Are Aptiv PLC's (NYSE:APTV) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Aptiv PLC's (NYSE:APTV) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
With its stock down 11% over the past three months, it is easy to disregard Aptiv (NYSE:APTV). However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Specifically, we decided to study Aptiv's ROE in this article.
在過去的三個月裡，Aptiv的股價下跌了11%，人們很容易忽視Aptiv(紐約證券交易所代碼：APTV)。然而，該公司的基本面看起來相當不錯，長期財務狀況通常與未來的市場價格走勢保持一致。具體地說，我們決定在本文中研究Aptiv的ROE。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
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。換句話說，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 Aptiv
查看我們針對Aptiv的最新分析
How Do You Calculate Return On Equity?
你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 Aptiv is:
因此，根據上面的公式，Aptiv的ROE為：
10% = US$982m ÷ US$9.5b (Based on the trailing twelve months to June 2023).
10%=9.82億美元？95億美元(基於截至2023年6月的12個月)。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.10.
“報稅表”是過去12個月的稅後收入。因此，這意味著股東每投資1美元，公司就會產生0.10美元的利潤。
What Has ROE Got To Do With Earnings Growth?
淨資產收益率與盈利增長有什麼關係？
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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
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。假設其他條件不變，淨資產收益率和利潤保留率越高，與不一定具有這些特徵的公司相比，公司的增長率就越高。
A Side By Side comparison of Aptiv's Earnings Growth And 10% ROE
Aptiv盈利增長與10%淨資產收益率的並列比較
At first glance, Aptiv seems to have a decent ROE. Even when compared to the industry average of 12% the company's ROE looks quite decent. As you might expect, the 18% net income decline reported by Aptiv is a bit of a surprise. We reckon that there could be some other factors at play here that are preventing the company's growth. These include low earnings retention or poor allocation of capital.
乍一看，阿普蒂夫似乎有不錯的淨資產收益率。即使與12%的行業平均水準相比，該公司的淨資產收益率看起來也相當不錯。正如你可能預料到的，Aptiv報告的淨收入下降了18%，這有點令人驚訝。我們認為，可能還有其他一些因素在阻礙該公司的增長。這些問題包括低收益留存或資本配置不善。
That being said, we compared Aptiv's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 11% in the same 5-year period.
話雖如此，我們將Aptiv的表現與行業進行了比較，當我們發現儘管該公司的收益縮水了，但該行業在相同的5年內以11%的速度增長了收益，我們對此感到擔憂。
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. What is APTV worth today? The intrinsic value infographic in our free research report helps visualize whether APTV is currently mispriced by the market.
盈利增長是評估一隻股票時需要考慮的一個重要指標。對於投資者來說，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。APTV今天的價值是多少？我們免費研究報告中的內在價值資訊圖有助於直觀地瞭解APTV目前是否被市場錯誤定價。
Is Aptiv Making Efficient Use Of Its Profits?
Aptiv是否有效地利用了其利潤？
While the company did payout a portion of its dividend in the past, it currently doesn't pay a dividend. This implies that potentially all of its profits are being reinvested in the business.
雖然該公司過去確實支付了一部分股息，但目前它不支付股息。這意味著，它的所有利潤可能都將再投資於該業務。
Conclusion
結論
Overall, we feel that Aptiv certainly does have some positive factors to consider. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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.
總體而言，我們認為Aptiv確實有一些積極的因素需要考慮。然而，低收益增長有點令人擔憂，特別是考慮到該公司擁有高回報率，並將大部分利潤進行再投資。從表面上看，可能還有其他一些因素正在阻礙增長，這些因素並不一定是控制企業的因素。既然如此，最新的行業分析師預測顯示，分析師們預計該公司的收益增長率將大幅提高。要了解更多有關該公司未來收益增長預測的資訊，請查看以下內容免費報告分析師對該公司的預測，以瞭解更多資訊.
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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.