Is Quanta Services, Inc.'s (NYSE:PWR) Recent Stock Performance Tethered To Its Strong Fundamentals?
Is Quanta Services, Inc.'s (NYSE:PWR) Recent Stock Performance Tethered To Its Strong Fundamentals?
Quanta Services (NYSE:PWR) has had a great run on the share market with its stock up by a significant 17% over the last three months. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. Specifically, we decided to study Quanta Services' ROE in this article.
廣達服務（紐約證券交易所代碼：PWR）在股票市場上表現良好，其股票在過去三個月中大幅上漲了17％。鑑於從長遠來看，市場會獎勵強勁的財務狀況，我們想知道在這種情況下是否如此。具體而言，我們決定在本文中研究廣達服務的投資回報率。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或投資回報率是股東要考慮的重要因素，因爲它告訴他們資本再投資的有效性。簡而言之，它衡量公司相對於股東權益的盈利能力。
View our latest analysis for Quanta Services
查看我們對Quanta Services的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for ROE is:
投資回報率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營）÷ 股東權益
So, based on the above formula, the ROE for Quanta Services is:
因此，根據上述公式，廣達服務的投資回報率爲：
12% = US$711m ÷ US$6.0b (Based on the trailing twelve months to September 2023).
12% = 7.11億美元 ÷ 60億美元（基於截至2023年9月的過去十二個月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.12 in profit.
“回報” 是每年的利潤。這意味着，每持有價值1美元的股東權益，公司就會產生0.12美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係？
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.
到目前爲止，我們已經了解到，ROE衡量的是公司創造利潤的效率。然後，根據公司對這些利潤進行再投資或 “保留” 的金額及其有效性，我們就能評估公司的盈利增長潛力。一般而言，在其他條件相同的情況下，股本回報率和利潤保留率高的公司比不具備這些屬性的公司的增長率更高。
A Side By Side comparison of Quanta Services' Earnings Growth And 12% ROE
廣達服務的收益增長和12％的投資回報率的並排比較
To begin with, Quanta Services seems to have a respectable ROE. Even when compared to the industry average of 11% the company's ROE looks quite decent. This certainly adds some context to Quanta Services' moderate 12% net income growth seen over the past five years.
首先，廣達服務的投資回報率似乎不錯。即使與行業平均水平的11％相比，該公司的投資回報率也相當不錯。這無疑爲廣達服務在過去五年中實現的12％的溫和淨收入增長增添了一些背景信息。
As a next step, we compared Quanta Services' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 20% in the same period.
下一步，我們將廣達服務的淨收入增長與該行業進行了比較，並失望地看到該公司的增長低於同期20％的行業平均增長。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is PWR fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增長是股票估值的重要因素。投資者接下來需要確定的是，預期的收益增長或缺乏收益是否已經包含在股價中。通過這樣做，他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。PWR 的估值是否合理？這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is Quanta Services Efficiently Re-investing Its Profits?
廣達服務是否有效地將其利潤再投資？
In Quanta Services' case, its respectable earnings growth can probably be explained by its low three-year median payout ratio of 7.2% (or a retention ratio of 93%), which suggests that the company is investing most of its profits to grow its business.
就廣達服務而言，其可觀的收益增長可以用其三年低的7.2％（或93％的留存率）來解釋，這表明該公司正在將大部分利潤投資於業務增長。
Besides, Quanta Services has been paying dividends over a period of five years. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 4.0% over the next three years. Despite the lower expected payout ratio, the company's ROE is not expected to change by much.
此外，廣達服務已在五年內派發了股息。這表明該公司致力於與股東分享利潤。在研究了分析師的最新共識數據後，我們發現該公司的未來派息率預計將在未來三年降至4.0％。儘管預期派息率較低，但該公司的投資回報率預計不會有太大變化。
Conclusion
結論
On the whole, we feel that Quanta Services' 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 a good amount of growth in its earnings. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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.
總的來說，我們認爲廣達服務的表現相當不錯。具體而言，我們喜歡該公司以高回報率再投資其利潤的很大一部分。當然，這使該公司的收益實現了可觀的增長。話雖如此，從分析師目前的估計來看，我們發現該公司的收益有望增強。要了解有關公司未來收益增長預測的更多信息，請查看這份關於分析師預測的免費報告，以了解更多信息。
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論，我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。