DT Midstream, Inc.'s (NYSE:DTM) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
DT Midstream, Inc.'s (NYSE:DTM) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
DT Midstream's (NYSE:DTM) stock is up by a considerable 16% over the past three months. However, we wonder if the company's inconsistent financials would have any adverse impact on the current share price momentum. Particularly, we will be paying attention to DT Midstream's ROE today.
在過去的三個月中，DT Midstream（紐交所：DTM）的股票上漲了16％。不過，我們想知道公司不一致的財務狀況是否會對當前的股價動力產生任何不利影響。特別是，我們將關注DT Midstream的roe今天。
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.
roe指股東權益回報率，是一種有用的工具，用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說，這衡量了一家公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是：
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 DT Midstream is:
因此，根據上述公式，DT Midstream的roe爲：
9.6% = US$412m ÷ US$4.3b (Based on the trailing twelve months to March 2024).
9.6％= US $ 412m ÷ US $ 4.3b（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. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.10 in profit.
“回報率”是過去十二個月的利潤。一個概念化這一點的方法是，對於每$1的股東資本投入，公司獲得$0.10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。
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. 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.
到目前爲止，我們已經了解到ROE衡量公司利潤的效率如何。基於公司選擇再投資或保留多少利潤，我們隨後能夠評估公司未來產生利潤的能力。總的來說，在其他條件相等的情況下，具有高ROE和利潤保留的公司的增長率比沒有這些特徵的公司要高。
DT Midstream's Earnings Growth And 9.6% ROE
DT Midstream的盈利增長和9.6％的roe
When you first look at it, DT Midstream's ROE doesn't look that attractive. Next, when compared to the average industry ROE of 18%, the company's ROE leaves us feeling even less enthusiastic. However, the moderate 11% net income growth seen by DT Midstream 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. Such as - high earnings retention or an efficient management in place.
初看起來，DT Midstream的roe並不那麼引人注目。接下來，與18％的行業平均roe相比，公司的roe讓我們感到更不熱情。然而，過去五年中DT Midstream看到的適度11％的淨利潤增長無疑是一個積極因素。因此，公司收益的增長很可能是由其他變量引起的。例如-高的盈餘保留或有效的管理措施。
Next, on comparing with the industry net income growth, we found that DT Midstream's reported growth was lower than the industry growth of 38% over the last few years, which is not something we like to see.
接下來，通過與行業淨利潤增長進行比較，我們發現DT Midstream報告的增長低於過去幾年的行業增長38％，這是我們不願意看到的。
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). This then helps them determine if the stock is placed for a bright or bleak future. Is DTM fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增長是股票估值的一個重要因素。投資者知道股市是否已經定價了公司預期的盈利增長（或衰退）非常重要。然後，這有助於他們確定股票是否適合光明或暗淡的未來。DTM是否定價合理？該公司內在價值的信息圖表可爲您提供一切所需。
Is DT Midstream Efficiently Re-investing Its Profits?
DT Midstream是否高效地再投資其利潤？
While DT Midstream has a three-year median payout ratio of 68% (which means it retains 32% 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DT Midstream具有三年的中位數支出比率爲68％（這意味着它保留了32％的利潤），但公司過去仍然看到了相當大的盈利增長，這意味着其高支出比率並沒有妨礙其增長能力。
Additionally, DT Midstream has paid dividends over a period of three years which means that the company is pretty serious about sharing its profits with 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 77%. Accordingly, forecasts suggest that DT Midstream's future ROE will be 10% which is again, similar to the current ROE.
此外，DT Midstream在三年期內支付了股息，這意味着公司非常重視與股東分享利潤。根據最新的分析師估計，我們發現公司未來三年的支付比率預計將保持穩定在77％。因此，預測表明DT Midstream的未來roe將是10％，這與當前的roe相似。
Conclusion
結論
Overall, we have mixed feelings about DT Midstream. Although the company has shown a fair bit of growth in earnings, the reinvestment rate is low. Meaning, the earnings growth number could have been significantly higher had the company been retaining more of its profits and reinvesting that at a higher rate of return. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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，我們對DT Midstream持有不同看法。儘管公司的盈利增長顯示出相當大的增長，但再投資率低。這意味着，如果該公司保留更多利潤並以更高的回報率再投資，則其盈利增長數字可能會更高。即便如此，對最新分析師預測的研究表明，該公司未來的盈利增長預計將放緩。要了解公司的最新分析師預測，請查看此分析師對公司預測的可視化。
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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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。