Could The Market Be Wrong About PriceSmart, Inc. (NASDAQ:PSMT) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About PriceSmart, Inc. (NASDAQ:PSMT) Given Its Attractive Financial Prospects?
It is hard to get excited after looking at PriceSmart's (NASDAQ:PSMT) recent performance, when its stock has declined 8.8% over the past month. 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 PriceSmart's ROE in this article.
在看了PriceSmart（NASDAQ：PSMT）最近一個月下跌8.8％的表現後，很難感到興奮。然而，股票價格通常是由公司長期的財務表現推動的，在這種情況下，看起來相當有前途。具體而言，我們決定在本文中研究PriceSmart的ROE。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（roe）是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之，它是一種利潤率，衡量由公司股東提供的資本的回報率。
How Do You Calculate Return On Equity?
怎樣計算ROE?
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 PriceSmart is:
因此，根據上述公式，PriceSmart的ROE爲：
11% = US$122m ÷ US$1.1b (Based on the trailing twelve months to February 2024).
11％=US $122m÷US $1.1b（截至2024年2月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.11 in profit.
“回報”是稅後在過去十二個月內賺取的金額。一個概念化的方法是，對於每1美元股東資本，公司可獲利0.11美元。
Why Is ROE Important For Earnings Growth?
ROE對於盈利增長的重要性是什麼？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
我們已經確定，roe是一種有效的盈利增長衡量標準，用於評估公司未來盈利的能力，根據公司選擇重新投資或“保留”其利潤的數量，我們可以評估公司未來的盈利能力。假設其他一切不變，roe和利潤保留越高，與沒有這些特徵的公司相比，公司的增長速度就越高。
PriceSmart's Earnings Growth And 11% ROE
PriceSmart的盈利增長和11％的ROE
To start with, PriceSmart's ROE looks acceptable. Further, the company's ROE is similar to the industry average of 12%. This probably goes some way in explaining PriceSmart's moderate 10% growth over the past five years amongst other factors.
首先，PriceSmart的ROE看起來可接受。此外，公司的ROE與行業平均水平相似，均爲12％。這或多或少解釋了PriceSmart在過去五年中適度的10％增長等其他因素。
As a next step, we compared PriceSmart's 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PriceSmart的淨收入增長與行業進行比較，很失望地發現該公司的增長低於同期14％的行業平均增長率。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. 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 PSMT? You can find out in our latest intrinsic value infographic research report.
盈利增長是估值股票時需要考慮的重要指標。投資者應嘗試確定預期收益增長或下降是否已定價。通過這樣做，他們將了解股票是進入清澈的藍色水域還是等待沼澤水域。市場是否已經爲PSMT的未來前景定價？您可以在我們的最新內在價值信息圖研究報告中了解更多信息。
Is PriceSmart Making Efficient Use Of Its Profits?
PriceSmart是否有效利用其利潤？
PriceSmart has a low three-year median payout ratio of 24%, meaning that the company retains the remaining 76% of its profits. This suggests that the management is reinvesting most of the profits to grow the business.
PriceSmart的三年中位數股息支付比率低至24％，這意味着公司保留其利潤的其餘76％。這表明管理層正在重新投資大部分利潤以推動業務增長。
Moreover, PriceSmart is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years.
此外，根據其長期派發至少十年股息的歷史記錄，PriceSmart決心繼續與股東分享其利潤。
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 PriceSmart's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a respectable growth in its earnings. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言，我們對PriceSmart的表現感到相當滿意。特別是，看到公司大量投資業務，並且具有較高的回報率，導致其收益率可觀增長，這非常棒。在研究了當前的分析師預測後，我們發現分析師預計該公司將繼續其最近的增長勢頭。要了解有關該公司的最新分析師預測的更多信息，請查看此可視化分析師預測。
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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。