How Did Black Hills Corporation's (NYSE:BKH) 8.3% ROE Fare Against The Industry?
How Did Black Hills Corporation's (NYSE:BKH) 8.3% ROE Fare Against The Industry?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. We'll use ROE to examine Black Hills Corporation (NYSE:BKH), by way of a worked example.
我們能做的最好的投資之一是我們自己的知識和技能。考慮到這一點，本文將探討如何使用股本回報率（ROE）來更好地了解業務。舉一個典型的例子，我們將使用投資回報率來研究黑山公司（紐約證券交易所代碼：BKH）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。簡而言之，它用於評估公司相對於其股權資本的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Black Hills is:
因此，根據上述公式，黑山的投資回報率爲：
8.3% = US$276m ÷ US$3.3b (Based on the trailing twelve months to December 2023).
8.3% = 2.76億美元 ÷ 33億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.08 in profit.
“回報” 是過去十二個月的稅後收入。將其概念化的一種方法是，公司每擁有1美元的股東資本，就會獲得0.08美元的利潤。
Does Black Hills Have A Good ROE?
Black Hills 的投資回報率不錯嗎？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. The image below shows that Black Hills has an ROE that is roughly in line with the Integrated Utilities industry average (9.5%).
可以說，評估公司投資回報率的最簡單方法是將其與行業平均水平進行比較。但是，這種方法僅在粗略檢查時有用，因爲各公司在相同的行業分類中確實存在很大差異。下圖顯示，Black Hills的投資回報率與綜合公用事業行業的平均水平（9.5％）大致持平。
That isn't amazing, but it is respectable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. You can see the 2 risks we have identified for Black Hills by visiting our risks dashboard for free on our platform here.
這並不奇怪，但值得尊敬。即使與行業相比，投資回報率可觀，也值得檢查一下公司的投資回報率是否受到高額債務水平的支撐。如果一家公司承擔了過多的債務，則拖欠利息的風險就會更高。您可以通過訪問我們的 Black Hills 查看我們爲黑山確定的兩種風險 風險儀表板 在我們的平台上免費使用。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
實際上，所有公司都需要資金來投資業務，以增加利潤。這些現金可以來自留存收益、發行新股（股權）或債務。在前兩種情況下，ROE將利用這種資本來增長。在後一種情況下，增長所需的債務將提高回報，但不會影響股東權益。因此，債務的使用可以提高投資回報率，儘管比喻地說，在暴風雨天氣中還會帶來額外的風險。
Black Hills' Debt And Its 8.3% ROE
黑山的債務及其8.3％的投資回報率
Black Hills does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.33. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
黑山確實使用大量債務來增加回報。它的債務權益比率爲1.33。由於投資回報率相當低，而且債務使用量很大，目前很難對這項業務感到興奮。債務會增加風險，減少公司未來的選擇，因此您通常希望從使用債務中獲得豐厚的回報。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
股本回報率是我們可以比較不同公司的業務質量的一種方式。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。在其他條件相同的情況下，更高的投資回報率更好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是投資回報率只是更大難題中的一部分，因爲高質量的企業通常以高倍的收益進行交易。重要的是要考慮其他因素，例如未來的利潤增長，以及未來需要多少投資。因此，你可能想看看這張數據豐富的公司預測交互式圖表。
Of course Black Hills may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
當然，黑山可能不是最值得購買的股票。因此，您不妨免費查看其他投資回報率高、負債率低的公司的名單。
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