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Are Strong Financial Prospects The Force That Is Driving The Momentum In Ferretti S.p.A.'s HKG:9638) Stock?
Are Strong Financial Prospects The Force That Is Driving The Momentum In Ferretti S.p.A.'s HKG:9638) Stock?
Ferretti (HKG:9638) has had a great run on the share market with its stock up by a significant 7.7% over the last week. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on Ferretti's ROE.
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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
See our latest analysis for Ferretti
How Do You Calculate Return On Equity?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Ferretti is:
5.9% = €44m ÷ €748m (Based on the trailing twelve months to June 2022).
The 'return' is the yearly profit. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.06 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. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
A Side By Side comparison of Ferretti's Earnings Growth And 5.9% ROE
At first glance, Ferretti's ROE doesn't look very promising. However, the fact that the its ROE is quite higher to the industry average of 4.1% doesn't go unnoticed by us. This certainly adds some context to Ferretti's moderate 9.8% net income growth seen over the past five years. That being said, the company does have a slightly low ROE to begin with, just that it is higher than the industry average. So there might well be other reasons for the earnings to grow. For example, it is possible that the broader industry is going through a high growth phase, or that the company has a low payout ratio.
When you consider the fact that the industry earnings have shrunk at a rate of 9.0% in the same period, the company's net income growth is pretty remarkable.
SEHK:9638 Past Earnings Growth November 6th 2022Earnings growth is a huge factor in stock valuation. 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 Ferretti fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is Ferretti Using Its Retained Earnings Effectively?
Ferretti's three-year median payout ratio to shareholders is 13% (implying that it retains 87% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
While Ferretti has seen growth in its earnings, it only recently started to pay a dividend. It is most likely that the company decided to impress new and existing shareholders with a dividend. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 13%. However, Ferretti's ROE is predicted to rise to 8.2% despite there being no anticipated change in its payout ratio.
Summary
On the whole, we feel that Ferretti's performance has been quite good. Specifically, we like that it has been reinvesting a high portion of its profits at a moderate rate of return, resulting in earnings expansion. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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.
法拉帝(HKG:9638)在股票市場上表現出色,其股票在過去一週大幅上漲7.7%。鑑於該公司令人印象深刻的業績,我們決定更仔細地研究其財務指標,因為公司的長期財務健康狀況通常決定着市場結果。在本文中,我們決定將重點放在Ferretti的ROE上。
淨資產收益率,即股本回報率,是評估一家公司從股東那裏獲得投資回報的有效程度的有用工具。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。
查看我們對費雷蒂的最新分析
你如何計算股本回報率?
這個淨資產收益率公式是:
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,Ferretti的淨資產收益率為:
5.9%=4400萬歐元×7.48億歐元(基於截至2022年6月的12個月的往績)。
“回報”就是年度利潤。另一種説法是,該公司每持有價值1港元的股票,就能賺取0.06港元的利潤。
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。根據公司選擇再投資或“保留”多少利潤,我們就能夠評估一家公司未來產生利潤的能力。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。
費雷蒂盈利增長與5.9%淨資產收益率的並列比較
乍一看,費雷蒂的淨資產收益率看起來並不是很有希望。然而,ITS的淨資產收益率(ROE)相當高,高於4.1%的行業平均水平,這一事實並不是沒有引起我們的注意。這無疑為法拉蒂在過去五年中實現的9.8%的淨利潤温和增長增添了一些背景。話雖如此,該公司一開始的淨資產收益率確實略低,只是高於行業平均水平。因此,盈利增長很可能還有其他原因。例如,更廣泛的行業可能正在經歷高增長階段,或者公司的派息率較低。
當你考慮到同期行業收益以9.0%的速度縮水時,該公司的淨收入增長相當可觀。
聯交所:9638過去盈利增長2022年11月6日盈利增長是股票估值的一個重要因素。投資者下一步需要確定的是,預期的收益增長是否已經計入了股價。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。與其他公司相比,法雷蒂的估值是否公平?這3個估值指標可能會幫助你做出決定。
法拉蒂是否有效地利用了其留存收益?
Ferretti對股東的三年派息率中值為13%(這意味着它保留了87%的收入),這一比率處於較低水平,因此管理層似乎正在將利潤進行大量再投資,以實現業務增長。
雖然Ferretti的收益有所增長,但它最近才開始支付股息。最有可能的是,該公司決定用股息給新股東和現有股東留下深刻印象。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13%。然而,儘管派息率沒有預期的變化,但法雷蒂的淨資產收益率預計將上升至8.2%。
摘要
總的來説,我們覺得費雷蒂的表現相當不錯。具體地説,我們喜歡它一直在以適度的回報率將高比例利潤進行再投資,導致收益擴大。話雖如此,但從目前分析師的預估來看,我們發現該公司的盈利勢頭有望增強。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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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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