看到蒙羅(納斯達克:MNRO)最近的表現,很難感到興奮,其股價在過去一個月里下跌了4.7%。爲了確定這一趨勢是否會繼續下去,我們決定看看其疲軟的基本面,因為它們塑造了長期的市場趨勢。具體地説,我們決定在本文中研究Monro的ROE。
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2022-07-02 22:41
It is hard to get excited after looking at Monro's (NASDAQ:MNRO) recent performance, when its stock has declined 4.7% over the past month. To decide if this trend could continue, we decided to look at its weak fundamentals as they shape the long-term market trends. Specifically, we decided to study Monro's ROE in this article.
看到蒙羅(納斯達克:MNRO)最近的表現,很難感到興奮,其股價在過去一個月里下跌了4.7%。爲了確定這一趨勢是否會繼續下去,我們決定看看其疲軟的基本面,因為它們塑造了長期的市場趨勢。具體地説,我們決定在本文中研究Monro的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。換句話説,它揭示了該公司成功地將股東投資轉化為利潤。
See our latest analysis for Monro
查看我們對Monro的最新分析
The formula for ROE is:
這個淨資產收益率公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤?股東權益
So, based on the above formula, the ROE for Monro is:
因此,根據上面的公式,Monro的ROE為:
7.9% = US$62m ÷ US$783m (Based on the trailing twelve months to March 2022).
7.9%=6200萬美元×7.83億美元(基於截至2022年3月的12個月的往績)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.08 in profit.
「收益」是過去12個月的利潤。另一種想法是,每價值1美元的股本,公司就能夠賺取0.08美元的利潤。
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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.
我們已經證實,淨資產收益率是一家公司未來收益的有效盈利指標。根據公司將這些利潤再投資或「保留」多少,以及這樣做的效率如何,我們就能夠評估一家公司的收益增長潛力。假設其他條件不變,淨資產收益率和利潤保留率越高,與不一定具有這些特徵的公司相比,公司的增長率就越高。
At first glance, Monro's ROE doesn't look very promising. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 32%. Therefore, it might not be wrong to say that the five year net income decline of 7.5% seen by Monro was probably the result of it having a lower ROE. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. Such as - low earnings retention or poor allocation of capital.
乍一看,蒙羅的淨資產收益率看起來並不是很有希望。然后,我們將該公司的淨資產收益率(ROE)與整個行業進行了比較,發現淨資產收益率低於32%的行業平均水平,這讓我們感到失望。因此,説Monro看到的五年淨收入下降7.5%可能是因為它的淨資產收益率較低,這可能是正確的。我們認為,可能還有其他方面對公司的收益前景產生負面影響。例如-低收益留存或資本分配不佳。
That being said, we compared Monro's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 31% in the same period.
話雖如此,我們將Monro的表現與行業進行了比較,當我們發現儘管該公司的收益縮水了,但該行業同期的收益增長率為31%,我們對此感到擔憂。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. 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 MNRO? You can find out in our latest intrinsic value infographic research report.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鉤。投資者下一步需要確定的是,預期的收益增長是否已經計入了股價。通過這樣做,他們將知道股票是將進入清澈的藍色水域,還是等待沼澤水域。市場是否已經消化了MNRO的未來前景?你可以在我們最新的內在價值信息圖研究報告中找到答案。
Monro has a high three-year median payout ratio of 56% (that is, it is retaining 44% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. With only a little being reinvested into the business, earnings growth would obviously be low or non-existent.
Monro的三年平均派息率高達56%(也就是説,它保留了44%的利潤)。這表明該公司正在將大部分利潤作為股息支付給股東。這在一定程度上解釋了為什麼它的收益一直在縮水。由於只有一小部分再投資於該業務,盈利增長顯然會很低或根本不存在。
Moreover, Monro has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 49%.
此外,蒙羅至少在十年或更長時間內一直在支付股息,這表明管理層肯定已經意識到,股東更喜歡股息而不是收益增長。我們最新的分析師數據顯示,該公司未來三年的派息率預計約為49%。
In total, we would have a hard think before deciding on any investment action concerning Monro. Because the company is not reinvesting much into the business, and given the low ROE, it's not surprising to see the lack or absence of growth in its earnings. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總而言之,在決定與蒙羅有關的任何投資行動之前,我們會三思而后行。因為該公司沒有對業務進行太多再投資,而且考慮到淨資產收益率較低,其收益沒有增長或沒有增長也就不足為奇了。話雖如此,看看目前分析師的預估,我們發現該公司的盈利增長率預計將出現巨大改善。要了解更多有關該公司未來收益增長預測的信息,請查看以下內容免費報告分析師對該公司的預測,以瞭解更多信息。
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本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。