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EnPro Industries, Inc. (NYSE:NPO) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
EnPro Industries, Inc. (NYSE:NPO) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
EnPro Industries (NYSE:NPO) has had a rough month with its share price down 9.4%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to EnPro Industries' ROE today.
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
Check out our latest analysis for EnPro Industries
How Is ROE Calculated?
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 EnPro Industries is:
14% = US$180m ÷ US$1.3b (Based on the trailing twelve months to June 2022).
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.14 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. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
EnPro Industries' Earnings Growth And 14% ROE
At first glance, EnPro Industries seems to have a decent ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 13%. As you might expect, the 41% net income decline reported by EnPro Industries is a bit of a surprise. So, there might be some other aspects that could explain this. For example, it could be that the company has a high payout ratio or the business has allocated capital poorly, for instance.
So, as a next step, we compared EnPro Industries' 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 8.4% in the same period.
NYSE:NPO Past Earnings Growth September 10th 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. This then helps them determine if the stock is placed for a bright or bleak future. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if EnPro Industries is trading on a high P/E or a low P/E, relative to its industry.
Is EnPro Industries Making Efficient Use Of Its Profits?
EnPro Industries' low three-year median payout ratio of 13% (or a retention ratio of 87%) over the last three years should mean that the company is retaining most of its earnings to fuel its growth but the company's earnings have actually shrunk. This typically shouldn't be the case when a company is retaining most of its earnings. So there might be other factors at play here which could potentially be hampering growth. For instance, the business has faced some headwinds.
Additionally, EnPro Industries has paid dividends over a period of eight years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
Conclusion
On the whole, we do feel that EnPro Industries has some positive attributes. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. That being so, the latest industry analyst forecasts show that analysts are forecasting a slight improvement in the company's future earnings growth. This could offer some relief to the company's existing shareholders. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts 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.
EnPro工业公司(纽约证券交易所代码:NPO)经历了艰难的一个月,其股价下跌了9.4%。然而,该公司的基本面看起来相当不错,长期财务状况通常与未来的市场价格走势保持一致。今天,我们将特别关注EnPro Industries的净资产收益率。
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,它是用来评估一家公司相对于其权益资本的盈利能力。
查看我们对EnPro Industries的最新分析
净资产收益率是如何计算的?
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,EnPro Industries的净资产收益率为:
14%=1.8亿美元×13亿美元(基于截至2022年6月的12个月)。
“回报”指的是企业在过去一年中获得的收入。另一种说法是,公司每持有价值1美元的股票,就能赚取0.14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。假设其他条件相同,与没有相同特征的公司相比,拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
EnPro Industries的收益增长和14%的净资产收益率
乍一看,EnPro Industries似乎拥有不错的净资产收益率。并与行业进行比较,发现行业平均净资产收益率相似,为13%。正如你可能预料的那样,EnPro Industries公布的41%的净利润下降有点令人惊讶。因此,可能还有其他一些方面可以解释这一点。例如,可能是公司的派息率很高,或者企业的资本配置不当。
因此,作为下一步,我们将EnPro Industries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8.4%的速度增长。
纽约证券交易所:NPO过去的收益增长2022年9月10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。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。衡量预期收益增长的一个很好的指标是市盈率,它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此,你可能想要检查EnPro Industries相对于其行业是高市盈率还是低市盈率。
EnPro Industries是否在有效利用其利润?
EnPro Industries过去三年的派息率中值较低,为13%(或留存率为87%),这应该意味着该公司将保留大部分收益来推动增长,但该公司的收益实际上已经缩水。当一家公司保留了大部分收益时,通常不应该出现这种情况。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。
此外,EnPro Industries在八年的时间里支付了股息,这意味着公司管理层更专注于保持股息支付,而不考虑收益的缩水。
结论
总体而言,我们确实觉得EnPro Industries有一些积极的属性。然而,考虑到高净资产收益率和高利润保留率,我们预计该公司将实现强劲的收益增长,但这里的情况并非如此。这表明,该业务可能面临一些外部威胁,这正在阻碍其增长。既然如此,最新的行业分析师预测显示,分析师预计该公司未来的收益增长将略有改善。这可能会让该公司的现有股东松一口气。要了解更多分析师对该公司的最新预测,请查看分析师对该公司预测的可视化。
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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