Does InvenTrust Properties Corp.'s (NYSE:IVT) Weak Fundamentals Mean That The Market Could Correct Its Share Price?
Does InvenTrust Properties Corp.'s (NYSE:IVT) Weak Fundamentals Mean That The Market Could Correct Its Share Price?
InvenTrust Properties (NYSE:IVT) has had a great run on the share market with its stock up by a significant 5.8% over the last month. We, however wanted to have a closer look at its key financial indicators as the markets usually pay for long-term fundamentals, and in this case, they don't look very promising. Particularly, we will be paying attention to InvenTrust Properties' ROE today.
InvenTrust Properties(纽约证券交易所代码：IVT)在股票市场上表现出色，其股票在过去一个月里大幅上涨了5.8%。然而，我们希望更仔细地看看它的关键财务指标，因为市场通常会为长期基本面买单，而在这种情况下，它们看起来并不是很有希望。今天我们将特别关注InvenTrust Properties的净资产收益率(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.
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。
Check out our latest analysis for InvenTrust Properties
查看我们对InvenTrust Properties的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for InvenTrust Properties is:
因此，根据上述公式，InvenTrust Properties的ROE为：
2.6% = US$42m ÷ US$1.6b (Based on the trailing twelve months to September 2022).
2.6%=4200万美元×16亿美元(基于截至2022年9月的12个月的往绩)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.03 in profit.
“回报”指的是一家公司过去一年的收益。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0.03美元的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
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。根据公司选择再投资或“保留”多少利润，我们就能够评估一家公司未来产生利润的能力。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。
InvenTrust Properties' Earnings Growth And 2.6% ROE
InvenTrust Properties的收益增长和2.6%的净资产收益率
It is hard to argue that InvenTrust Properties' ROE is much good in and of itself. Not just that, even compared to the industry average of 6.8%, the company's ROE is entirely unremarkable. For this reason, InvenTrust Properties' five year net income decline of 36% is not surprising given its lower ROE. We reckon that there could also be other factors at play here. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
很难说InvenTrust Properties的净资产收益率本身就很好。不仅如此，即使与6.8%的行业平均水平相比，该公司的净资产收益率也完全不起眼。出于这个原因，鉴于其较低的净资产收益率，InvenTrust Properties五年来净利润下降36%并不令人意外。我们认为，可能还有其他因素在起作用。例如，该公司的派息率非常高，或者面临竞争压力。
So, as a next step, we compared InvenTrust Properties' 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 12% in the same period.
因此，作为下一步，我们将InvenTrust Properties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以12%的速度增长。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is IVT worth today? The intrinsic value infographic in our free research report helps visualize whether IVT is currently mispriced by the market.
盈利增长是股票估值的一个重要因素。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)。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。今天IVT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IVT目前是否被市场错误定价。
Is InvenTrust Properties Using Its Retained Earnings Effectively?
InvenTrust Properties是否有效地利用了其留存收益？
InvenTrust Properties has a very high three-year median payout ratio of 56%, implying that it retains only 44% of its profits. However, it's not unusual to see a REIT with such a high payout ratio mainly due to statutory requirements. So this probably explains the company's shrinking earnings.
InvenTrust Properties的三年中值派息率非常高，为56%，这意味着它只保留了44%的利润。然而，主要由于法定要求，REIT的派息率如此之高并不少见。因此，这可能解释了该公司收益缩水的原因。
Additionally, InvenTrust Properties has paid dividends over a period of nine years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外，InvenTrust Properties在九年的时间里支付了股息，这意味着公司管理层更专注于保持股息支付，而不考虑收益的缩水。
Summary
摘要
In total, we would have a hard think before deciding on any investment action concerning InvenTrust Properties. Because the company is not reinvesting much into the business, and given the low ROE, it's not surprising to see the lack or absence of growth in its earnings. Additionally, the latest industry analyst forecasts show that analysts expect the company's earnings to continue to shrink in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总而言之，在决定对InvenTrust Properties采取任何投资行动之前，我们会三思而后行。因为该公司没有对业务进行太多再投资，而且考虑到净资产收益率较低，其收益没有增长或没有增长也就不足为奇了。此外，最新的行业分析师预测显示，分析师预计该公司未来的收益将继续萎缩。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。
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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。