Will Weakness in Autoliv, Inc.'s (NYSE:ALV) Stock Prove Temporary Given Strong Fundamentals?
Will Weakness in Autoliv, Inc.'s (NYSE:ALV) Stock Prove Temporary Given Strong Fundamentals?
It is hard to get excited after looking at Autoliv's (NYSE:ALV) recent performance, when its stock has declined 6.1% over the past week. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Specifically, we decided to study Autoliv's ROE in this article.
奧托立夫（NYSE:ALV）最近表現不佳，上週股價下跌了6.1％，因此很難讓人感到興奮。然而，股價通常受公司長期的財務表現驅動，在這種情況下，看起來相當有前途。具體來說，我們在本文中決定研究奧托立夫的roe。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
對於股東來說，股東回報率（ROE）是一個重要的考慮因素，因爲它告訴股東他們的資本被有效地再投資了多少。換句話說，它是一個衡量公司股東提供的資本回報率的盈利能力比率。
How Is ROE Calculated?
淨資產收益率怎麼計算？
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
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 Autoliv is:
因此，根據上述公式，奧托立夫的roe爲：
22% = US$541m ÷ US$2.4b (Based on the trailing twelve months to March 2024).
22％= 5,410萬美元÷ 24億美元（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. That means that for every $1 worth of shareholders' equity, the company generated $0.22 in profit.
“回報”是指過去十二個月的稅後收益。這意味着對於每1美元的股東權益，公司創造了0.22美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準，用於評估公司未來的盈利能力，我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少，這使我們對公司的增長潛力有了一個了解。一般而言，在其他條件相等的情況下，ROE和利潤留存高的公司，增長率比沒有這些屬性的公司要高。
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. 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.
我們已經確定ROE作爲公司未來收益的有效利潤生成度量。根據公司“保留”多少利潤以及它如何有效地保留利潤，我們能夠評估公司的收益增長潛力。假設其他所有條件相同，具有更高股東權益回報率和更高利潤保留的公司通常是與沒有相同特徵的公司相比增長速度更高的公司。
Autoliv's Earnings Growth And 22% ROE
奧托立夫的盈利增長與22％的roe
To start with, Autoliv's ROE looks acceptable. On comparing with the average industry ROE of 12% the company's ROE looks pretty remarkable. Probably as a result of this, Autoliv was able to see a decent growth of 12% over the last five years.
首先，奧托立夫的roe看起來可以接受。與12％的行業平均roe相比，公司的roe看起來相當出色。可能正因爲如此，奧托立夫能夠在過去五年中看到12％的良好增長。
As a next step, we compared Autoliv's net income growth with the industry and found that the company has a similar growth figure when compared with the industry average growth rate of 14% in the same period.
接下來，我們將奧托立夫的淨收入增長與行業進行了比較，並發現該公司在同期與行業平均增長率14％的增長數據基本相當。
Earnings growth is a huge factor in stock valuation. 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. Has the market priced in the future outlook for ALV? You can find out in our latest intrinsic value infographic research report.
盈利增長是股票估值的重要因素。對於投資者來說，了解市場是否已經定價公司預期的盈利增長（或下降）非常重要。這樣做將有助於他們確定股票的未來前景是光明還是黯淡。市場是否已經爲ALV定價了未來的前景？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 Autoliv Using Its Retained Earnings Effectively?
奧托立夫是否有效利用其留存收益？
While Autoliv has a three-year median payout ratio of 53% (which means it retains 47% of profits), the company has still seen a fair bit of earnings growth in the past, meaning that its high payout ratio hasn't hampered its ability to grow.
雖然奧托立夫在過去的三年中具有53％的中位數支付比率（這意味着它保留了47％的利潤），但該公司過去仍然看到了相當大的盈利增長，這意味着其高支付比率並沒有妨礙其增長能力。
Additionally, Autoliv has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 25% over the next three years. As a result, the expected drop in Autoliv's payout ratio explains the anticipated rise in the company's future ROE to 33%, over the same period.
此外，奧托立夫在至少十年的時間內支付了股息，這意味着該公司非常注重與股東分享利潤。在研究最新的分析師共識數據時，我們發現公司未來的支付比率預計將在未來三年內降至25％。因此，奧托立夫支付比率的預期下降解釋了同期公司未來roe的預期上升到33％。
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。
Overall, we are quite pleased with Autoliv's performance. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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，我們對奧托立夫的表現感到相當滿意。特別是它的高roe非常值得注意，也是其相當大的盈利增長的可能解釋。然而，該公司仍保留了少量利潤。這意味着儘管如此，公司仍能夠增長其收益，這也不錯。話雖如此，看着目前的分析師估計，我們發現公司的收益預計將獲得動力。這些分析師預測基於行業廣泛的預期，還是基於公司的基本面？單擊此處轉到我們的分析師預測頁面，了解更多信息。
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