Ferretti S.p.A.'s (HKG:9638) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. We did some analysis to find out why and believe that investors might be missing some encouraging factors contained in the earnings.
See our latest analysis for Ferretti
SEHK:9638 Earnings and Revenue History August 11th 2022
Examining Cashflow Against Ferretti's Earnings
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Ferretti has an accrual ratio of -0.23 for the year to June 2022. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of €134m, well over the €43.7m it reported in profit. Ferretti's free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
How Do Unusual Items Influence Profit?
Finally, we should also talk about the €7.9m in unusual items that weighed on profit over the year. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect Ferretti to produce a higher profit next year, all else being equal.
Our Take On Ferretti's Profit Performance
In conclusion, both Ferretti's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. After considering all this, we reckon Ferretti's statutory profit probably understates its earnings potential! Ultimately, this article has formed an opinion based on historical data. However, it can also be great to think about what analysts are forecasting for the future. So feel free to check out our free graph representing analyst forecasts.
Our examination of Ferretti has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
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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.
Ferretti S.p.A.(HKG:9638)最近的收益報告沒有提供任何驚喜,股票在過去一週沒有變化。我們做了一些分析,以找出原因,並認為投資者可能錯過了收益中包含的一些鼓舞人心的因素。
查看我們對費雷蒂的最新分析
聯交所:9638盈利及收入歷史2022年8月11日
檢查現金流與法雷蒂的收入
正如金融書呆子們已經知道的那樣,現金流應計比率是評估一家公司的自由現金流(FCF)與利潤匹配程度的關鍵指標。應計制比率從給定期間的利潤中減去FCF,然後將結果除以該時間段內公司的平均運營資產。這一比率向我們展示了一家公司的利潤超過其固定現金流的程度。
因此,當一家公司的應計比率為負時,它實際上被認為是一件好事,但如果它的應計比率為正,那就是一件壞事。雖然應計比率高於零並不令人擔憂,但我們確實認為,當一家公司的應計比率相對較高時,這一點值得注意。這是因為一些學術研究表明,高應計制比率往往會導致較低的利潤或較低的利潤增長。
在截至2022年6月的一年中,法雷蒂的應計比率為-0.23。這表明它的自由現金流大大超過了它的法定利潤。事實上,在過去的12個月裏,該公司報告的自由現金流為1.34億歐元,遠高於其報告的利潤4370萬歐元。費雷蒂的自由現金流在過去一年有所改善,這總體上是好的。話雖如此,故事中還有更多的東西。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
這可能會讓你想知道,分析師對未來盈利能力的預測是什麼。幸運的是,您可以單擊此處查看基於他們估計的未來盈利能力的互動圖表。
不尋常的項目如何影響利潤?
最後,我們還應該談談790萬歐元的不尋常項目,這些項目拖累了一年的利潤。雖然最初由於不尋常的項目而扣除的金額令人失望,但也有一線希望。當我們分析全球絕大多數上市公司時,我們發現重大的不尋常項目往往不會重複。考慮到這些項目被認為是不尋常的,這並不令人驚訝。假設這些不尋常的支出不會再次出現,我們因此預計,在其他條件不變的情況下,法雷蒂明年將產生更高的利潤。
我們對Ferretti的利潤表現的看法
總而言之,法拉蒂的應計比率及其不尋常的項目都表明,其法定收益可能相當保守。在考慮了所有這些之後,我們認為Ferretti的法定利潤可能低估了它的盈利潛力!最終,本文形成了基於史料的觀點。然而,思考分析師對未來的預測也是很棒的。因此,請隨時查看我們代表分析師預測的免費圖表。
我們對法拉蒂的調查集中在某些因素上,這些因素可以讓法雷蒂的收益看起來比實際情況更好。而且它已經以優異的成績通過了。但還有很多其他方式可以讓你瞭解一家公司的看法。例如,許多人認為高股本回報率是有利的商業經濟指標,而另一些人則喜歡“跟着錢走”,尋找內部人士正在買入的股票。所以你可能想看看這個免費擁有高股本回報率的公司的集合,或內部人士正在購買的這份股票清單。
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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。