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AECOM's (NYSE:ACM) Has Had A Decent Run On The Stock Market: Are Fundamentals In The Driver's Seat?
AECOM's (NYSE:ACM) Has Had A Decent Run On The Stock Market: Are Fundamentals In The Driver's Seat?
Most readers would already know that AECOM's (NYSE:ACM) stock increased by 6.2% over the past 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. Particularly, we will be paying attention to AECOM's ROE today.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
See our latest analysis for AECOM
How Do You 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 AECOM is:
15% = US$397m ÷ US$2.6b (Based on the trailing twelve months to June 2022).
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.15.
Why Is ROE Important For Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
A Side By Side comparison of AECOM's Earnings Growth And 15% ROE
At first glance, AECOM seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 10%. Despite this, AECOM's five year net income growth was quite low averaging at only 4.5%. This is generally not the case as when a company has a high rate of return it should usually also have a high earnings growth rate. We reckon that a low growth, when returns are quite high could be the result of certain circumstances like low earnings retention or poor allocation of capital.
Next, on comparing with the industry net income growth, we found that AECOM's reported growth was lower than the industry growth of 13% in the same period, which is not something we like to see.
NYSE:ACM Past Earnings Growth August 29th 2022The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is ACM fairly valued? This infographic on the company's intrinsic value has everything you need to know.
Is AECOM Making Efficient Use Of Its Profits?
A low three-year median payout ratio of 15% (implying that the company retains the remaining 85% of its income) suggests that AECOM 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 might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
Only recently, AECOM started paying a dividend. This means that the management might have concluded that its shareholders prefer dividends over earnings growth.
Summary
Overall, we feel that AECOM certainly does have some positive factors to consider. Although, we are disappointed to see a lack of growth in earnings even in spite of a high ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
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.
大多数读者应该已经知道,AECOM(纽约证券交易所代码:ACM)的股票在过去三个月里上涨了6.2%。我们想知道,由于一家公司的长期基本面通常决定着市场结果,该公司的财务状况是否以及在价格变化中扮演了什么角色。特别是,我们今天将关注AECOM的净资产收益率。
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。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。
查看我们对AECOM的最新分析
你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,根据上述公式,AECOM的ROE为:
15%=3.97亿美元×26亿美元(基于截至2022年6月的12个月)。
“报税表”是过去12个月的税后收入。因此,这意味着股东每投资1美元,公司就会产生0.15美元的利润。
为什么净资产收益率对收益增长很重要?
到目前为止,我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司将这些利润再投资或“保留”多少,以及这样做的效率如何,我们就能够评估一家公司的收益增长潜力。一般来说,在其他条件相同的情况下,股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
AECOM盈利增长与15%净资产收益率的并列比较
乍一看,AECOM似乎有不错的净资产收益率。此外,该公司的净资产收益率(ROE)与行业平均水平10%相比相当有利。尽管如此,AECOM的五年净收入增长相当低,平均仅为4.5%。通常情况并非如此,因为当一家公司拥有高回报率时,它通常也应该有高收益增长率。我们认为,当回报相当高时,低增长可能是某些情况的结果,如低收益留存或资本配置不当。
接下来,对比行业净收入增长,我们发现AECOM的报告增长低于同期行业13%的增长,这是我们不愿意看到的。
纽约证券交易所:ACM过去的收益增长2022年8月29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。投资者应该尝试确定预期的收益增长或下降是否已计入价格,无论是哪种情况。通过这样做,他们将知道股票是将进入清澈的蓝色水域,还是等待沼泽水域。ACM的价值是否公平?这张关于公司内在价值的信息图包含了你需要知道的一切。
AECOM是否有效地利用了其利润?
较低的三年中值派息率为15%(意味着公司保留了剩余85%的收入),这表明AECOM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,可能还有其他因素在起作用,可能会阻碍经济增长。例如,该业务一直面临一些不利因素。
直到最近,AECOM才开始派发股息。这意味着,管理层可能已经得出结论,其股东更喜欢分红,而不是收益增长。
摘要
总体而言,我们认为AECOM确实有一些积极的因素需要考虑。然而,我们失望地看到,即使在高ROE和高再投资率的情况下,收益也没有增长。我们认为,可能有一些外部因素可能正在对业务产生负面影响。话虽如此,但从目前分析师的预估来看,我们发现该公司的盈利势头有望增强。这些分析师的预期是基于对该行业的广泛预期,还是基于该公司的基本面?点击此处进入我们分析师对该公司的预测页面。
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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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
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。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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