First Advantage Corporation's (NASDAQ:FA) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
First Advantage Corporation's (NASDAQ:FA) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
First Advantage (NASDAQ:FA) has had a rough three months with its share price down 15%. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on First Advantage's ROE.
第一优势(纳斯达克：FA)经历了艰难的三个月，其股价下跌了15%。但如果你密切关注，你可能会发现，该公司的关键财务指标看起来相当不错，这可能意味着，鉴于市场通常会奖励更具弹性的长期基本面因素，该股可能会在长期内上涨。在本文中，我们决定关注First Advantage的净资产收益率。
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.
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。
View our latest analysis for First Advantage
查看我们的最新分析，了解First Advantage
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for return on equity is:
这个股本回报率公式是：
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 First Advantage is:
因此，根据上述公式，第一优势的净资产收益率为：
4.5% = US$49m ÷ US$1.1b (Based on the trailing twelve months to June 2023).
4.5%=4900万美元×11亿美元(基于截至2023年6月的12个月的往绩)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.04 in profit.
“收益”是过去12个月的利润。另一种想法是，每价值1美元的股本，公司就能够赚取0.04美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. 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.
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。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。
First Advantage's Earnings Growth And 4.5% ROE
First Advantage的收益增长和4.5%的净资产收益率
At first glance, First Advantage's ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 15% either. In spite of this, First Advantage was able to grow its net income considerably, at a rate of 52% in the last five years. We reckon that there could be other factors at play here. 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.
乍一看，First Advantage的净资产收益率看起来并不是很有希望。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15%的行业平均水平。尽管如此，First Advantage的净收入仍大幅增长，在过去五年中增长了52%。我们认为，可能还有其他因素在起作用。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。
We then compared First Advantage'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 13% in the same 5-year period.
然后，我们将First Advantage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13%的行业增长率相比，该公司的增长数字更高。
The 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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about First Advantage's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
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)。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。如果你想知道First Advantage的估值，看看这个衡量其市盈率的指标，它与其行业相比。
Is First Advantage Efficiently Re-investing Its Profits?
First Advantage是否有效地对其利润进行了再投资？
First Advantage doesn't pay any dividend currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the high earnings growth number that we discussed above.
First Advantage目前不支付任何股息，这实际上意味着它一直在将所有利润再投资于业务。这无疑是我们上面讨论的高收益增长数字的原因。
Conclusion
结论
In total, it does look like First Advantage has some positive aspects to its business. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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.
总体而言，First Advantage确实看起来对其业务有一些积极的方面。凭借高再投资率，尽管净资产收益率较低，该公司的收益实现了相当大的增长。既然如此，一项对最新分析师预测的研究表明，预计该公司未来的收益增长将放缓。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。
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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。