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Are PriceSmart, Inc.'s (NASDAQ:PSMT) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are PriceSmart, Inc.'s (NASDAQ:PSMT) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
With its stock down 14% over the past three months, it is easy to disregard PriceSmart (NASDAQ:PSMT). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on PriceSmart's 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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
View our latest analysis for PriceSmart
How Is ROE Calculated?
The formula for return on equity is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for PriceSmart is:
10% = US$101m ÷ US$968m (Based on the trailing twelve months to May 2022).
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.10 in profit.
What Is The Relationship Between ROE And Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
PriceSmart's Earnings Growth And 10% ROE
To start with, PriceSmart's ROE looks acceptable. Be that as it may, the company's ROE is still quite lower than the industry average of 14%. Further, PriceSmart's five year net income growth of 4.8% is on the lower side. Not to forget, the company does have a decent ROE to begin with, just that it is lower than the industry average. So there might be other reasons for the earnings growth to be low. Such as, the company pays out a huge portion of its earnings as dividends, or is facing competitive pressures.
As a next step, we compared PriceSmart'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 8.1% in the same period.
NasdaqGS:PSMT Past Earnings Growth September 15th 2022Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. Is PriceSmart fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is PriceSmart Using Its Retained Earnings Effectively?
PriceSmart has a low three-year median payout ratio of 25% (meaning, the company keeps the remaining 75% of profits) which means that the company is retaining more of its earnings. This should be reflected in its earnings growth number, but that's not the case. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
In addition, PriceSmart has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.
Conclusion
Overall, we feel that PriceSmart 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 moderate 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. 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.
过去三个月里,普华永道的股价下跌了14%,人们很容易忽视普华永道(PriceSmart)。然而,股价通常是由公司的长期财务状况推动的,在这种情况下,财务状况看起来相当不错。在本文中,我们决定将重点放在PriceSmart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。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PriceSmart的最新分析
净资产收益率是如何计算的?
这个股本回报率公式是:
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,PriceSmart的ROE为:
10%=1.01亿美元×9.68亿美元(基于截至2022年5月的12个月的往绩)。
“报税表”是过去12个月的税后收入。另一种想法是,每价值1美元的股本,公司就能够赚取0.10美元的利润。
净资产收益率与盈利增长之间有什么关系?
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。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长,这就让我们对公司的增长潜力有了一个了解。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。
PriceSmart的收益增长和10%的净资产收益率
首先,PriceSmart的净资产收益率看起来可以接受。尽管如此,该公司的净资产收益率仍远低于14%的行业平均水平。此外,PriceSmart的五年净收入增长4.8%是偏低的。不要忘记,该公司一开始确实有不错的净资产收益率,只是低于行业平均水平。因此,可能还有其他原因导致收益增长较低。例如,该公司支付了很大一部分收益作为股息,或者面临着竞争压力。
作为下一步,我们将PriceSmart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8.1%的行业平均增长。
NasdaqGS:PSMT过去的收益增长2022年9月15日盈利增长是评估一只股票时需要考虑的一个重要指标。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。与其他公司相比,PriceSmart的估值是否公平?这3个估值指标可能会帮助你做出决定。
PriceSmart是否有效地利用了其留存收益?
PriceSmart的三年中值派息率为25%(这意味着公司保留了剩余75%的利润),这意味着公司保留了更多的收益。这本应反映在其盈利增长数据中,但事实并非如此。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,PriceSmart在至少十年的时间里一直在支付股息,这表明保持股息支付对管理层来说要重要得多,即使这是以业务增长为代价的。
结论
总体而言,我们认为PriceSmart确实有一些积极的因素需要考虑。然而,我们失望地看到,尽管净资产收益率(ROE)和再投资率较高,但盈利增长乏力。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。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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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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