PPG Industries, Inc.'s (NYSE:PPG) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
PPG Industries, Inc.'s (NYSE:PPG) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 10% over the past three months, it is easy to disregard PPG Industries (NYSE:PPG). 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 PPG Industries' ROE.
PPG工業（紐交所：PPG）過去三個月股票下跌10％，容易被忽視。 然而，股票價格通常受公司長期的財務狀況推動，而在這種情況下，看起來相當可觀。 在本文中，我們決定關注PPG Industries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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe，即淨資產收益率，是一種評估公司如何有效地從股東手中獲取投資回報的有用工具。換句話說，它是一種盈利能力比率，衡量公司股東提供的資本的回報率。
How Is ROE Calculated?
淨資產收益率怎麼計算？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 PPG Industries is:
因此，根據上述公式，PPG工業的ROE爲：
18% = US$1.4b ÷ US$8.1b (Based on the trailing twelve months to March 2024).
18％= US$1.4b÷US$8.1b（基於截至2024年3月的過去十二個月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.18 in profit.
“回報”是指企業在過去一年中獲得的收入。這意味着對於每1美元的股東權益，公司可以創造0.18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。
So far, we've learned that ROE is a measure of a company's profitability. 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，我們已經了解了ROE是衡量公司盈利能力的一種指標。根據公司選擇重新投資或“保留”的利潤數量，我們能夠評估公司未來產生利潤的能力。一般而言，其他條件相等的情況下，具有高股東回報率和利潤保留能力的公司比不具備這些屬性的公司具有更高的增長率。
PPG Industries' Earnings Growth And 18% ROE
PPG工業的盈利增長和18％的ROE
To begin with, PPG Industries seems to have a respectable ROE. On comparing with the average industry ROE of 10% the company's ROE looks pretty remarkable. However, we are curious as to how the high returns still resulted in flat growth for PPG Industries in the past five years. Therefore, there could be some other aspects that could potentially be preventing the company from growing. For example, it could be that the company has a high payout ratio or the business has allocated capital poorly, for instance.
首先，PPG工業似乎具有可觀的ROE。與業界平均ROE（10％）相比，該公司的ROE看起來相當引人注目。但是，我們很好奇高回報仍然導致PPG工業在過去五年中保持了平穩增長。因此，可能存在其他可能阻止公司增長的因素。例如，公司可能有高的派息比率或業務配置資本不當，等等。
As a next step, we compared PPG Industries' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 14% in the same period.
接下來，我們將PPG Industries的淨收入增長與該行業進行了比較，並看到公司的增長低於同一時期14％的行業平均增長，令人失望。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for PPG? You can find out in our latest intrinsic value infographic research report.
盈利增長是股票估值的一個重要因素。投資者需要下一步判斷預期的盈利增長或其缺乏是否已經融入股價。通過這樣做，他們就會知道股票是否會進入清晰的藍色水域，還是會進入沼澤水域。市場是否已經爲PPG的未來展望定價？您可以在我們的最新內在價值信息圖研究報告中了解。
Is PPG Industries Efficiently Re-investing Its Profits?
PPG工業是否高效地重新投資其利潤？
Despite having a moderate three-year median payout ratio of 44% (meaning the company retains56% of profits) in the last three-year period, PPG Industries' earnings growth was more or les flat. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
儘管在過去三年的中位數派息比率爲44％（即公司保留利潤的56％），但PPG工業的盈利增長或多或少停滯不前。因此，這方面可能存在其他說明。例如，公司的業務可能正在惡化。
In addition, PPG Industries has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 30% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 26%, over the same period.
此外，PPG Industries已經連續至少十年支付股息，這表明就算以業務增長爲代價，保持派息也是管理層更加重視的事項。我們最新的分析數據顯示，公司未來的派息比率預計會在未來三年內下降至30％。因此，派息比率的預期下降解釋了同期公司ROE預計增加至26％的原因。
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 feel that PPG Industries certainly does have some positive factors to consider. 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. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總體而言，我們認爲PPG工業確實有一些要考慮的積極因素。然而，低盈利增長有點令人擔憂，特別是考慮到公司具有高回報率並正在重投其利潤的情況下。看起來，可能還存在其他未必由業務控制的因素阻止增長。話雖如此，從當前分析師預測來看，我們發現該公司的盈利預計將會增長。要了解有關該公司未來盈利增長預測的更多信息，請查看此免費報告的分析師預測。
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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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。