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Has Royal Gold, Inc. (NASDAQ:RGLD) Stock's Recent Performance Got Anything to Do With Its Financial Health?

Has Royal Gold, Inc. (NASDAQ:RGLD) Stock's Recent Performance Got Anything to Do With Its Financial Health?

皇家黄金公司(纳斯达克股票代码:RGLD)股票的近期表现与其财务状况有关吗?
Simply Wall St ·  02/07 14:25

Royal Gold's (NASDAQ:RGLD) stock up by 6.4% over the past three months. As most would know, long-term fundamentals have a strong correlation with market price movements, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. Particularly, we will be paying attention to Royal Gold's ROE today.

皇家黄金(纳斯达克股票代码:RGLD)的股票在过去三个月中上涨了6.4%。正如大多数人所知道的那样,长期基本面与市场价格走势有很强的相关性,因此我们决定今天查看该公司的关键财务指标,以确定它们在近期的价格走势中是否可以发挥任何作用。特别是,我们今天将关注皇家黄金的投资回报率。

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.

股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。换句话说,它是衡量公司股东提供的资本回报率的盈利比率。

How To Calculate Return On Equity?

如何计算股本回报率?

The formula for ROE is:

ROE 的公式是:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回报率 = 净利润(来自持续经营业务)÷ 股东权益

So, based on the above formula, the ROE for Royal Gold is:

因此,根据上述公式,皇家黄金的投资回报率为:

8.2% = US$234m ÷ US$2.9b (Based on the trailing twelve months to September 2023).

8.2% = 2.34亿美元 ÷ 29亿美元(基于截至2023年9月的过去十二个月)。

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 $0.08 in profit.

“回报” 是过去十二个月的利润。另一种思考方式是,公司每持有价值1美元的股权,就能获得0.08美元的利润。

What Is The Relationship Between ROE And Earnings Growth?

投资回报率与收益增长之间有什么关系?

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,投资回报率衡量的是公司创造利润的效率。然后,我们能够评估公司的收益增长潜力,具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。一般而言,在其他条件相同的情况下,股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。

Royal Gold's Earnings Growth And 8.2% ROE

皇家金业的收益增长和8.2%的投资回报率

At first glance, Royal Gold'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 11% either. Despite this, surprisingly, Royal Gold saw an exceptional 26% net income growth over the past five years. So, there might be other aspects that are positively influencing the company's earnings 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.

乍一看,皇家金的投资回报率看起来并不十分乐观。一项快速的进一步研究表明,该公司的投资回报率与行业平均水平的11%相比也并不理想。尽管如此,令人惊讶的是,皇家黄金在过去五年中实现了26%的惊人净收入增长。因此,可能还有其他方面对公司的收益增长产生积极影响。例如,公司的管理层可能做出了一些良好的战略决策,或者公司的派息率很低。

Next, on comparing Royal Gold's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 27% over the last few years.

接下来,在将Royal Gold的净收入增长与该行业进行比较时,我们发现该公司报告的增长与过去几年27%的行业平均增长率相似。

past-earnings-growth
NasdaqGS:RGLD Past Earnings Growth February 7th 2024
纳斯达克GS:RGLD过去的收益增长 2024年2月7日

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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Royal Gold is trading on a high P/E or a low P/E, relative to its industry.

收益增长是股票估值的重要因素。无论如何,投资者应设法确定预期的收益增长或下降是否已计入其中。通过这样做,他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。衡量预期收益增长的一个很好的指标是市盈率,它根据收益前景决定了市场愿意为股票支付的价格。因此,您可能需要检查皇家黄金相对于其行业是高市盈率还是低市盈率。

Is Royal Gold Efficiently Re-investing Its Profits?

皇家黄金是否有效地将其利润再投资?

Royal Gold's three-year median payout ratio is a pretty moderate 32%, meaning the company retains 68% of its income. By the looks of it, the dividend is well covered and Royal Gold is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.

Royal Gold的三年派息率中位数为32%,这意味着该公司保留了68%的收入。从表面上看,股息覆盖范围良好,皇家黄金正在有效地对其利润进行再投资,我们上面讨论的其非凡增长就证明了这一点。

Moreover, Royal Gold is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 39% over the next three years.

此外,Royal Gold决心继续与股东分享利润,这是我们从其支付股息的长期历史中推断出来的。我们最新的分析师数据显示,该公司的未来派息率预计将在未来三年内上升至39%。

Conclusion

结论

On the whole, we do feel that Royal Gold has some positive attributes. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business.

总的来说,我们确实认为皇家金具有一些积极的属性。尽管回报率很低,但由于对业务进行了大量再投资,该公司的收益增长令人印象深刻。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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