The Procter & Gamble Company's (NYSE:PG) Stock Been Rising: Are Strong Financials Guiding The Market?
The Procter & Gamble Company's (NYSE:PG) Stock Been Rising: Are Strong Financials Guiding The Market?
Procter & Gamble's (NYSE:PG) stock up by 2.6% over the past three months. 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 Procter & Gamble's ROE today.
寶潔公司（NYSE:PG）的股票在過去三個月中上漲了2.6%。 長期來看，市場會獎勵強大的財務實力，我們想知道在這種情況下是否真的如此。 尤其是，我們將關注寶潔公司今天的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 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 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 Procter & Gamble is:
因此，根據上述公式，寶潔公司的ROE爲：
30% = US$15b ÷ US$50b (Based on the trailing twelve months to March 2024).
30% = 美元15億 ÷ 美元50億（基於過去12個月至2024年3月）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.30 in profit.
“回報”是企業過去一年賺取的收入。 另一種思考方法是，對於每1美元的股本，公司能夠賺取0.30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？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前爲止，我們已經了解到ROE衡量公司如何高效地生成利潤。現在我們需要評估公司以後的增長潛力，即公司重新投資或“保留”的利潤。其他條件相同的情況下，同時具有較高的股權回報率和較高的利潤保留的公司通常是相對於不具備相同特點的公司而言增長率更高的公司。
A Side By Side comparison of Procter & Gamble's Earnings Growth And 30% ROE
寶潔公司盈利增長和30% ROE的並列對比
Firstly, we acknowledge that Procter & Gamble has a significantly high ROE. Second, a comparison with the average ROE reported by the industry of 21% also doesn't go unnoticed by us. This probably laid the groundwork for Procter & Gamble's moderate 16% net income growth seen over the past five years.
首先，我們認識到寶潔公司ROE非常高。 其次，與行業平均ROE（21%）相比，我們也沒有忽視這一點。 這可能爲過去五年中寶潔公司16%的適度淨收入增長奠定了基礎。
We then compared Procter & Gamble's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 1.9% in the same 5-year period.
然後，我們將寶潔公司的淨利潤增長與行業進行了比較，看到公司在相同的5年期間的增長率高於行業，後者的增長率爲1.9%。
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. Is PG fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增長是評估股票價值時需要考慮的重要指標。 投資者應該嘗試確定預期的盈利增長或下降是否已計入價格。 這樣做，他們將知道股票是前往清澈藍水還是沼澤水域。PG是否估值公道？ 該公司固有價值的此信息圖表包含您需要了解的所有信息。
Is Procter & Gamble Efficiently Re-investing Its Profits?
寶潔公司是否有效地再投資其利潤？
Procter & Gamble has a significant three-year median payout ratio of 59%, meaning that it is left with only 41% to reinvest into its business. This implies that the company has been able to achieve decent earnings growth despite returning most of its profits to shareholders.
寶潔公司具有顯着的三年中位數支付比率爲59％，這意味着其僅有41％用於再投資其業務。 這意味着儘管將大多數利潤返還給股東，但該公司仍能實現可觀的盈利增長。
Besides, Procter & Gamble has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 57% of its profits over the next three years. As a result, Procter & Gamble's ROE is not expected to change by much either, which we inferred from the analyst estimate of 34% for future ROE.
此外，寶潔公司已經連續十年或更長時間支付股息。 這表明該公司致力於與股東分享利潤。 在研究最新的分析師共識數據時，我們發現該公司預計在未來三年中將繼續支付約57％的利潤。 因此，從分析師未來roe的34％的估計中推斷，寶潔公司的ROE也不會發生太大變化。
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。
In total, we are pretty happy with Procter & Gamble's performance. Especially the high ROE, Which has contributed to the impressive growth seen in earnings. Despite the company reinvesting only a small portion of its profits, it still has managed to grow its earnings so that is appreciable. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. 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.
總的來說，我們對寶潔公司的表現非常滿意。 特別是高ROE，這有助於收益的出色增長。 儘管該公司僅再投資了少量利潤，但它仍然成功地增長了收益，這是值得讚賞的。 話雖如此，最新的行業分析師預測顯示，該公司的盈利增長預計將放緩。 這些分析師的預期是基於行業的大致預期，還是基於公司的基本面？ 點此進入我們的分析師預測頁面以了解更多。
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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。