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Cactus, Inc. (NYSE:WHD) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
Cactus, Inc. (NYSE:WHD) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
It is hard to get excited after looking at Cactus' (NYSE:WHD) recent performance, when its stock has declined 17% over the past month. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Cactus' 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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
View our latest analysis for Cactus
How Do You Calculate Return On Equity?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Cactus is:
16% = US$100m ÷ US$644m (Based on the trailing twelve months to June 2022).
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.16 in profit.
What Is The Relationship Between ROE And Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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 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.
Cactus' Earnings Growth And 16% ROE
To start with, Cactus' ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 8.2%. Despite this, Cactus' five year net income growth was quite flat over the past five years. We reckon that there could be some other factors at play here that's limiting the company's growth. For example, it could be that the company has a high payout ratio or the business has allocated capital poorly, for instance.
Next, we compared Cactus' performance against the industry and found that the industry shrunk its earnings at 4.6% in the same period, which suggests that the company's earnings have been shrinking at a slower rate than its industry, This does appease the negative sentiment around the company to a certain extent.
NYSE:WHD Past Earnings Growth September 26th 2022Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. 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 Cactus is trading on a high P/E or a low P/E, relative to its industry.
Is Cactus Using Its Retained Earnings Effectively?
Despite having a moderate three-year median payout ratio of 40% (meaning the company retains60% of profits) in the last three-year period, Cactus' earnings growth was more or les flat. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
In addition, Cactus has been paying dividends over a period of three years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 18% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 24%, over the same period.
Conclusion
On the whole, we do feel that Cactus has some positive attributes. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. 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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
在看到仙人掌(NYSE:WHD)最近的表現後,很難感到興奮,它的股價在過去一個月裏下跌了17%。然而,股價通常是由公司的長期財務狀況推動的,在這種情況下,財務狀況看起來相當不錯。在本文中,我們決定重點介紹仙人掌的ROE。
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。簡而言之,它是用來評估一家公司相對於其權益資本的盈利能力。
查看我們對仙人掌的最新分析
你如何計算股本回報率?
可使用以下公式計算淨資產收益率:
股本回報率=(持續經營的)淨利潤?股東權益
因此,根據上面的公式,仙人掌的淨資產收益率為:
16%=1億美元×6.44億美元(基於截至2022年6月的12個月)。
“回報”指的是企業在過去一年中獲得的收入。一種將其概念化的方法是,公司每擁有1美元的股東資本,就能獲得0.16美元的利潤。
淨資產收益率與盈利增長之間有什麼關係?
到目前為止,我們瞭解到淨資產收益率是衡量一家公司盈利能力的指標。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長,這就讓我們對公司的增長潛力有了一個瞭解。假設其他條件相同,與沒有相同特徵的公司相比,擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
仙人掌的收益增長和16%的淨資產收益率
首先,仙人掌的淨資產收益率看起來還可以接受。此外,該公司的淨資產收益率(ROE)與行業平均水平8.2%相比相當有利。儘管如此,仙人掌的五年淨收入增長在過去五年中相當持平。我們認為,可能還有一些其他因素在發揮作用,限制了公司的增長。例如,可能是公司的派息率很高,或者企業的資本配置不當。
接下來,我們將仙人掌的表現與行業進行了比較,發現同期仙人掌行業的收益縮水了4.6%,這表明該公司的收益縮水速度一直慢於行業,這在一定程度上平息了圍繞公司的負面情緒。
紐約證券交易所:WHD過去的收益增長2022年9月26日盈利增長是評估一隻股票時需要考慮的一個重要指標。投資者應該嘗試確定預期的收益增長或下降是否已計入價格,無論是哪種情況。這樣做將有助於他們確定該股的未來看起來是光明的還是不祥的。衡量預期收益增長的一個很好的指標是市盈率,它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此,你可能想看看仙人掌相對於其行業是高市盈率還是低市盈率。
仙人掌是否有效地利用了其留存收益?
儘管仙人掌過去三年的中值派息率為40%(這意味着公司保留了60%的利潤),但仙人掌的收益增長或多或少持平。因此,可能還有其他因素在起作用,可能會阻礙經濟增長。例如,該業務一直面臨一些不利因素。
此外,仙人掌在過去三年裏一直在支付股息,這表明保持股息支付對管理層來説要重要得多,即使這是以業務增長為代價的。在研究了最新的分析師共識數據後,我們發現,該公司未來三年的派息率預計將降至18%。因此,派息率的預期下降解釋了公司同期淨資產收益率預期上升至24%的原因。
結論
總的來説,我們確實覺得仙人掌有一些積極的屬性。然而,考慮到高淨資產收益率和高利潤保留率,我們預計該公司將實現強勁的收益增長,但這裏的情況並非如此。這表明,該業務可能面臨一些外部威脅,這正在阻礙其增長。話雖如此,我們研究了最新的分析師預測,發現儘管該公司過去的收益有所縮水,但分析師預計其未來的收益將會增長。要了解更多有關該公司未來收益增長預測的信息,請查看以下內容免費報告分析師對該公司的預測,以瞭解更多信息。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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