DT Midstream, Inc.'s (NYSE:DTM) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
DT Midstream, Inc.'s (NYSE:DTM) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
DT Midstream (NYSE:DTM) has had a great run on the share market with its stock up by a significant 8.8% over the last month. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. In this article, we decided to focus on DT Midstream's ROE.
DT Midstream（纽约证券交易所代码：DTM）在股市上表现良好，其股票在上个月大幅上涨了8.8％。但是该公司的关键财务指标似乎各不相同，这使我们质疑该公司目前的股价势头是否可以维持。在本文中，我们决定重点关注DT Midstream的投资回报率。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
投资回报率或股本回报率是评估公司如何有效地从股东那里获得投资回报的有用工具。换句话说，它揭示了公司成功地将股东投资转化为利润。
How Is ROE Calculated?
ROE 是如何计算的？
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算：
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 DT Midstream is:
因此，根据上述公式，DT Midstream 的投资回报率为：
9.3% = US$396m ÷ US$4.3b (Based on the trailing twelve months to December 2023).
9.3% = 3.96亿美元 ÷ 43亿美元（基于截至2023年12月的过去十二个月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.09 in profit.
“回报” 是企业去年获得的收入。这意味着，公司每获得价值1美元的股东权益，就会产生0.09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. 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.
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。现在，我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长，从而使我们对公司的增长潜力有所了解。假设其他一切保持不变，那么与不一定具有这些特征的公司相比，投资回报率和利润保留率越高，公司的增长率就越高。
DT Midstream's Earnings Growth And 9.3% ROE
DT Midstream的收益增长和9.3％的投资回报率
At first glance, DT Midstream's ROE doesn't look very promising. Next, when compared to the average industry ROE of 21%, the company's ROE leaves us feeling even less enthusiastic. However, the moderate 10% net income growth seen by DT Midstream over the past five years is definitely a positive. 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，DT Midstream的投资回报率看起来并不十分乐观。接下来，与21％的行业平均投资回报率相比，该公司的投资回报率使我们感到不那么热情。但是，DT Midstream在过去五年中实现了10％的温和净收入增长，这绝对是积极的。我们认为这里可能还有其他因素在起作用。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。
We then compared DT Midstream's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 36% in the same 5-year period, which is a bit concerning.
然后，我们将DT Midstream的净收入增长与该行业进行了比较，发现该公司的增长数字低于同期36％的行业平均增长率，这有点令人担忧。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Has the market priced in the future outlook for DTM? You can find out in our latest intrinsic value infographic research report.
收益增长是对股票进行估值时要考虑的重要指标。对于投资者来说，重要的是要知道市场是否对公司的预期收益增长（或下降）进行了定价。这样做将帮助他们确定股票的未来是乐观还是不祥的。市场对DTM的未来展望进行了定价吗？你可以在我们最新的内在价值信息图研究报告中找到答案。
Is DT Midstream Efficiently Re-investing Its Profits?
DT Midstream 能否有效地对其利润进行再投资？
While DT Midstream has a three-year median payout ratio of 68% (which means it retains 32% of profits), the company has still seen a fair bit of earnings growth in the past, meaning that its high payout ratio hasn't hampered its ability to grow.
尽管DT Midstream的三年派息率中位数为68％（这意味着它保留了32％的利润），但该公司过去的收益仍有相当大的增长，这意味着其高派息率并未阻碍其增长能力。
Besides, DT Midstream has been paying dividends over a period of three years. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 71%. As a result, DT Midstream's ROE is not expected to change by much either, which we inferred from the analyst estimate of 9.9% for future ROE.
此外，DT Midstream已经在三年内派发了股息。这表明该公司致力于与股东分享利润。我们最新的分析师数据显示，公司未来三年的派息率预计约为71％。因此，预计DT Midstream的投资回报率也不会有太大变化，我们从分析师对未来投资回报率为9.9％的估计中推断了这一点。
Summary
摘要
Overall, we have mixed feelings about DT Midstream. Although the company has shown a fair bit of growth in earnings, the reinvestment rate is low. Meaning, the earnings growth number could have been significantly higher had the company been retaining more of its profits and reinvesting that at a higher rate of return. 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.
总的来说，我们对DT Midstream的看法喜忧参半。尽管该公司的收益略有增长，但再投资率却很低。这意味着，如果该公司保留更多的利润并以更高的回报率进行再投资，收益增长数字可能会大大提高。既然如此，对分析师最新预测的研究表明，预计该公司未来的收益增长将放缓。要了解有关公司未来收益增长预测的更多信息，请查看这份免费的分析师预测报告，以了解更多信息。
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