Ferretti S.p.A.'s (HKG:9638) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. We did some analysis to find out why and believe that investors might be missing some encouraging factors contained in the earnings.
See our latest analysis for Ferretti
SEHK:9638 Earnings and Revenue History August 11th 2022
Examining Cashflow Against Ferretti's Earnings
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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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.
Ferretti has an accrual ratio of -0.23 for the year to June 2022. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of €134m, well over the €43.7m it reported in profit. Ferretti's free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
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.
How Do Unusual Items Influence Profit?
Finally, we should also talk about the €7.9m in unusual items that weighed on profit over the year. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect Ferretti to produce a higher profit next year, all else being equal.
Our Take On Ferretti's Profit Performance
In conclusion, both Ferretti's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. After considering all this, we reckon Ferretti's statutory profit probably understates its earnings potential! Ultimately, this article has formed an opinion based on historical data. However, it can also be great to think about what analysts are forecasting for the future. So feel free to check out our free graph representing analyst forecasts.
Our examination of Ferretti has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
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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.
Ferretti S.p.A.(HKG:9638)最近的收益报告没有提供任何惊喜,股票在过去一周没有变化。我们做了一些分析,以找出原因,并认为投资者可能错过了收益中包含的一些鼓舞人心的因素。
查看我们对费雷蒂的最新分析
联交所:9638盈利及收入历史2022年8月11日
检查现金流与法雷蒂的收入
正如金融书呆子们已经知道的那样,现金流应计比率是评估一家公司的自由现金流(FCF)与利润匹配程度的关键指标。应计制比率从给定期间的利润中减去FCF,然后将结果除以该时间段内公司的平均运营资产。这一比率向我们展示了一家公司的利润超过其固定现金流的程度。
因此,当一家公司的应计比率为负时,它实际上被认为是一件好事,但如果它的应计比率为正,那就是一件坏事。虽然应计比率高于零并不令人担忧,但我们确实认为,当一家公司的应计比率相对较高时,这一点值得注意。这是因为一些学术研究表明,高应计制比率往往会导致较低的利润或较低的利润增长。
在截至2022年6月的一年中,法雷蒂的应计比率为-0.23。这表明它的自由现金流大大超过了它的法定利润。事实上,在过去的12个月里,该公司报告的自由现金流为1.34亿欧元,远高于其报告的利润4370万欧元。费雷蒂的自由现金流在过去一年有所改善,这总体上是好的。话虽如此,故事中还有更多的东西。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
这可能会让你想知道,分析师对未来盈利能力的预测是什么。幸运的是,您可以单击此处查看基于他们估计的未来盈利能力的互动图表。
不寻常的项目如何影响利润?
最后,我们还应该谈谈790万欧元的不寻常项目,这些项目拖累了一年的利润。虽然最初由于不寻常的项目而扣除的金额令人失望,但也有一线希望。当我们分析全球绝大多数上市公司时,我们发现重大的不寻常项目往往不会重复。考虑到这些项目被认为是不寻常的,这并不令人惊讶。假设这些不寻常的支出不会再次出现,我们因此预计,在其他条件不变的情况下,法雷蒂明年将产生更高的利润。
我们对Ferretti的利润表现的看法
总而言之,法拉蒂的应计比率及其不寻常的项目都表明,其法定收益可能相当保守。在考虑了所有这些之后,我们认为Ferretti的法定利润可能低估了它的盈利潜力!最终,本文形成了基于史料的观点。然而,思考分析师对未来的预测也是很棒的。因此,请随时查看我们代表分析师预测的免费图表。
我们对法拉蒂的调查集中在某些因素上,这些因素可以让法雷蒂的收益看起来比实际情况更好。而且它已经以优异的成绩通过了。但还有很多其他方式可以让你了解一家公司的看法。例如,许多人认为高股本回报率是有利的商业经济指标,而另一些人则喜欢“跟着钱走”,寻找内部人士正在买入的股票。所以你可能想看看这个免费拥有高股本回报率的公司的集合,或内部人士正在购买的这份股票清单。
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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。