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Declining Stock and Decent Financials: Is The Market Wrong About SITE Centers Corp. (NYSE:SITC)?
Declining Stock and Decent Financials: Is The Market Wrong About SITE Centers Corp. (NYSE:SITC)?
With its stock down 21% over the past three months, it is easy to disregard SITE Centers (NYSE:SITC). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to SITE Centers' ROE today.
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
View our latest analysis for SITE Centers
How Do You Calculate Return On Equity?
Return on equity 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 SITE Centers is:
7.7% = US$162m ÷ US$2.1b (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 $0.08 in profit.
What Has ROE Got To Do With Earnings Growth?
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. 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.
SITE Centers' Earnings Growth And 7.7% ROE
When you first look at it, SITE Centers' ROE doesn't look that attractive. Yet, a closer study shows that the company's ROE is similar to the industry average of 6.6%. Particularly, the exceptional 47% net income growth seen by SITE Centers over the past five years is pretty remarkable. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
As a next step, we compared SITE Centers' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 11%.
NYSE:SITC Past Earnings Growth September 27th 2022The 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). This then helps them determine if the stock is placed for a bright or bleak future. Is SITE Centers fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is SITE Centers Using Its Retained Earnings Effectively?
SITE Centers has a very high three-year median payout ratio of 50%. This means that it has only 50% of its income left to reinvest into its business. However, it's not unusual to see a REIT with such a high payout ratio mainly due to statutory requirements. Regardless, this hasn't hampered its ability to grow as we saw earlier.
Besides, SITE Centers has been paying dividends for at least ten years or more. 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 48%. Still, forecasts suggest that SITE Centers' future ROE will drop to 3.1% even though the the company's payout ratio is not expected to change by much.
Conclusion
Overall, we feel that SITE Centers certainly does have some positive factors to consider. While no doubt its earnings growth is pretty substantial, we do feel that the reinvestment rate is pretty low, meaning, the earnings growth number could have been significantly higher had the company been retaining more of its profits. That being so, according to the latest industry analyst forecasts, the company's earnings are expected to shrink in the future. 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.
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.
在過去的三個月裏,它的股票下跌了21%,很容易忽視Site Center(紐約證券交易所代碼:SITC)。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。特別是,我們今天將關注Site Center的淨資產收益率。
股本回報率或淨資產收益率是股東要考慮的一個重要因素,因為它告訴他們他們的資本再投資的效率。簡而言之,淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
查看我們對Site Center的最新分析
你如何計算股本回報率?
股本回報率可使用以下公式計算:
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,Site Center的ROE為:
7.7%=1.62億美元×21億美元(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0.08美元的利潤。
淨資產收益率與盈利增長有什麼關係?
到目前為止,我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。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。一般來説,在其他條件相同的情況下,股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
Site Center的收益增長和7.7%的淨資產收益率
當你第一次看到它時,Site Center的淨資產收益率(ROE)看起來並不那麼吸引人。然而,一項更仔細的研究顯示,該公司的淨資產收益率接近6.6%的行業平均水平。特別是,Site Center在過去五年中看到的47%的淨收入增長是相當了不起的。考慮到較低的淨資產收益率,很有可能還有一些其他方面正在積極影響公司的收益增長。例如,該公司的派息率較低或管理效率較高。
下一步,我們將Site Center的淨收入增長與行業進行了比較,令人欣喜的是,我們發現該公司看到的增長高於行業平均11%的增長。
紐約證券交易所:SITC過去的收益增長2022年9月27日賦予一家公司價值的基礎在很大程度上與其盈利增長掛鈎。對於投資者來説,重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。這有助於他們確定這隻股票是為光明還是黯淡的未來做準備。與其他公司相比,Site Center的價值是否公平?這3個估值指標可能會幫助你做出決定。
SITE中心是否有效地利用其留存收益?
Site Center的三年中值支付率非常高,為50%。這意味着它只剩下50%的收入可以再投資於自己的業務。然而,主要由於法定要求,REIT的派息率如此之高並不少見。無論如何,這並沒有像我們之前看到的那樣阻礙它的增長能力。
此外,Site Center至少在十年或更長時間內一直在支付紅利。這表明該公司致力於與股東分享利潤。我們最新的分析師數據顯示,該公司未來三年的派息率預計約為48%。不過,預測顯示,Site Center未來的淨資產收益率將降至3.1%,儘管該公司的派息率預計不會有太大變化。
結論
總體而言,我們認為Site Center確實有一些積極的因素需要考慮。雖然毫無疑問,它的收益增長相當可觀,但我們確實感覺到再投資率相當低,這意味着,如果公司保留了更多的利潤,收益增長數字可能會高得多。在這種情況下,根據最新的行業分析師預測,該公司未來的收益預計將縮水。這些分析師的預期是基於對該行業的廣泛預期,還是基於該公司的基本面?點擊此處進入我們分析師對該公司的預測頁面。
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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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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