First Industrial Realty Trust, Inc.'s (NYSE:FR) Stock's On An Uptrend: Are Strong Financials Guiding The Market?
First Industrial Realty Trust, Inc.'s (NYSE:FR) Stock's On An Uptrend: Are Strong Financials Guiding The Market?
Most readers would already be aware that First Industrial Realty Trust's (NYSE:FR) stock increased significantly by 15% over the past three months. 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 First Industrial Realty Trust's ROE.
大多數讀者應該已經知道，First Industrial Realty Trust(紐約證券交易所代碼：FR)的股票在過去三個月裏大幅上漲了15%。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，我們決定關注First Industrial Realty Trust的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。簡而言之，它衡量的是一家公司相對於股東權益的盈利能力。
View our latest analysis for First Industrial Realty Trust
查看我們對第一產業地產信託的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
這個股本回報率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for First Industrial Realty Trust is:
因此，根據上述公式，第一產業地產信託的淨資產收益率為：
17% = US$415m ÷ US$2.5b (Based on the trailing twelve months to September 2022).
17%=4.15億美元×25億美元(基於截至2022年9月的12個月的往績)。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.17.
“回報”指的是企業在過去一年中獲得的收入。因此，這意味着股東每投資1美元，公司就會產生0.17美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係？
So far, we've learned that ROE is a measure of a company's profitability. 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。根據公司將這些利潤再投資或“保留”多少，以及這樣做的效率如何，我們就能夠評估一家公司的收益增長潛力。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。
First Industrial Realty Trust's Earnings Growth And 17% ROE
第一產業地產信託的盈利增長和17%的淨資產收益率
To start with, First Industrial Realty Trust's ROE looks acceptable. On comparing with the average industry ROE of 6.9% the company's ROE looks pretty remarkable. This certainly adds some context to First Industrial Realty Trust's decent 12% net income growth seen over the past five years.
首先，First Industrial Realty Trust的ROE看起來可以接受。與6.9%的行業平均淨資產收益率相比，該公司的淨資產收益率看起來相當驚人。這無疑為First Industrial Realty Trust過去五年12%的淨利潤增長提供了一些背景。
Next, on comparing First Industrial Realty Trust's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 12% in the same period.
接下來，將第一產業地產信託的淨收入增長與行業進行比較，我們發現該公司的上報增長與同期12%的行業平均增長率相似。
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for FR? You can find out in our latest intrinsic value infographic research report.
盈利增長是評估一隻股票時需要考慮的一個重要指標。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)。通過這樣做，他們將知道股票是將進入清澈的藍色水域，還是等待沼澤水域。市場是否已經消化了FR的未來前景？你可以在我們最新的內在價值信息圖研究報告中找到答案。
Is First Industrial Realty Trust Efficiently Re-investing Its Profits?
First Industrial Realty Trust是否有效地將其利潤進行了再投資？
First Industrial Realty Trust has a high three-year median payout ratio of 53%. This means that it has only 47% 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. Despite this, the company's earnings grew moderately as we saw above.
First Industrial Realty Trust的三年中值派息率高達53%。這意味着它只剩下47%的收入可以再投資於其業務。然而，主要由於法定要求，REIT的派息率如此之高並不少見。儘管如此，正如我們上面看到的那樣，該公司的收益温和增長。
Additionally, First Industrial Realty Trust has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 100% over the next three years. Consequently, the higher expected payout ratio explains the decline in the company's expected ROE (to 7.0%) over the same period.
此外，First Industrial Realty Trust至少在十年內派發了股息，這意味着該公司非常認真地與股東分享利潤。看看目前分析師的共識數據，我們可以看到，該公司未來三年的派息率有望升至100%。因此，較高的預期派息率解釋了公司同期預期淨資產收益率(降至7.0%)的下降。
Conclusion
結論
In total, we are pretty happy with First Industrial Realty Trust's performance. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. Having said that, on studying current analyst estimates, we were concerned to see that while the company has grown its earnings in the past, analysts expect its earnings to shrink in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言，我們對第一產業房地產信託的表現相當滿意。特別是，其高淨資產收益率相當值得注意，也是其可觀收益增長背後的可能解釋。然而，該公司保留了一小部分利潤。這意味着，儘管如此，該公司仍能實現收益增長，所以這並不是太糟糕。話雖如此，在研究目前分析師的預測時，我們擔心的是，儘管該公司過去的收益有所增長，但分析師預計其未來的收益將會萎縮。要了解更多分析師對該公司的最新預測，請查看分析師對該公司預測的可視化。
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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。