Does InvenTrust Properties Corp.'s (NYSE:IVT) Weak Fundamentals Mean That The Market Could Correct Its Share Price?
Does InvenTrust Properties Corp.'s (NYSE:IVT) Weak Fundamentals Mean That The Market Could Correct Its Share Price?
InvenTrust Properties (NYSE:IVT) has had a great run on the share market with its stock up by a significant 5.8% over the last month. We, however wanted to have a closer look at its key financial indicators as the markets usually pay for long-term fundamentals, and in this case, they don't look very promising. Particularly, we will be paying attention to InvenTrust Properties' ROE today.
InvenTrust Properties(紐約證券交易所代碼：IVT)在股票市場上表現出色，其股票在過去一個月裏大幅上漲了5.8%。然而，我們希望更仔細地看看它的關鍵財務指標，因為市場通常會為長期基本面買單，而在這種情況下，它們看起來並不是很有希望。今天我們將特別關注InvenTrust Properties的淨資產收益率(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. Put another way, it reveals the company's success at turning shareholder investments into profits.
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。換句話説，它揭示了該公司成功地將股東投資轉化為利潤。
Check out our latest analysis for InvenTrust Properties
查看我們對InvenTrust Properties的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算：
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 InvenTrust Properties is:
因此，根據上述公式，InvenTrust Properties的ROE為：
2.6% = US$42m ÷ US$1.6b (Based on the trailing twelve months to September 2022).
2.6%=4200萬美元×16億美元(基於截至2022年9月的12個月的往績)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.03 in profit.
“回報”指的是一家公司過去一年的收益。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0.03美元的利潤。
Why Is ROE Important For Earnings Growth?
為什麼淨資產收益率對收益增長很重要？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. 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.
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。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。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。
InvenTrust Properties' Earnings Growth And 2.6% ROE
InvenTrust Properties的收益增長和2.6%的淨資產收益率
It is hard to argue that InvenTrust Properties' ROE is much good in and of itself. Not just that, even compared to the industry average of 6.8%, the company's ROE is entirely unremarkable. For this reason, InvenTrust Properties' five year net income decline of 36% is not surprising given its lower ROE. We reckon that there could also be other factors at play here. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
很難説InvenTrust Properties的淨資產收益率本身就很好。不僅如此，即使與6.8%的行業平均水平相比，該公司的淨資產收益率也完全不起眼。出於這個原因，鑑於其較低的淨資產收益率，InvenTrust Properties五年來淨利潤下降36%並不令人意外。我們認為，可能還有其他因素在起作用。例如，該公司的派息率非常高，或者面臨競爭壓力。
So, as a next step, we compared InvenTrust Properties' performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 12% in the same period.
因此，作為下一步，我們將InvenTrust Properties的表現與行業進行了比較，令人失望的是，儘管該公司的收益一直在縮水，但同期該行業的收益一直以12%的速度增長。
Earnings growth is a huge factor in stock valuation. 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. What is IVT worth today? The intrinsic value infographic in our free research report helps visualize whether IVT is currently mispriced by the market.
盈利增長是股票估值的一個重要因素。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。今天IVT的價值是多少？我們免費研究報告中的內在價值信息圖有助於直觀地瞭解IVT目前是否被市場錯誤定價。
Is InvenTrust Properties Using Its Retained Earnings Effectively?
InvenTrust Properties是否有效地利用了其留存收益？
InvenTrust Properties has a very high three-year median payout ratio of 56%, implying that it retains only 44% of its profits. However, it's not unusual to see a REIT with such a high payout ratio mainly due to statutory requirements. So this probably explains the company's shrinking earnings.
InvenTrust Properties的三年中值派息率非常高，為56%，這意味着它只保留了44%的利潤。然而，主要由於法定要求，REIT的派息率如此之高並不少見。因此，這可能解釋了該公司收益縮水的原因。
Additionally, InvenTrust Properties has paid dividends over a period of nine years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外，InvenTrust Properties在九年的時間裏支付了股息，這意味着公司管理層更專注於保持股息支付，而不考慮收益的縮水。
Summary
摘要
In total, we would have a hard think before deciding on any investment action concerning InvenTrust Properties. Because the company is not reinvesting much into the business, and given the low ROE, it's not surprising to see the lack or absence of growth in its earnings. Additionally, the latest industry analyst forecasts show that analysts expect the company's earnings to continue 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.
總而言之，在決定對InvenTrust Properties採取任何投資行動之前，我們會三思而後行。因為該公司沒有對業務進行太多再投資，而且考慮到淨資產收益率較低，其收益沒有增長或沒有增長也就不足為奇了。此外，最新的行業分析師預測顯示，分析師預計該公司未來的收益將繼續萎縮。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。