Declining Stock and Solid Fundamentals: Is The Market Wrong About M/I Homes, Inc. (NYSE:MHO)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About M/I Homes, Inc. (NYSE:MHO)?
With its stock down 7.8% over the past month, it is easy to disregard M/I Homes (NYSE:MHO). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to M/I Homes' ROE today.
由於股價下跌了7.8％的過去一個月，人們很容易忽視M/I Homes（NYSE:MHO）。然而，股票價格通常受到公司長期的財務表現驅動，在這種情況下看起來非常有前途。尤其是今天我們將關注M/I Homes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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率（roe）是一種關鍵指標，用於評估公司管理層如何有效利用公司資本。更簡單地說，它衡量了公司相對股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for return on equity is:
權益回報率的計算公式是：
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 M/I Homes is:
因此，根據上述公式，M/I Homes的ROE爲：
19% = US$500m ÷ US$2.6b (Based on the trailing twelve months to March 2024).
19％= 5,000萬美元/26億美元（截至2024年3月的最近十二個月）。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.19.
“回報”是指公司在過去一年內的收益。因此，這意味着對於每1美元的股東投資，該公司可以創造0.19美元的利潤。
What Has ROE Got To Do With Earnings Growth?
ROE與盈利增長有什麼關係？
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. 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.
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。
A Side By Side comparison of M/I Homes' Earnings Growth And 19% ROE
M/I Homes盈利增長率和19％的ROE的對比
To begin with, M/I Homes seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 15%. Probably as a result of this, M/I Homes was able to see an impressive net income growth of 29% over the last five years. However, there could also be other causes behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
首先，M/I Homes似乎擁有一定的ROE。此外，該公司的ROE相比行業平均水平的15％而言，相當具有優勢。可能正是由於這個原因，M/I Homes在過去五年中實現了驚人的29％淨利潤增長。但是，這種增長也可能有其他原因。例如，公司的管理層可能已經做了一些明智的戰略決策，或者公司的份額支付比率較低。
Next, on comparing with the industry net income growth, we found that M/I Homes' growth is quite high when compared to the industry average growth of 24% in the same period, which is great to see.
接下來，與行業淨收入增長進行比較，我們發現M/I Homes的增長相對較高，高於同期行業平均增長率24％，這是令人振奮的。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is M/I Homes fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增長是估值股票時需要考慮的重要指標。接下來，投資者需要確定的是，預期的盈利增長或其缺乏是否已經融入了股價中。然後，這將有助於他們確定股票是面臨光明未來還是黯淡未來。相較於其他公司，M/I Homes的價值是否公正？這3個估值指標可能會幫助您做出決策。
Is M/I Homes Using Its Retained Earnings Effectively?
M/I Homes是否有效利用其留存收益？
M/I Homes doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the high earnings growth number that we discussed above.
M/I Homes目前不支付任何普通股息，這基本意味着它一直在將所有利潤再投資於業務。這無疑對我們上面討論的高盈利增長率貢獻良多。
Conclusion
結論
On the whole, we feel that M/I Homes' performance has been quite good. 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 sizeable growth in its earnings. 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. 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.
總體而言，我們認爲M/I Homes的表現相當不錯。特別是，非常高的回報率和業務的大量投資，導致了該公司收益的大幅增長。雖然如此，最新分析師預測的研究表明，預計公司未來的盈利增長將放緩。這些分析師的預期是基於行業的廣泛預期還是基於公司的基本面？單擊此處，可以訪問我們的分析師預測頁面，並了解更多信息。
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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
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@simplywallst.com。
譯文內容由第三人軟體翻譯。