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Is Cohu, Inc.'s (NASDAQ:COHU) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Cohu, Inc.'s (NASDAQ:COHU) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Cohu (NASDAQ:COHU) has had a great run on the share market with its stock up by a significant 30% over the last three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. In this article, we decided to focus on Cohu's ROE.
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
Check out our latest analysis for Cohu
How To 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 Cohu is:
11% = US$96m ÷ US$882m (Based on the trailing twelve months to September 2022).
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.11.
Why Is ROE Important For Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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.
Cohu's Earnings Growth And 11% ROE
To begin with, Cohu seems to have a respectable ROE. Be that as it may, the company's ROE is still quite lower than the industry average of 19%. However, we are pleased to see the impressive 39% net income growth reported by Cohu over the past five years. Therefore, there could be other causes behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio. However, not to forget, the company does have a decent ROE to begin with, just that it is lower than the industry average. So this certainly also provides some context to the high earnings growth seen by the company.
We then compared Cohu's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 29% in the same period.
Earnings 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. This then helps them determine if the stock is placed for a bright or bleak future. What is COHU worth today? The intrinsic value infographic in our free research report helps visualize whether COHU is currently mispriced by the market.
Is Cohu Making Efficient Use Of Its Profits?
Given that Cohu doesn't pay any dividend to its shareholders, we infer that the company has been reinvesting all of its profits to grow its business.
Summary
On the whole, we feel that Cohu's performance has been quite good. Particularly, we like that the company is reinvesting heavily into its business at a moderate rate of return. Unsurprisingly, this has led to an impressive earnings growth. With that said, on studying the latest analyst forecasts, we found that while the company has seen growth in its past earnings, analysts expect its future earnings to shrink. 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.
Cohu(纳斯达克代码:COHU)在股票市场上表现出色,其股票在过去三个月里大幅上涨了30%。由于市场通常为公司的长期基本面买单,我们决定研究公司的关键业绩指标,看看它们是否会影响市场。在本文中,我们决定关注Cohu的ROE。
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。换句话说,它揭示了该公司成功地将股东投资转化为利润。
查看我们对Cohu的最新分析
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,Cohu的ROE为:
11%=9600万美元×8.82亿美元(基于截至2022年9月的12个月的往绩)。
“收益”是过去12个月的利润。因此,这意味着股东每投资1美元,公司就会产生0.11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,我们了解到净资产收益率是衡量一家公司盈利能力的指标。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。
Cohu的收益增长和11%的净资产收益率
首先,Cohu似乎拥有令人尊敬的净资产收益率。尽管如此,该公司的净资产收益率仍远低于19%的行业平均水平。然而,我们很高兴看到Cohu在过去五年中报告了令人印象深刻的39%的净收入增长。因此,这种增长背后可能还有其他原因。例如,公司管理层可能做出了一些良好的战略决策,或者公司的派息率较低。然而,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,这当然也为该公司的高收益增长提供了一些背景。
然后,我们将Cohu的净收入增长与行业进行了比较,我们很高兴地看到,与同期29%的行业增长率相比,该公司的增长数字更高。
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。今天Cohu的价值是多少?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Cohu目前是否被市场错误定价。
Cohu是否有效地利用了其利润?
鉴于Cohu不向股东支付任何股息,我们推断该公司一直在将所有利润再投资于增长业务。
摘要
总体来说,我们觉得Cohu的表现相当不错。特别是,我们喜欢该公司以适度的回报率对其业务进行大量再投资。不出所料,这导致了令人印象深刻的收益增长。话虽如此,在研究最新的分析师预测时,我们发现,尽管该公司过去的收益有所增长,但分析师预计其未来收益将缩水。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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