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LTC Properties, Inc.'s (NYSE:LTC) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum?
LTC Properties, Inc.'s (NYSE:LTC) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum?
Most readers would already be aware that LTC Properties' (NYSE:LTC) stock increased significantly by 12% 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. In this article, we decided to focus on LTC Properties' ROE.
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
See our latest analysis for LTC Properties
How Do You Calculate Return On Equity?
Return on equity 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 LTC Properties is:
11% = US$93m ÷ US$810m (Based on the trailing twelve months to June 2022).
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.11 in profit.
What Has ROE Got To Do With Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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. 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 LTC Properties' Earnings Growth And 11% ROE
At first glance, LTC Properties seems to have a decent ROE. Especially when compared to the industry average of 6.6% the company's ROE looks pretty impressive. Needless to say, we are quite surprised to see that LTC Properties' net income shrunk at a rate of 11% over the past five years. Based on this, we feel that there might be other reasons which haven't been discussed so far in this article that could be hampering the company's growth. These include low earnings retention or poor allocation of capital.
So, as a next step, we compared LTC Properties' performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 11% in the same period.
NYSE:LTC Past Earnings Growth September 7th 2022Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is LTC Properties fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is LTC Properties Efficiently Re-investing Its Profits?
LTC Properties has a very high three-year median payout ratio of 94%, implying that it retains only 6.2% of its profits. However, it's not unusual to see a REIT with such a high payout ratio mainly due to statutory requirements. So this probably explains the company's shrinking earnings.
Additionally, LTC Properties has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 80%.
Summary
In total, it does look like LTC Properties has some positive aspects to its business. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return. Investors could have benefitted from the high ROE, had the company been reinvesting more of its earnings. As discussed earlier, the company is retaining a small portion of its profits. With that said, we studied current analyst estimates and discovered that analysts expect the company's earnings growth to improve slightly. Sure enough, this could bring some relief to shareholders. 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,LTC Properties(纽约证券交易所代码:LTC)的股票在过去三个月里大幅上涨了12%。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。在本文中,我们决定将重点放在LTC Properties的ROE上。
股本回报率或净资产收益率是股东要考虑的一个重要因素,因为它告诉他们他们的资本再投资的效率。简而言之,它衡量的是一家公司相对于股东权益的盈利能力。
查看我们对LTC Properties的最新分析
你如何计算股本回报率?
股本回报率可使用以下公式计算:
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,LTC Properties的ROE为:
11%=9300万美元×8.1亿美元(基于截至2022年6月的12个月的往绩)。
“回报”指的是企业在过去一年中获得的收入。这意味着,股东权益每增加1美元,公司就会产生0.11美元的利润。
净资产收益率与盈利增长有什么关系?
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。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。
LTC地产盈利增长与11%净资产收益率的并列比较
乍一看,LTC Properties似乎拥有不错的净资产收益率。特别是与6.6%的行业平均水平相比,该公司的净资产收益率看起来相当令人印象深刻。不用说,我们相当惊讶地看到,LTC Properties的净收入在过去五年里以11%的速度缩水。基于此,我们认为,可能还有本文迄今未讨论的其他原因,可能正在阻碍公司的增长。这些问题包括低收益留存或资本配置不善。
因此,下一步,我们将LTC Properties的表现与行业进行了比较,令人失望的是,尽管该公司的收益一直在缩水,但同期该行业的收益一直以11%的速度增长。
纽约证券交易所:LTC过去的收益增长2022年9月7日盈利增长是股票估值的一个重要因素。投资者下一步需要确定的是,预期的收益增长是否已经计入了股价。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。与其他公司相比,LTC Properties的估值是否公平?这3个估值指标可能会帮助你做出决定。
LTC Properties是否有效地将其利润进行了再投资?
LTC Properties的三年派息率中值非常高,为94%,这意味着它只保留了6.2%的利润。然而,主要由于法定要求,REIT的派息率如此之高并不少见。因此,这可能解释了该公司收益缩水的原因。
此外,LTC Properties在至少十年的时间里支付了股息,这意味着公司管理层决心支付股息,即使这意味着收益几乎没有增长。根据最新的分析师预估,我们发现该公司未来三年的派息率预计将稳定在80%。
摘要
总体而言,LTC Properties看起来确实有一些积极的业务方面。然而,低收益增长有点令人担忧,特别是考虑到该公司的回报率很高。如果该公司将更多收益进行再投资,投资者本可以从高ROE中受益。正如前面讨论的那样,该公司保留了一小部分利润。话虽如此,我们研究了目前分析师的预期,发现分析师预计该公司的收益增长将略有改善。果不其然,这可能会给股东带来一些解脱。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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