Do Its Financials Have Any Role To Play In Driving AECOM's (NYSE:ACM) Stock Up Recently?
Do Its Financials Have Any Role To Play In Driving AECOM's (NYSE:ACM) Stock Up Recently?
AECOM (NYSE:ACM) has had a great run on the share market with its stock up by a significant 16% over the last three months. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. Specifically, we decided to study AECOM's ROE in this article.
AECOm(紐交所:ACM)在股市上表現出色,股價在過去三個月大漲16%。我們想知道,公司的財務狀況在這一價格變動中是否起到了什麼作用,因爲公司的長期基本面通常決定了市場的結果。具體來說,我們決定在本文中研究AECOM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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率(roe)是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之,它是一種利潤率,衡量由公司股東提供的資本的回報率。
How Is ROE Calculated?
淨資產收益率怎麼計算?
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算:
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 AECOM is:
因此,根據上述公式,AECOm的roe爲:
17% = US$430m ÷ US$2.5b (Based on the trailing twelve months to June 2024).
17% = US$43000萬 ÷ US$25億(基於截至2024年6月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.17 in profit.
「回報」指的是公司過去一年的收益。另一種思考方式是,對於每1美元的淨資產,公司能夠賺取0.17美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
ROE與盈利增長之間的關係是什麼?
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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是衡量公司盈利能力的一個指標。基於公司選擇重新投資或「留存」的利潤比例,我們可以評估公司未來產生利潤的能力。其他因素相等的情況下,roe和利潤留存率都較高的公司通常比沒有這些特徵的公司增長率更高。
AECOM's Earnings Growth And 17% ROE
AECOM's Earnings Growth And 17% ROE
To start with, AECOM's ROE looks acceptable. Further, the company's ROE is similar to the industry average of 15%. AECOM's decent returns aren't reflected in AECOM'smediocre five year net income growth average of 3.2%. We reckon that a low growth, when returns are moderate could be the result of certain circumstances like low earnings retention or poor allocation of capital.
To start with, AECOM's ROE looks acceptable. Further, the company's ROE is similar to the industry average of 15%. AECOM's decent returns aren't reflected in AECOM'smediocre five year net income growth average of 3.2%. We reckon that a low growth, when returns are moderate could be the result of certain circumstances like low earnings retention or poor allocation of capital.
We then compared AECOM's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 18% in the same 5-year period, which is a bit concerning.
We then compared AECOM's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 18% in the same 5-year period, which is a bit concerning.
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). 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 ACM? You can find out in our latest intrinsic value infographic research report.
盈利增長是股票估值的一個重要因素。對於投資者來說,了解市場是否已經將公司預期的盈利增長(或下降)定價是很重要的。這樣一來,他們就會知道股票是朝着清澈的水域前進,還是等待着泥濘的水域。市場是否已經爲ACM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找到答案。
Is AECOM Using Its Retained Earnings Effectively?
AECOm是否有效利用其留存收益?
AECOM has a low three-year median payout ratio of 25% (meaning, the company keeps the remaining 75% of profits) which means that the company is retaining more of its earnings. However, the low earnings growth number doesn't reflect this fact. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
AECOm的三年中位數低至25%的支付比率(意味着公司保留剩下的75%利潤),這意味着公司留住了更多的利潤。然而,低盈利增長數字並未反映這一事實。因此,這裏可能存在其他因素會阻礙增長。例如,該業務面臨一些不利因素。
Additionally, AECOM has paid dividends over a period of three years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 16% over the next three years. The fact that the company's ROE is expected to rise to 33% over the same period is explained by the drop in the payout ratio.
此外,AECOm在過去三年支付了股息,這意味着即使利潤增長微乎其微,公司管理層仍決心支付股息。現有分析師預測顯示公司未來的支付比率預計在未來三年內降至16%。公司的ROE預計在同一時期上升到33%是由支付比率下降引起的。
Conclusion
結論
Overall, we feel that AECOM certainly does have some positive factors to consider. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言,我們認爲AECOm確實有一些積極因素需要考慮。然而,低收益增長有點令人擔憂,尤其是考慮到該公司具有較高的回報率,而且正在將利潤的一大部分再投資。從表面上看,可能有一些其他因素,並非業務所能控制,正在阻礙增長。話雖如此,最新的行業分析師預測顯示,預計該公司的收益將加速增長。要了解有關公司最新分析師預測的更多信息,請查看這個公司的分析師預測可視化。
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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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