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Hexcel Corporation's (NYSE:HXL) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Hexcel Corporation's (NYSE:HXL) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Most readers would already be aware that Hexcel's (NYSE:HXL) stock increased significantly by 16% over the past 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. In this article, we decided to focus on Hexcel's ROE.
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
Check out our latest analysis for Hexcel
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 Hexcel is:
6.1% = US$90m ÷ US$1.5b (Based on the trailing twelve months to June 2022).
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.06 in profit.
Why Is ROE Important For Earnings Growth?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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 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.
Hexcel's Earnings Growth And 6.1% ROE
On the face of it, Hexcel's ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 10% either. Given the circumstances, the significant decline in net income by 35% seen by Hexcel over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. Such as - low earnings retention or poor allocation of capital.
However, when we compared Hexcel's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 4.0% in the same period. This is quite worrisome.
NYSE:HXL Past Earnings Growth September 17th 2022Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. 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 Hexcel is trading on a high P/E or a low P/E, relative to its industry.
Is Hexcel Efficiently Re-investing Its Profits?
Hexcel's low three-year median payout ratio of 18% (or a retention ratio of 82%) 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. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. So there could be some other explanations in that regard. For example, the company's business may be deteriorating.
Moreover, Hexcel has been paying dividends for eight years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 13% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 12%, over the same period.
Conclusion
Overall, we have mixed feelings about Hexcel. 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. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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.
大多数读者应该已经知道,Hexel(纽约证券交易所代码:HXL)的股票在过去三个月里大幅上涨了16%。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。在本文中,我们决定将重点放在Hexel的ROE上。
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。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Hexel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,根据上面的公式,Hexel的ROE为:
6.1%=9,000万美元×15亿美元(基于截至2022年6月的12个月的往绩)。
“回报”指的是一家公司过去一年的收益。另一种想法是,每价值1美元的股本,公司就能够赚取0.06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,我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。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。
Hexel的收益增长和6.1%的净资产收益率
从表面上看,赫克塞尔的净资产收益率(ROE)并不值得谈论。进一步的快速研究表明,该公司的净资产收益率(ROE)也比不上10%的行业平均水平。考虑到这种情况,Hexel在过去五年中净收入大幅下降35%并不令人意外。我们认为,可能还有其他方面对公司的收益前景产生负面影响。例如-低收益留存或资本分配不佳。
然而,当我们将Hexel的增长与行业进行比较时,我们发现,尽管该公司的收益一直在萎缩,但同期该行业的收益增长了4.0%。这相当令人担忧。
纽约证券交易所:HXL过去的收益增长2022年9月17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。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,你可能想看看Hexel相对于其行业是高市盈率还是低市盈率。
Hexel是否有效地对其利润进行了再投资?
Hexel过去三年的低三年中值派息率为18%(或留存率为82%),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。较低的派息应该意味着该公司保留了大部分收益,因此应该会看到一些增长。因此,在这方面可能会有其他一些解释。例如,该公司的业务可能正在恶化。
此外,Hexel已经支付了八年的股息,这是一个相当长的时间,这表明管理层肯定已经意识到,尽管收益一直在缩水,但股东更喜欢一致的股息。在研究了最新的分析师共识数据后,我们发现,该公司未来三年的派息率预计将降至13%。因此,派息率的预期下降解释了公司同期净资产收益率预期上升至12%的原因。
结论
总体而言,我们对Hexel的感觉很复杂。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。话虽如此,看看目前分析师的预估,我们发现该公司的盈利增长率预计将出现巨大改善。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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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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