Declining Stock and Solid Fundamentals: Is The Market Wrong About HEICO Corporation (NYSE:HEI)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About HEICO Corporation (NYSE:HEI)?
HEICO (NYSE:HEI) has had a rough three months with its share price down 9.1%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to HEICO's ROE today.
HEICO(纽约证券交易所代码：HEI)经历了艰难的三个月，股价下跌了9.1%。然而，仔细看看它稳健的财务状况可能会让你重新考虑。鉴于基本面因素通常会推动长期市场结果，该公司值得关注。特别是，我们今天将关注海科的净资产收益率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。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。
Check out our latest analysis for HEICO
查看我们对HEICO的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
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 HEICO is:
因此，根据上述公式，HEICO的净资产收益率为：
13% = US$441m ÷ US$3.3b (Based on the trailing twelve months to July 2023).
13%=4.41亿美元×33亿美元(基于截至2023年7月的12个月)。
The 'return' is the amount earned after tax 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 $0.13 in profit.
“报税表”是过去12个月的税后收入。另一种说法是，公司每持有价值1美元的股票，就能赚取0.13美元的利润。
What Has ROE Got To Do With Earnings Growth?
净资产收益率与盈利增长有什么关系？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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.
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。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。
HEICO's Earnings Growth And 13% ROE
海科的盈利增长和13%的净资产收益率
To begin with, HEICO seems to have a respectable ROE. Further, the company's ROE is similar to the industry average of 13%. This certainly adds some context to HEICO's moderate 5.4% net income growth seen over the past five years.
首先，Heico似乎拥有令人尊敬的净资产收益率。此外，该公司的净资产收益率(ROE)接近13%的行业平均水平。这无疑为过去五年Heico 5.4%的净利润温和增长增添了一些背景。
We then compared HEICO'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 4.2% in the same 5-year period.
然后，我们将HEICO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4.2%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. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is HEICO fairly valued compared to other companies? These 3 valuation measures might help you decide.
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。投资者下一步需要确定的是，预期的收益增长是否已经计入了股价。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。与其他公司相比，Heico的估值是否公平？这3个估值指标可能会帮助你做出决定。
Is HEICO Making Efficient Use Of Its Profits?
Heico是否在有效利用其利润？
HEICO's three-year median payout ratio to shareholders is 7.2% (implying that it retains 93% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
HEICO对股东的三年派息率中值为7.2%(这意味着它保留了93%的收入)，这一比率处于较低水平，因此管理层似乎正在将利润进行大量再投资，以实现业务增长。
Additionally, HEICO has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 5.5% over the next three years. Despite the lower expected payout ratio, the company's ROE is not expected to change by much.
此外，HEICO在至少十年的时间里支付了股息，这意味着该公司非常认真地与股东分享利润。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将降至5.5%。尽管预期派息率较低，但该公司的净资产收益率预计不会有太大变化。
Conclusion
结论
On the whole, we feel that HEICO's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. 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.
总体来说，我们觉得HEICO的表现相当不错。具体地说，我们喜欢该公司将一大笔利润以高回报率进行再投资。当然，这导致该公司的收益出现了大幅增长。尽管如此，最新的行业分析师预测显示，该公司的收益预计将加速增长。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。
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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。