Algoma Steel Group's (NASDAQ:ASTL) Weak Earnings May Only Reveal A Part Of The Whole Picture
Algoma Steel Group's (NASDAQ:ASTL) Weak Earnings May Only Reveal A Part Of The Whole Picture
A lackluster earnings announcement from Algoma Steel Group Inc. (NASDAQ:ASTL) last week didn't sink the stock price. We think that investors are worried about some weaknesses underlying the earnings.
Algoma Steel Group Inc.(NASDAQ: ASTL)上週發佈的業績公告並未使股票價格下跌。 我們認爲投資者擔心一些隱藏在收益背後的弱點。
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A Closer Look At Algoma Steel Group's Earnings
仔細觀察Algoma Steel Group的收益情況
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
作爲金融迷,大家應該已經知道,從現金流量中的應計比率是評估公司自由現金流(FCF)與利潤匹配情況的關鍵指標之一。 換句話說,該比率將FCF從淨利潤中扣除,並將該數值除以公司在該期間內的平均營運資產。 該比率顯示我們公司盈利超過了自由現金流的多少。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
這意味着負的應計比率是件好事,因爲它表明公司帶來的自由現金流比其利潤所顯示的要多。 雖然應計比率高於零並不令人擔憂,但我們確實認爲值得注意的是當公司應計比率相對較高時。 這是因爲某些學術研究表明高的應計比率往往導致利潤較低或利潤增長較少。
For the year to March 2024, Algoma Steel Group had an accrual ratio of 0.21. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Over the last year it actually had negative free cash flow of CA$195m, in contrast to the aforementioned profit of CA$105.2m. We also note that Algoma Steel Group's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CA$195m.
截至2024年3月,Algoma Steel Group的應計比率爲0.21。不幸的是,這意味着其自由現金流顯著低於其報告的利潤。 在過去的一年中,其自由現金流實際上爲加元1.95億,而利潤爲1.052億加元。我們還注意到,Algoma Steel Group的自由現金流在去年實際上還是負的,因此我們可以理解股東爲其1.95億加元的流出所困擾。負Algoma Steel Group的盈利表現
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。
Our Take On Algoma Steel Group's Profit Performance
Algoma Steel Group過去十二個月的應計比率表明現金轉換不是理想的,這在我們評估其收入的觀點上是負面因素。 因此,我們認爲Algoma Steel Group真正的基礎盈利能力實際上比其法定利潤要少。進一步的壞消息是,其每股盈利在過去一年中下降了。 當然,在分析其收入時,我們才剛剛開始探討問題。 還可以考慮邊際、預測增長和投資回報率等因素。 如果您想深入了解Algoma Steel Group,您還應該了解其目前面臨的風險。 例如,我們發現Algoma Steel Group有3個警告信號(一個不應忽略!)需要您在繼續分析之前注意。
Algoma Steel Group's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Therefore, it seems possible to us that Algoma Steel Group's true underlying earnings power is actually less than its statutory profit. In further bad news, its earnings per share decreased in the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you want to do dive deeper into Algoma Steel Group, you'd also look into what risks it is currently facing. For example, we've found that Algoma Steel Group has 3 warning signs (1 shouldn't be ignored!) that deserve your attention before going any further with your analysis.
這個筆記只看了一項可以揭示Algoma Steel Group盈利性質的因素。 但是有很多其他方法可以了解公司的情況。 有些人認爲較高的股本回報率是高質量業務的好跡象。 所以您可能希望查看這個自由公司集合,該集合擁有高回報權益,或者查看這個持股較高的股票列表。
This note has only looked at a single factor that sheds light on the nature of Algoma Steel Group's profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
請使用您的moomoo賬號登錄使用該功能。伊始只看了盈利或利潤的單一因素。但是還有很多其他方面可以了解公司情況。一些人認爲高淨資產回報率是質量好的業務的跡象,所以您可能需要查看這個高淨資產回報率自由集合或者股份持有者高的股票名單。
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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.
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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。
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。