<h2>運營挫折加深對 Dillard's 戰略的關注</h2>
<p>關於 Dillard's (DDS) 需求疲軟、同店銷售下滑和每股收益下降的新評論使管理層的戰略受到審視，尤其是在零售商暫停新店開業以改造現有門店的情況下。</p>
<p>查看我們對 Dillard's 的最新分析。</p>
<p>儘管最近出現回調和同店銷售疲軟，Dillard's 的股價仍然實現了強勁的年初至今股價回報，以及更強勁的一年總股東回報，表明長期動能尚未完全破裂。</p>
<p>如果這種混合的情況讓你重新考慮零售，可能是一個拓寬搜索範圍的好時機，發現那些快速增長且內部持股比例高的股票。</p>
<p>隨着收益下滑、收入增長温和，以及股價在經歷了多年的大幅上漲後現在高於分析師目標，投資者面臨一個關鍵問題：Dillard's 仍然被低估嗎，還是未來的增長已經被定價？</p>
<h2>17.6 倍的市盈率：是否合理？</h2>
<p>Dillard's 目前的市盈率為 17.6 倍，相較於更廣泛的市場和直接的多元零售同行，這一水平看起來相對温和，即使在經歷了強勁的長期股價上漲之後。</p>
<p>市盈率將公司的股價與每股收益進行比較，是衡量投資者為當前盈利能力支付多少的簡單方式。對於一家擁有數十年運營歷史的成熟百貨連鎖店而言，這一視角尤其重要，因為盈利能力而非超高速增長是投資案例的核心。</p>
<p>一方面，Dillard's 的市盈率低於整體美國市場的 19 倍，也低於全球多元零售的平均 19.7 倍和同行的 20.2 倍，這表明該股票的定價並不像許多可比公司那樣激進。另一方面，我們的分析表明，合理的市盈率接近 13.8 倍，這意味着如果市場趨向於這一合理水平，今天的倍數包含了明顯的溢價。</p>
<p>探索 Dillard's 的 SWS 合理比率</p>
<p><strong>結果：17.6 倍的市盈率（高估）</strong></p>
<p>然而，同店銷售和盈利壓力的下滑，以及股價高於分析師目標，可能會在消費者需求進一步減弱時迅速扭轉市場情緒。</p>
<p>瞭解 Dillard's 敍述的關鍵風險。</p>
<h2>價值的另一種視角</h2>
<p>我們的 SWS DCF 模型描繪了一個更冷靜的畫面，將 Dillard's 的合理價值接近 518.72 美元。這表明當前 654.08 美元的價格看起來更貴而非便宜。如果現金流漂移或市場情緒降温，這種溢價是否會對未來回報造成拖累？</p>
<p>瞭解 SWS DCF 模型如何得出其合理價值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b453eba7-3447-4588-af0b-48395a7daada/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1706" height="760" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b453eba7-3447-4588-af0b-48395a7daada/chart/dcf"/></p>
<p>截至 2025 年 12 月的 DDS 折現現金流</p>
<p>Simply Wall St 每天對全球每隻股票進行折現現金流（DCF）分析（例如查看 Dillard's）。我們展示了完整的計算過程。您可以在您的觀察列表或投資組合中跟蹤結果，並在變化時收到提醒，或者使用我們的股票篩選器發現 916 只基於現金流的被低估股票。如果您保存了篩選器，我們甚至會在新公司匹配時提醒您——這樣您就不會錯過潛在機會。</p>
<h2>構建您自己的 Dillard's 敍述</h2>
<p>如果這種觀點與您自己的看法不完全一致，或者您更願意自己深入數字，您可以在幾分鐘內快速構建個性化的視角，按您的方式進行。</p>
<p>您對 Dillard's 研究的一個很好的起點是我們的分析，強調了可能影響您投資決策的兩個關鍵獎勵和兩個重要警示信號。</p>
<h2>準備好更多高信念的想法嗎？</h2>
<p>當市場充滿機會時，不要停留在單一零售商身上。使用 Simply Wall St 篩選器發現您的下一個優勢。</p>
<ul>
<li>通過針對那些交易價格低於其內在價值的公司，捕捉被忽視的價值機會，這些 916 只基於現金流的被低估股票突顯了引人注目的現金流機會。</li>
<li>通過關注下一代自動化、數據和軟件領導者，利用這 24 只 AI 便士股票來篩選潛在的長期贏家，乘風破浪。</li>
<li>通過關注具有吸引力收益率的可靠支付者，提升您的收入策略，使用這 13 只收益率超過 3% 的股息股票，旨在實現可持續的現金回報。</li>
</ul>
<p><em>本文由 Simply Wall St 撰寫，內容具有一般性。<strong>我們基於歷史數據和分析師預測提供評論，僅使用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 它不構成購買或出售任何股票的推薦，也未考慮您的目標或財務狀況。我們旨在為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中沒有持倉。</em></p>
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<p>下一波機器人技術不是類人機器人，而是能夠在 30 分鐘內提供 5G、ISR 和雷達的完全自主塔。</p>
<p>在下一輪合同之前獲取投資者簡報</p>
<p>由 CiTech 贊助</p>

狄樂百貨

<p>Dillard's (DDS) 面臨運營挑戰，包括需求疲軟、同店銷售下降和盈利壓力，這引發了對其戰略的審視。儘管存在這些問題，該股票仍顯示出強勁的回報。目前的市盈率為 17.6 倍，相較於公允價值估計的 13.8 倍，似乎被高估。現金流折現模型（DCF）顯示公允價值為 518.72 美元，低於當前價格 654.08 美元，表明可能存在高估。建議投資者考慮更廣泛的市場機會以及與 Dillard's 相關的風險</p>

<h2>Operational setback sharpens focus on Dillard's strategy</h2>
<div class="lb-trans"><h2>運營挫折加深對 Dillard's 戰略的關注</h2>
</div><p>Fresh commentary on Dillard's (DDS) weak demand, sliding same store sales, and falling earnings per share has put management's strategy under the microscope, especially as the retailer pauses new store openings in order to overhaul existing locations.</p>
<div class="lb-trans"><p>關於 Dillard's (DDS) 需求疲軟、同店銷售下滑和每股收益下降的新評論使管理層的戰略受到審視，尤其是在零售商暫停新店開業以改造現有門店的情況下。</p>
</div><p>See our latest analysis for Dillard's.</p>
<div class="lb-trans"><p>查看我們對 Dillard's 的最新分析。</p>
