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菲莫国际和奥驰亚经调整EPS(美元)
菲莫国际和奥驰亚经调整EPS(美元)
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所属报告:
轻工制造行业:烟草公司发展新型烟草的必要性与估值分析-250813(29页).pdf
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Growth Y/Y (Revenue vs. EPS)
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EPS (UBS, diluted) (USD)
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Growth Y/Y (Revenue vs. EPS)
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此外,菲莫国际和奥驰亚在过去不断进行股权回购,在净利润提升的基础上进一步抬升 EPS 以助推股价上涨。菲莫国际分别于 2008-2014 年、2021-2024 年执行了两轮股权回购;奥驰亚 2011-2024 年间累计完成约 163 亿美元的股权回购,2025 年又开启了新一轮 10 亿美元的回购。持续的股权回购进一步增厚了 EPS,2008-2024 年奥驰亚经调整净利润/EPS分别增长 156%/210%,菲莫国际对应增幅分别为 48%/98%。因此,2019 年之前菲莫国际和奥驰亚估值差距不大,主要系菲莫国际的新型烟草成长逻辑和奥驰亚的盈利能力提升逻辑;2019 年后奥驰亚营收增速放缓甚至下滑、净利率提升速度放缓,估值被菲莫国际拉开差距,公司通过股权回购增厚 EPS 依旧有好的股价表现。但展望后续,若奥驰亚在新型烟草方面依旧没有实现突破,过去净利润增长的逻辑将被扭转,除非股权回购一直延续,否则股价或将难以有良好表现。
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轻工制造行业:烟草公司发展新型烟草的必要性与估值分析-250813(29页).pdf
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