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Skyworks Solutions, Inc.'s (NASDAQ:SWKS) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?

Skyworks Solutions, Inc.'s (NASDAQ:SWKS) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?

Skyworks 解決方案有限公司”s(納斯達克股票代碼:SWKS)基本面看起來相當強勁:市場對這隻股票的看法會錯嗎?
Simply Wall St ·  05/22 07:06

It is hard to get excited after looking at Skyworks Solutions' (NASDAQ:SWKS) recent performance, when its stock has declined 11% over the past three months. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on Skyworks Solutions' ROE.

看了Skyworks Solutions(納斯達克股票代碼:SWKS)最近的表現,很難感到興奮,當時其股票在過去三個月中下跌了11%。但是,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一致。在本文中,我們決定重點介紹Skyworks解決方案的投資回報率。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.

股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之,投資回報率顯示了每美元從其股東投資中產生的利潤。

How Is ROE Calculated?

ROE 是如何計算的?

ROE can be calculated by using the formula:

ROE 可以通過以下公式計算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益

So, based on the above formula, the ROE for Skyworks Solutions is:

因此,根據上述公式,Skyworks解決方案的投資回報率爲:

13% = US$855m ÷ US$6.4b (Based on the trailing twelve months to March 2024).

13% = 8.55億美元 ÷ 64億美元(基於截至2024年3月的過去十二個月)。

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 $0.13.

“回報” 是過去十二個月的稅後收入。因此,這意味着其股東每投資1美元,公司就會產生0.13美元的利潤。

What Has ROE Got To Do With Earnings Growth?

投資回報率與收益增長有什麼關係?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.

我們已經確定,投資回報率是衡量公司未來收益的有效盈利指標。根據公司選擇將多少利潤進行再投資或 “保留”,我們便能夠評估公司未來創造利潤的能力。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。

Skyworks Solutions' Earnings Growth And 13% ROE

Skyworks Solutions的收益增長和13%的回報率

To start with, Skyworks Solutions' ROE looks acceptable. And on comparing with the industry, we found that the the average industry ROE is similar at 15%. Skyworks Solutions' decent returns aren't reflected in Skyworks Solutions'mediocre five year net income growth average of 3.4%. A few likely reasons that could be keeping earnings growth low are - the company has a high payout ratio or the business has allocated capital poorly, for instance.

首先,Skyworks Solutions的投資回報率似乎是可以接受的。與行業相比,我們發現行業的平均投資回報率相似,爲15%。Skyworks Solutions平庸的五年淨收入增長平均值爲3.4%,並未反映出Skyworks Solutions的豐厚回報。可能保持低收益增長的幾個可能原因是——例如,該公司的派息率很高,或者企業的資本配置不佳。

As a next step, we compared Skyworks Solutions' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 31% in the same period.

下一步,我們將Skyworks Solutions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31%的行業平均增長。

past-earnings-growth
NasdaqGS:SWKS Past Earnings Growth May 22nd 2024
納斯達克GS:SWKS過去的收益增長 2024年5月22日

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. What is SWKS worth today? The intrinsic value infographic in our free research report helps visualize whether SWKS is currently mispriced by the market.

爲公司附加價值的基礎在很大程度上與其收益增長息息相關。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。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。今天的 SWKS 值多少錢?我們的免費研究報告中的內在價值信息圖有助於直觀地了解市場目前是否對SWKS進行了錯誤的定價。

Is Skyworks Solutions Making Efficient Use Of Its Profits?

Skyworks解決方案能否有效利用其利潤?

Despite having a moderate three-year median payout ratio of 29% (implying that the company retains the remaining 71% of its income), Skyworks Solutions' earnings growth was quite low. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.

儘管三年派息率中位數爲29%(這意味着該公司保留了剩餘的71%的收入),但Skyworks Solutions的收益增長還是相當低的。因此,這裏可能還有其他因素在起作用,這些因素可能會阻礙增長。例如,該業務面臨一些阻力。

Moreover, Skyworks Solutions has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 34%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 16%.

此外,Skyworks Solutions派發股息已有至少十年或更長時間了,這表明管理層一定已經意識到股東更喜歡分紅而不是收益增長。根據分析師的最新估計,我們發現該公司未來三年的派息率預計將穩定在34%。因此,預計該公司未來的投資回報率也不會有太大變化,分析師預計投資回報率爲16%。

Conclusion

結論

On the whole, we do feel that Skyworks Solutions has some positive attributes. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. 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.

總的來說,我們確實認爲Skyworks解決方案具有一些積極的屬性。但是,鑑於高投資回報率和高利潤保留率,我們預計該公司將實現強勁的收益增長,但情況並非如此。這表明該業務可能面臨一些外部威脅,這阻礙了其增長。話雖如此,最新的行業分析師預測顯示,該公司的收益有望加速。這些分析師的預期是基於對該行業的廣泛預期,還是基於公司的基本面?點擊此處進入我們分析師對公司的預測頁面。

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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.

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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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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