过去三个月，美国铝业股价下跌23%，人们很容易忽视美国铝业(AMERCO：UHAL)。但如果你仔细观察，你可能会猜到，它强劲的财务状况可能意味着，考虑到市场通常会奖励财务状况良好的公司，该股可能会在长期内增值。特别是，我们今天将关注AMERCO的净资产收益率。
热门资讯> 正文
美国铝业(纳斯达克：UHAL)的基本面看起来相当强劲：市场会错看股票吗？
2022-06-24 04:59
With its stock down 23% over the past three months, it is easy to disregard AMERCO (NASDAQ:UHAL). But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Particularly, we will be paying attention to AMERCO's ROE today.
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.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
Check out our latest analysis for AMERCO
查看我们对AMERCO的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for AMERCO is:
因此，根据上述公式，AMERCO的净资产收益率为：
19% = US$1.1b ÷ US$5.9b (Based on the trailing twelve months to March 2022).
19%=11亿美元×59亿美元(基于截至2022年3月的12个月的往绩)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.19 in profit.
“报税表”是过去12个月的税后收入。这意味着，股东权益每增加1美元，公司就会产生0.19美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
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.
到目前为止，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长，这就让我们对公司的增长潜力有了一个了解。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
A Side By Side comparison of AMERCO's Earnings Growth And 19% ROE
AMERCO盈利增长与19%净资产收益率的并列比较
To begin with, AMERCO seems to have a respectable ROE. Further, the company's ROE is similar to the industry average of 23%. This certainly adds some context to AMERCO's moderate 14% net income growth seen over the past five years.
首先，AMERCO似乎拥有令人尊敬的净资产收益率。此外，该公司的净资产收益率(ROE)接近23%的行业平均水平。这无疑为AMERCO在过去五年中14%的净利润温和增长增添了一些背景。
Next, on comparing with the industry net income growth, we found that AMERCO's growth is quite high when compared to the industry average growth of 6.3% in the same period, which is great to see.
接下来，对比行业净收入增长，我们发现，与同期6.3%的行业平均增长相比，AMERCO的增长相当高，这是令人欣喜的。
NasdaqGS:UHAL Past Earnings Growth June 23rd 2022
NasdaqGS：UHAL过去的收益增长2022年6月23日
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 AMERCO fairly valued compared to other companies? These 3 valuation measures might help you decide.
赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。与其他公司相比，AMERCO的估值是否公平？这3个估值指标可能会帮助你做出决定。
Is AMERCO Making Efficient Use Of Its Profits?
AMERCO是否在有效利用其利润？
Conclusion
结论
On the whole, we feel that AMERCO's performance has been quite good. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. If the company continues to grow its earnings the way it has, that could have a positive impact on its share price given how earnings per share influence long-term share prices. Let's not forget, business risk is also one of the factors that affects the price of the stock. So this is also an important area that investors need to pay attention to before making a decision on any business. Our risks dashboard would have the 2 risks we have identified for AMERCO.
总体而言，我们觉得AMERCO的表现相当不错。特别是，我们喜欢该公司对其业务进行大量再投资，并以高回报率进行投资。不出所料，这导致了令人印象深刻的收益增长。如果该公司继续以目前的方式增长收益，考虑到每股收益对长期股价的影响，这可能会对其股价产生积极影响。我们不要忘记，商业风险也是影响股票价格的因素之一。因此，这也是投资者在对任何业务做出决定之前需要关注的一个重要领域。我们的风险控制面板将包含我们为AMERCO确定的两个风险。
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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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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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