Packaging Corporation of America's (NYSE:PKG) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Packaging Corporation of America's (NYSE:PKG) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Packaging Corporation of America (NYSE:PKG) has had a rough three months with its share price down 5.4%. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on Packaging Corporation of America's ROE.
包裝公司(Packaging Corporation of America)的紐交所價值(NYSE:PKG)股價在過去三個月以來下跌了5.4%。但如果您仔細觀察，您可能會發現其關鍵的財務指標看起來相當不錯，這可能意味着，在長期內，由於市場通常會獎勵更具彈性的長期基本面，股票可能有潛力上漲。本文將重點關注包裝公司(Packaging Corporation of America)的roe指標。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股東權益回報率（ROE）是測試公司如何有效地增加其價值並管理投資者資金的指標。簡而言之，它用於評估公司相對於股本資本的盈利能力。
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 Packaging Corporation of America is:
因此，根據上述公式，包裝公司(Packaging Corporation of America)的ROE爲：
18% = US$722m ÷ US$4.0b (Based on the trailing twelve months to March 2024).
18% = 7.22億美元 ÷ 40億美元 (根據截至2024年3月的過去十二個月計算)。
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 $0.18 in profit.
“回報”是公司過去一年的收益。另一種思考方式是，對於每1美元的股本，公司能夠賺取0.18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 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.
我們已經確定了roe作爲衡量公司未來收益的有效收益率。現在我們需要評估公司再投資或“保留”的利潤，以便了解公司的增長潛力。假設其他一切不變，ROE和利潤保留率越高，公司的增長率就越高，而與不一定具備這些特徵的公司相比。
Packaging Corporation of America's Earnings Growth And 18% ROE
包裝公司(Packaging Corporation of America)的盈利增長和18%的ROE
To start with, Packaging Corporation of America's ROE looks acceptable. Even when compared to the industry average of 16% the company's ROE looks quite decent. This probably goes some way in explaining Packaging Corporation of America's moderate 6.8% growth over the past five years amongst other factors.
首先，包裝公司(Packaging Corporation of America)的roe看起來是可以接受的。即使與16%的行業平均水平相比，公司的roe也非常不錯。這或許在解釋過去五年間包裝公司(Packaging Corporation of America)的6.8%中等增長等其他因素方面有所幫助。
We then compared Packaging Corporation of America's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 9.2% in the same 5-year period, which is a bit concerning.
然後，我們將包裝公司(Packaging Corporation of America)的淨收入增長與同一5年期間行業平均增長率9.2%進行了比較，發現公司的增長率低於平均行業增長率，這可能有些令人擔憂。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is PKG fairly valued? This infographic on the company's intrinsic value has everything you need to know.
對公司的估值的依據，在很大程度上與其盈利增長有關。了解市場是否已經定價了公司預期的盈利增長（或下降）對於投資者至關重要。這將有助於他們確定這隻股票的未來是看漲還是看跌。PKG是否公平定價？此信息圖表展示了公司內在價值的所有內容。
Is Packaging Corporation of America Efficiently Re-investing Its Profits?
包裝公司(Packaging Corporation of America)是否高效地利用其利潤再投資？
The high three-year median payout ratio of 51% (or a retention ratio of 49%) for Packaging Corporation of America suggests that the company's growth wasn't really hampered despite it returning most of its income to its shareholders.
包裝公司(Packaging Corporation of America)高達三年的中位數股息支付比率爲51%（或保留比率爲49%），這意味着即使公司大部分收入歸還給股東，其增長也沒有受到太大影響。
Besides, Packaging Corporation of America 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 50% of its profits over the next three years. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 19%.
此外，包裝公司(Packaging Corporation of America)已經連續十年以上派發股息。這表明該公司致力於與其股東分享利潤。研究最新的分析師數據後，我們發現該公司預計在未來三年內將繼續支付約50%的利潤。因此，分析師預測該公司未來的roe也不會有太大變化，預期roe爲19%。
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。
On the whole, we do feel that Packaging Corporation of America has some positive attributes. The company has grown its earnings moderately as previously discussed. Still, the high ROE could have been even more beneficial to investors had the company been reinvesting more of its profits. As highlighted earlier, the current reinvestment rate appears to be quite low. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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，我們確實認爲包裝公司(Packaging Corporation of America)具有一些積極的特徵。正如我們先前討論的，該公司的盈利增長適度。不過，如果公司再投資更多的利潤，高roe就可以更有利於投資者。如前所述，目前的再投資率似乎相當低。儘管如此，最新的分析師預測顯示，該公司的收益將繼續擴張。這些分析師預測是基於行業廣泛的預期，還是基於該公司的基本面？單擊此處進入我們的分析師預測頁面，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
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譯文內容由第三人軟體翻譯。