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Declining Stock and Decent Financials: Is The Market Wrong About SITE Centers Corp. (NYSE:SITC)?
Declining Stock and Decent Financials: Is The Market Wrong About SITE Centers Corp. (NYSE:SITC)?
With its stock down 21% over the past three months, it is easy to disregard SITE Centers (NYSE:SITC). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to SITE Centers' ROE today.
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
View our latest analysis for SITE Centers
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 SITE Centers is:
7.7% = US$162m ÷ US$2.1b (Based on the trailing twelve months to June 2022).
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.08 in profit.
What Has ROE Got To Do With 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. 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.
SITE Centers' Earnings Growth And 7.7% ROE
When you first look at it, SITE Centers' ROE doesn't look that attractive. Yet, a closer study shows that the company's ROE is similar to the industry average of 6.6%. Particularly, the exceptional 47% net income growth seen by SITE Centers over the past five years is pretty remarkable. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
As a next step, we compared SITE Centers' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 11%.
NYSE:SITC Past Earnings Growth September 27th 2022The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is SITE Centers fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is SITE Centers Using Its Retained Earnings Effectively?
SITE Centers has a very high three-year median payout ratio of 50%. This means that it has only 50% of its income left to reinvest into its business. However, it's not unusual to see a REIT with such a high payout ratio mainly due to statutory requirements. Regardless, this hasn't hampered its ability to grow as we saw earlier.
Besides, SITE Centers has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 48%. Still, forecasts suggest that SITE Centers' future ROE will drop to 3.1% even though the the company's payout ratio is not expected to change by much.
Conclusion
Overall, we feel that SITE Centers certainly does have some positive factors to consider. While no doubt its earnings growth is pretty substantial, we do feel that the reinvestment rate is pretty low, meaning, the earnings growth number could have been significantly higher had the company been retaining more of its profits. That being so, according to the latest industry analyst forecasts, the company's earnings are expected to shrink in the future. 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.
在过去的三个月里,它的股票下跌了21%,很容易忽视Site Center(纽约证券交易所代码:SITC)。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。特别是,我们今天将关注Site Center的净资产收益率。
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,净资产收益率显示了每一美元相对于其股东投资产生的利润。
查看我们对Site Center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,根据上面的公式,Site Center的ROE为:
7.7%=1.62亿美元×21亿美元(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。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0.08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。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。
Site Center的收益增长和7.7%的净资产收益率
当你第一次看到它时,Site Center的净资产收益率(ROE)看起来并不那么吸引人。然而,一项更仔细的研究显示,该公司的净资产收益率接近6.6%的行业平均水平。特别是,Site Center在过去五年中看到的47%的净收入增长是相当了不起的。考虑到较低的净资产收益率,很有可能还有一些其他方面正在积极影响公司的收益增长。例如,该公司的派息率较低或管理效率较高。
下一步,我们将Site Center的净收入增长与行业进行了比较,令人欣喜的是,我们发现该公司看到的增长高于行业平均11%的增长。
纽约证券交易所:SITC过去的收益增长2022年9月27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。对于投资者来说,重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。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,Site Center的价值是否公平?这3个估值指标可能会帮助你做出决定。
SITE中心是否有效地利用其留存收益?
Site Center的三年中值支付率非常高,为50%。这意味着它只剩下50%的收入可以再投资于自己的业务。然而,主要由于法定要求,REIT的派息率如此之高并不少见。无论如何,这并没有像我们之前看到的那样阻碍它的增长能力。
此外,Site Center至少在十年或更长时间内一直在支付红利。这表明该公司致力于与股东分享利润。我们最新的分析师数据显示,该公司未来三年的派息率预计约为48%。不过,预测显示,Site Center未来的净资产收益率将降至3.1%,尽管该公司的派息率预计不会有太大变化。
结论
总体而言,我们认为Site Center确实有一些积极的因素需要考虑。虽然毫无疑问,它的收益增长相当可观,但我们确实感觉到再投资率相当低,这意味着,如果公司保留了更多的利润,收益增长数字可能会高得多。在这种情况下,根据最新的行业分析师预测,该公司未来的收益预计将缩水。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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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。
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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。
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