</div><p>Despite the recent pullback and soft same store sales, Dillard's share price has still delivered a robust year to date share price return and an even stronger one year total shareholder return, suggesting longer term momentum has not fully broken.</p>
<div class="lb-trans"><p>儘管最近出現回調和同店銷售疲軟，Dillard's 的股價仍然實現了強勁的年初至今股價回報，以及更強勁的一年總股東回報，表明長期動能尚未完全破裂。</p>
</div><p>If this kind of mixed picture has you rethinking retail, it might be a good moment to broaden your search and discover fast growing stocks with high insider ownership.</p>
<div class="lb-trans"><p>如果這種混合的情況讓你重新考慮零售，可能是一個拓寬搜索範圍的好時機，發現那些快速增長且內部持股比例高的股票。</p>
</div><p>With earnings slipping, modest revenue growth, and shares now trading above analyst targets after a huge multi year run, investors face a key question: Is Dillard's still undervalued, or is future growth already priced in?</p>
<div class="lb-trans"><p>隨着收益下滑、收入增長温和，以及股價在經歷了多年的大幅上漲後現在高於分析師目標，投資者面臨一個關鍵問題：Dillard's 仍然被低估嗎，還是未來的增長已經被定價？</p>
</div><h2>Price-to-Earnings of 17.6x: Is it justified?</h2>
<div class="lb-trans"><h2>17.6 倍的市盈率：是否合理？</h2>
</div><p>Dillard's currently trades on a price to earnings ratio of 17.6 times, a level that looks modest relative to both the wider market and direct multiline retail peers, even after a powerful long term share price run.</p>
<div class="lb-trans"><p>Dillard's 目前的市盈率為 17.6 倍，相較於更廣泛的市場和直接的多元零售同行，這一水平看起來相對温和，即使在經歷了強勁的長期股價上漲之後。</p>
</div><p>The price to earnings multiple compares the company’s share price to its earnings per share, making it a straightforward way to gauge how much investors are paying for current profitability. For an established department store chain with decades of operating history, this lens is especially important because earnings power, rather than hyper growth, is the core of the investment case.</p>
<div class="lb-trans"><p>市盈率將公司的股價與每股收益進行比較，是衡量投資者為當前盈利能力支付多少的簡單方式。對於一家擁有數十年運營歷史的成熟百貨連鎖店而言，這一視角尤其重要，因為盈利能力而非超高速增長是投資案例的核心。</p>
</div><p>On one hand, Dillard's trades below the overall US market multiple of 19 times, and also below both the global multiline retail average of 19.7 times and a 20.2 times peer average, which suggests the stock is not priced as aggressively as many comparables. On the other hand, our analysis indicates a fair price to earnings ratio closer to 13.8 times, implying that if the market gravitates toward this fair level, today’s multiple embeds a noticeable premium to that intrinsic benchmark.</p>
<div class="lb-trans"><p>一方面，Dillard's 的市盈率低於整體美國市場的 19 倍，也低於全球多元零售的平均 19.7 倍和同行的 20.2 倍，這表明該股票的定價並不像許多可比公司那樣激進。另一方面，我們的分析表明，合理的市盈率接近 13.8 倍，這意味着如果市場趨向於這一合理水平，今天的倍數包含了明顯的溢價。</p>
</div><p>Explore the SWS fair ratio for Dillard's</p>
<div class="lb-trans"><p>探索 Dillard's 的 SWS 合理比率</p>
</div><p><strong>Result: Price-to-Earnings of 17.6x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>結果：17.6 倍的市盈率（高估）</strong></p>
</div><p>However, sliding same store sales and earnings pressure, along with shares trading above analyst targets, could quickly unwind sentiment if consumer demand softens further.</p>
<div class="lb-trans"><p>然而，同店銷售和盈利壓力的下滑，以及股價高於分析師目標，可能會在消費者需求進一步減弱時迅速扭轉市場情緒。</p>
</div><p>Find out about the key risks to this Dillard's narrative.</p>
<div class="lb-trans"><p>瞭解 Dillard's 敍述的關鍵風險。</p>
</div><h2>Another lens on value</h2>
<div class="lb-trans"><h2>價值的另一種視角</h2>
