Declining Stock and Solid Fundamentals: Is The Market Wrong About HEICO Corporation (NYSE:HEI)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About HEICO Corporation (NYSE:HEI)?
HEICO (NYSE:HEI) has had a rough three months with its share price down 9.1%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to HEICO's ROE today.
HEICO(紐約證券交易所代碼：HEI)經歷了艱難的三個月，股價下跌了9.1%。然而，仔細看看它穩健的財務狀況可能會讓你重新考慮。鑑於基本面因素通常會推動長期市場結果，該公司值得關注。特別是，我們今天將關注海科的淨資產收益率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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。換句話說，這是一個衡量公司股東提供的資本回報率的盈利比率。
Check out our latest analysis for HEICO
查看我們對HEICO的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率：
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 HEICO is:
因此，根據上述公式，HEICO的淨資產收益率為：
13% = US$441m ÷ US$3.3b (Based on the trailing twelve months to July 2023).
13%=4.41億美元×33億美元(基於截至2023年7月的12個月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.13 in profit.
“報稅表”是過去12個月的稅後收入。另一種說法是，公司每持有價值1美元的股票，就能賺取0.13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？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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。一般來說，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。
HEICO's Earnings Growth And 13% ROE
海科的盈利增長和13%的淨資產收益率
To begin with, HEICO seems to have a respectable ROE. Further, the company's ROE is similar to the industry average of 13%. This certainly adds some context to HEICO's moderate 5.4% net income growth seen over the past five years.
首先，Heico似乎擁有令人尊敬的淨資產收益率。此外，該公司的淨資產收益率(ROE)接近13%的行業平均水準。這無疑為過去五年Heico 5.4%的淨利潤溫和增長增添了一些背景。
We then compared HEICO's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 4.2% in the same 5-year period.
然後，我們將HEICO的淨收入增長與行業進行了比較，我們很高興地看到，與同期4.2%的行業增長率相比，該公司的增長數位更高。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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 HEICO fairly valued compared to other companies? These 3 valuation measures might help you decide.
賦予一家公司價值的基礎在很大程度上與其盈利增長掛鉤。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，Heico的估值是否公平？這3個估值指標可能會幫助你做出決定。
Is HEICO Making Efficient Use Of Its Profits?
Heico是否在有效利用其利潤？
HEICO's three-year median payout ratio to shareholders is 7.2% (implying that it retains 93% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
HEICO對股東的三年派息率中值為7.2%(這意味著它保留了93%的收入)，這一比率處於較低水準，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。
Additionally, HEICO 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. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 5.5% over the next three years. Despite the lower expected payout ratio, the company's ROE is not expected to change by much.
此外，HEICO在至少十年的時間裡支付了股息，這意味著該公司非常認真地與股東分享利潤。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將降至5.5%。儘管預期派息率較低，但該公司的淨資產收益率預計不會有太大變化。
Conclusion
結論
On the whole, we feel that HEICO's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. 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.
總體來說，我們覺得HEICO的表現相當不錯。具體地說，我們喜歡該公司將一大筆利潤以高回報率進行再投資。當然，這導致該公司的收益出現了大幅增長。儘管如此，最新的行業分析師預測顯示，該公司的收益預計將加速增長。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。
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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.