Is La-Z-Boy Incorporated's (NYSE:LZB) Recent Stock Performance Tethered To Its Strong Fundamentals?
Is La-Z-Boy Incorporated's (NYSE:LZB) Recent Stock Performance Tethered To Its Strong Fundamentals?
La-Z-Boy (NYSE:LZB) has had a great run on the share market with its stock up by a significant 18% over the last week. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. Particularly, we will be paying attention to La-Z-Boy's ROE today.
La-Z-Boy（紐交所：LZB）股票在股市上表現不俗，過去一週漲幅顯著，達到了18%。鑑於市場長期看好強勁的財務狀況，我們想知道這是否適用於此情況。尤其是，我們將留意La-Z-Boy的roe情況。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東權益回報率（ROE）是檢驗公司增加其價值和管理投資者資金有效性的測試。簡而言之，ROE顯示每個美元的利潤與其股東的投資有關。
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 La-Z-Boy is:
因此，基於上述公式，La-Z-Boy的ROE爲：
12% = US$125m ÷ US$1.0b (Based on the trailing twelve months to April 2024).
12% = US$125m ÷ US$1.0b （以2024年4月爲基礎的過去12個月的數據）。
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 $0.12 in profit.
“回報”就是公司在過去一年中賺取的收入。這意味着對於每1美元的股東權益，公司產生了0.12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. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
我們已經確認roe是一個有效的盈利指標，用於衡量公司未來的盈利能力。現在我們需要評估公司爲未來增長重新投資或“保留”的利潤有多少，這將給我們提供有關公司增長潛力的想法。假設其他一切相等，具有更高回報率和更高盈利保留的公司通常比沒有同樣特點的公司具有更高的增長率。
La-Z-Boy's Earnings Growth And 12% ROE
La-Z-Boy的盈利增長和12%的roe情況
At first glance, La-Z-Boy seems to have a decent ROE. Even when compared to the industry average of 15% the company's ROE looks quite decent. This probably goes some way in explaining La-Z-Boy's moderate 16% growth over the past five years amongst other factors.
乍一看，La-Z-Boy的roe相當不錯。即便與15%的行業平均水平相比，該公司的roe也相當不錯。這或許可以說明La-Z-Boy在過去五年中經歷了溫和的16%增長，在其他因素的幫助下。
As a next step, we compared La-Z-Boy'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 24% in the same period.
接下來，我們將La-Z-Boy的淨利潤增長與該行業進行了比較。遺憾的是，公司的增長低於同期行業平均增長率24%。
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. 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 LZB? You can find out in our latest intrinsic value infographic research report.
爲一家公司附加價值的基礎很大程度上取決於其盈利增長。投資者應該試圖確定預期的盈利增長或下降（無論哪種情況），是否已經被定價。這樣做，他們將會知道股票是否進入清晰的“藍海”或者等待着“沼澤”。市場是否已經將LZB的未來前景定價？您可以在我們最新的內在價值信息圖研究報告中了解相關情況。
Is La-Z-Boy Efficiently Re-investing Its Profits?
La-Z-Boy是否高效地重新投資其利潤？
La-Z-Boy's three-year median payout ratio to shareholders is 20% (implying that it retains 80% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
La-Z-Boy向股東支付的三年中位數股息比率爲20%（表明其保留了80%的收入），相對較低，因此似乎該管理層在高度重新投資利潤以發展業務。
Besides, La-Z-Boy has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 31% over the next three years. Regardless, the ROE is not expected to change much for the company despite the higher expected payout ratio.
此外，La-Z-Boy已經至少十年以上派發股息。這表明公司致力於與股東分享利潤。我們最新的分析師數據顯示，未來三年公司的股息支付比率有望上升至31%。儘管預計股息支付比率將上升，但ROE並不會因此變化太大。
Conclusion
結論
Overall, we are quite pleased with La-Z-Boy'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. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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La-Z-Boy的表現感到相當滿意。尤其是看到該公司大舉投資業務以及高回報率，這導致了其收益的可觀增長。話雖如此，根據當前分析師的預測，該公司的盈利增長有望放緩。要了解有關該公司最新分析師預測的更多信息，請查看分析師預測可視化。
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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。
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譯文內容由第三人軟體翻譯。