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Is PPL Corporation's (NYSE:PPL) Stock On A Downtrend As A Result Of Its Poor Financials?
Is PPL Corporation's (NYSE:PPL) Stock On A Downtrend As A Result Of Its Poor Financials?
PPL (NYSE:PPL) has had a rough month with its share price down 5.5%. We decided to study the company's financials to determine if the downtrend will continue as the long-term performance of a company usually dictates market outcomes. Specifically, we decided to study PPL's ROE in this article.
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
View our latest analysis for PPL
How Do You Calculate Return On Equity?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for PPL is:
5.4% = US$743m ÷ US$14b (Based on the trailing twelve months to June 2022).
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.05 in profit.
Why Is ROE Important For Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.
PPL's Earnings Growth And 5.4% ROE
On the face of it, PPL'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 8.9% either. For this reason, PPL's five year net income decline of 26% is not surprising given its lower ROE. 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.
So, as a next step, we compared PPL's 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 6.5% in the same period.
NYSE:PPL Past Earnings Growth September 26th 2022Earnings growth is a huge factor in stock valuation. 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. What is PPL worth today? The intrinsic value infographic in our free research report helps visualize whether PPL is currently mispriced by the market.
Is PPL Making Efficient Use Of Its Profits?
PPL's very high three-year median payout ratio of 147% over the last three years suggests that the company is paying its shareholders more than what it is earning and this explains the company's shrinking earnings. Its usually very hard to sustain dividend payments that are higher than reported profits. To know the 2 risks we have identified for PPL visit our risks dashboard for free.
Additionally, PPL 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. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 60% over the next three years. The fact that the company's ROE is expected to rise to 8.7% over the same period is explained by the drop in the payout ratio.
Conclusion
On the whole, PPL's performance is quite a big let-down. Particularly, its ROE is a huge disappointment, not to mention its lack of proper reinvestment into the business. As a result its earnings growth has also been quite disappointing. 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 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.
PPL(纽约证券交易所代码:PPL)经历了一个艰难的月,其股价下跌了5.5%。我们决定研究公司的财务状况,以确定下降趋势是否会继续下去,因为公司的长期表现通常决定着市场结果。具体地说,我们决定在本文中研究PPL的净资产收益率。
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。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PPL的最新分析
你如何计算股本回报率?
这个净资产收益率公式是:
股本回报率=(持续经营的)净利润?股东权益
因此,根据上面的公式,PPL的ROE为:
5.4%=7.43亿美元×140亿美元(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。一种将其概念化的方法是,公司每拥有1美元的股东资本,就能获得0.05美元的利润。
为什么净资产收益率对收益增长很重要?
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。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。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。
PPL的收益增长和5.4%的净资产收益率
从表面上看,PPL的净资产收益率(ROE)并不值得谈论。一项快速的进一步研究显示,该公司的净资产收益率(ROE)也不及8.9%的行业平均水平。因此,考虑到PPL较低的ROE,PPL五年净收入下降26%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。
因此,下一步,我们将PPL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在以6.5%的速度增长。
纽约证券交易所:PPL过去的收益增长2022年9月26日盈利增长是股票估值的一个重要因素。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。今天,PPL值多少钱?我们免费研究报告中的内在价值信息图有助于直观地了解PPL目前是否被市场错误定价。
PPL是否有效地利用了其利润?
PPL过去三年的派息率中值非常高,达到147%,这表明该公司向股东支付的股息高于其盈利,这解释了该公司收益缩水的原因。通常很难维持高于公布利润的股息支付。要了解我们为PPL确定的两个风险,请免费访问我们的风险仪表板。
此外,PPL至少在十年内支付了股息,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。分析师现有的预估显示,该公司未来三年的派息率预计将降至60%。该公司同期净资产收益率预计将升至8.7%,这一事实可以用派息率的下降来解释。
结论
总体而言,PPL的表现相当令人失望。特别是,它的净资产收益率令人大失所望,更不用说它缺乏对业务的适当再投资了。因此,它的收益增长也相当令人失望。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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