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UniFirst Corporation's (NYSE:UNF) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
UniFirst Corporation's (NYSE:UNF) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?
UniFirst (NYSE:UNF) has had a great run on the share market with its stock up by a significant 18% over the last three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study UniFirst's ROE in this article.
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
Check out our latest analysis for UniFirst
How To Calculate Return On Equity?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for UniFirst is:
5.9% = US$112m ÷ US$1.9b (Based on the trailing twelve months to May 2022).
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.06.
Why Is ROE Important For Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 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.
A Side By Side comparison of UniFirst's Earnings Growth And 5.9% ROE
At first glance, UniFirst's ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 11% either. Thus, the low net income growth of 4.0% seen by UniFirst over the past five years could probably be the result of the low ROE.
As a next step, we compared UniFirst's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 6.0% in the same period.
NYSE:UNF Past Earnings Growth August 23rd 2022The 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. What is UNF worth today? The intrinsic value infographic in our free research report helps visualize whether UNF is currently mispriced by the market.
Is UniFirst Using Its Retained Earnings Effectively?
A low three-year median payout ratio of 13% (implying that the company retains the remaining 87% of its income) suggests that UniFirst is retaining most of its profits. However, the low earnings growth number doesn't reflect this as high growth usually follows high profit retention. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
Moreover, UniFirst 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.
Conclusion
In total, we're a bit ambivalent about UniFirst's performance. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
UniFirst(纽约证券交易所代码:UNF)的股票在过去三个月里大幅上涨了18%。但该公司的关键财务指标似乎在所有方面都不同,这让我们质疑该公司目前的股价势头能否保持下去。具体地说,我们决定在本文中研究UniFirst的ROE。
净资产收益率,即股本回报率,是评估一家公司从股东那里获得投资回报的有效程度的有用工具。简而言之,净资产收益率显示了每一美元相对于其股东投资产生的利润。
查看我们对UniFirst的最新分析
如何计算股本回报率?
可使用以下公式计算净资产收益率:
股本回报率=(持续经营的)净利润?股东权益
因此,根据上面的公式,UniFirst的ROE为:
5.9%=1.12亿美元?19亿美元(基于截至2022年5月的12个月的往绩)。
“回报”指的是一家公司过去一年的收益。因此,这意味着股东每投资1美元,公司就会产生0.06美元的利润。
为什么净资产收益率对收益增长很重要?
我们已经证实,净资产收益率是一家公司未来收益的有效盈利指标。根据公司选择再投资或“保留”多少利润,我们就能够评估一家公司未来产生利润的能力。假设其他条件不变,净资产收益率和利润保留率越高,与不一定具有这些特征的公司相比,公司的增长率就越高。
UniFirst盈利增长与净资产收益率5.9%的并列比较
乍一看,UniFirst的净资产收益率看起来并不是很有希望。一项快速的进一步研究显示,该公司的净资产收益率(ROE)也不及11%的行业平均水平。因此,UniFirst在过去五年中看到的4.0%的低净收入增长可能是低ROE的结果。
作为下一步,我们将UniFirst的净收入增长与行业进行了比较,并失望地看到,该公司的增长低于同期6.0%的行业平均增长。
纽约证券交易所:UNF过去的收益增长2022年8月23日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。联合国维和部队今天的价值是多少?我们免费研究报告中的内在价值信息图有助于直观地了解UNF目前是否被市场错误定价。
UniFirst是否有效地利用了其留存收益?
较低的三年中值派息率为13%(这意味着该公司保留了剩余87%的收入),这表明UniFirst保留了大部分利润。然而,低收益增长数字并不能反映这一点,因为高增长通常伴随着高利润保留。因此,在这方面可能有一些其他的解释。例如,该公司的业务可能正在恶化。
此外,UniFirst至少在十年或更长时间内一直在支付股息,这表明管理层肯定已经意识到,股东更喜欢股息,而不是收益增长。
结论
总体而言,我们对UniFirst的表现有点矛盾。尽管它似乎保留了大部分利润,但鉴于净资产收益率较低,投资者可能终究不会从所有这些再投资中受益。低收益增长率表明我们的理论是正确的。既然如此,最新的分析师预测显示,该公司的收益将继续增长。要了解更多有关该公司未来收益增长预测的信息,请查看以下内容免费报告分析师对该公司的预测,以了解更多信息。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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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在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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