Holding's (NASDAQ:GO) recent performance, when its stock has declined 18% over the past three months. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Grocery Outlet Holding's ROE.
Grocery Outlet Holding（納斯達克：GO）近3個月股價下跌18％，因此很難爲其業績感到興奮。然而，股票價格通常是長期以來公司財務狀況所驅動的，在這種情況下，其財務狀況相當可觀。本文將重點關注Grocery Outlet Holding的roe。
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.
roe或權益回報率是評估公司有效利用股東投資產生回報效率的有用工具。簡而言之，roe顯示每個股東投資所產生的利潤。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
The formula for return on equity is:
權益回報率的計算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Grocery Outlet Holding is:
因此，根據上述公式，Grocery Outlet Holding的權益回報率爲：
5.3% = US$65m ÷ US$1.2b (Based on the trailing twelve months to March 2024).
5.3％= 6,500萬美元 ÷ 12億美元（截至2024年3月的過去12個月）。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.05.
'回報'是每年的利潤。 這意味着，對於每1美元股東的投資，該公司能夠產生0.05美元的利潤。
What Has ROE Got To Do With Earnings Growth?
ROE與盈利增長有什麼關係？
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 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.
因此，我們已經了解到roe是衡量公司利潤率的有效方法。根據公司重新投資或“保留”這些收益的程度以及其有效程度，我們就能評估公司的盈利增長潛力。假設其他條件相同，權益回報率和利潤保留越高的公司通常比沒有相同特點的公司具有更快的增長率。
Grocery Outlet Holding's Earnings Growth And 5.3% ROE
Grocery Outlet Holding的盈利增長和5.3％的roe
When you first look at it, Grocery Outlet Holding'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 12%. Although, we can see that Grocery Outlet Holding saw a modest net income growth of 18% over the past five years. We reckon that there could be other factors at play here. Such as - high earnings retention or an efficient management in place.
當你第一次看它時，Grocery Outlet Holding的roe看起來並不那麼有吸引力。然後，我們將公司的roe與整個行業進行了比較，看到roe低於12％的行業平均水平，我們感到失望。儘管如此，我們可以看到Grocery Outlet Holding在過去五年中淨收入增長了18％。我們認爲這裏可能有其他因素。例如-高收益保留或有效的管理。
Next, on comparing with the industry net income growth, we found that Grocery Outlet Holding'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，我們與行業淨收入增長進行了比較，發現Grocery Outlet Holding的增長相當高，與同期行業平均增長率15％相比表現出色。
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. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Grocery Outlet Holding's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
評估公司價值的基礎在很大程度上與其收益增長有關。投資者應該試圖確定預期的收益增長或下降（不管情況如何）是否已經定價。這樣做將有助於他們確定該股票的未來前景是具有吸引力還是不祥。如果您想了解有關Grocery Outlet Holding的估值的更多信息，請查看其市盈率與行業的比較。
Is Grocery Outlet Holding Making Efficient Use Of Its Profits?
Grocery Outlet Holding是否有效地利用其利潤？
Grocery Outlet Holding 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.
Grocery Outlet Holding目前沒有支付任何定期股息，這基本上意味着它一直在將所有利潤重新投入業務。這肯定有助於上述不錯的盈利增長。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
On the whole, we do feel that Grocery Outlet Holding has some positive attributes. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. We also studied the latest analyst forecasts and found that the company's earnings growth is expected be similar to its current growth rate. 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，我們認爲Grocery Outlet Holding有一些積極的特點。由於高比例的再投資，儘管roe較低，但該公司的淨收入實現了相當大的增長。我們還研究了最新的分析師預測，並發現該公司的盈利增長預計與其當前的增長率相似。要了解有關該公司的最新分析師預測的更多信息，請查看該公司的分析師預測可視化。
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