</div><p>Our SWS DCF model paints a cooler picture, putting Dillard's fair value nearer $518.72. This suggests the current $654.08 price looks rich rather than cheap. If cash flows drift or sentiment cools, could that premium become a drag on future returns?</p>
<div class="lb-trans"><p>我們的 SWS DCF 模型描繪了一個更冷靜的畫面，將 Dillard's 的合理價值接近 518.72 美元。這表明當前 654.08 美元的價格看起來更貴而非便宜。如果現金流漂移或市場情緒降温，這種溢價是否會對未來回報造成拖累？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>瞭解 SWS DCF 模型如何得出其合理價值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b453eba7-3447-4588-af0b-48395a7daada/chart/dcf" alt="" original-src="https://images.simplywall.st/company/b453eba7-3447-4588-af0b-48395a7daada/chart/dcf"/></p>
<p>DDS Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 DDS 折現現金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Dillard's for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 916 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天對全球每隻股票進行折現現金流（DCF）分析（例如查看 Dillard's）。我們展示了完整的計算過程。您可以在您的觀察列表或投資組合中跟蹤結果，並在變化時收到提醒，或者使用我們的股票篩選器發現 916 只基於現金流的被低估股票。如果您保存了篩選器，我們甚至會在新公司匹配時提醒您——這樣您就不會錯過潛在機會。</p>
</div><h2>Build Your Own Dillard's Narrative</h2>
<div class="lb-trans"><h2>構建您自己的 Dillard's 敍述</h2>
</div><p>If this perspective does not quite align with your own, or you would rather dig into the numbers yourself, you can quickly craft a personalized view in just a few minutes, Do it your way.</p>
<div class="lb-trans"><p>如果這種觀點與您自己的看法不完全一致，或者您更願意自己深入數字，您可以在幾分鐘內快速構建個性化的視角，按您的方式進行。</p>
</div><p>A great starting point for your Dillard's research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您對 Dillard's 研究的一個很好的起點是我們的分析，強調了可能影響您投資決策的兩個關鍵獎勵和兩個重要警示信號。</p>
</div><h2>Ready for more high conviction ideas?</h2>
<div class="lb-trans"><h2>準備好更多高信念的想法嗎？</h2>
</div><p>Do not stop at a single retailer when the market is full of opportunities. Use the Simply Wall St Screener to uncover your next edge.</p>
<div class="lb-trans"><p>當市場充滿機會時，不要停留在單一零售商身上。使用 Simply Wall St 篩選器發現您的下一個優勢。</p>
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<li>Capture overlooked value plays by targeting companies trading below their intrinsic worth through these 916 undervalued stocks based on cash flows that highlight compelling cash flow opportunities.</li>
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<div class="lb-trans"><ul>
<li>通過針對那些交易價格低於其內在價值的公司，捕捉被忽視的價值機會，這些 916 只基於現金流的被低估股票突顯了引人注目的現金流機會。</li>
<li>通過關注下一代自動化、數據和軟件領導者，利用這 24 只 AI 便士股票來篩選潛在的長期贏家，乘風破浪。</li>
<li>通過關注具有吸引力收益率的可靠支付者，提升您的收入策略，使用這 13 只收益率超過 3% 的股息股票，旨在實現可持續的現金回報。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>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.</strong> 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.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰寫，內容具有一般性。<strong>我們基於歷史數據和分析師預測提供評論，僅使用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 它不構成購買或出售任何股票的推薦，也未考慮您的目標或財務狀況。我們旨在為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中沒有持倉。</em></p>
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<div class="lb-trans"><p>移動基礎設施用於國防和災難</p>
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<div class="lb-trans"><p>下一波機器人技術不是類人機器人，而是能夠在 30 分鐘內提供 5G、ISR 和雷達的完全自主塔。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一輪合同之前獲取投資者簡報</p>
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<div class="lb-trans"><p>由 CiTech 贊助</p>
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由於運營挑戰對銷售、收益和增長計劃施加壓力，狄樂百貨（DDS）的估值被重新審視