Based On Its ROE, Is Carnival Corporation & Plc (NYSE:CCL) A High Quality Stock?
Based On Its ROE, Is Carnival Corporation & Plc (NYSE:CCL) A High Quality Stock?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand Carnival Corporation & plc (NYSE:CCL).
許多投資者仍在學習分析股票時可能有用的各種指標。本文適用於那些想了解股本回報率（ROE）的人。爲了使課程以實用爲基礎，我們將使用投資回報率來更好地了解嘉年華公司（紐約證券交易所代碼：CCL）。
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 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股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。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 To Calculate Return On Equity?
如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
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 Carnival Corporation & is:
因此，根據上述公式，嘉年華公司&的投資回報率爲：
6.1% = US$405m ÷ US$6.7b (Based on the trailing twelve months to February 2024).
6.1% = 4.05億美元 ÷ 67億美元（基於截至2024年2月的過去十二個月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.06 in profit.
“回報” 是企業在過去一年中獲得的收入。對此進行概念化的一種方法是，該公司每擁有1美元的股東資本，就能獲得0.06美元的利潤。
Does Carnival Corporation & Have A Good ROE?
嘉年華公司有良好的投資回報率嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Carnival Corporation & has a lower ROE than the average (17%) in the Hospitality industry.
通過將公司的投資回報率與其行業平均水平進行比較，我們可以快速衡量其表現如何。重要的是，這遠非一個完美的衡量標準，因爲各公司在相同的行業分類中差異很大。從下圖中可以明顯看出，嘉年華公司的投資回報率低於酒店業的平均水平（17％）。
That certainly isn't ideal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 3 risks we have identified for Carnival Corporation & visit our risks dashboard for free.
這當然不理想。但是，低投資回報率並不總是壞事。如果公司的債務水平處於中等至低水平，那麼仍然有可能通過使用財務槓桿來提高回報。投資回報率低的高負債公司完全是另一回事，對我們的賬面來說也是一項風險投資。要了解我們爲嘉年華公司確定的三種風險，請免費訪問我們的風險儀表板。
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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
幾乎所有公司都需要資金來投資業務，增加利潤。投資現金可以來自上一年的利潤（留存收益）、發行新股或借款。在第一和第二種情況下，投資回報率將反映現金用於企業投資的情況。在後一種情況下，用於增長的債務將提高回報，但不會影響總資產。以這種方式，債務的使用將提高投資回報率，儘管該業務的核心經濟學保持不變。
Combining Carnival Corporation &'s Debt And Its 6.1% Return On Equity
合併嘉年華公司的債務及其6.1％的股本回報率
It seems that Carnival Corporation & uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 4.60. The combination of a rather low ROE and high debt to equity is a negative, in our book.
看來嘉年華公司使用巨額債務爲業務提供資金，因爲其債務權益比率極高，爲4.60。在我們的書中，相當低的投資回報率和高負債與股本的比率相結合是負數。
Summary
摘要
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回報率對於比較不同業務的質量很有用。在我們的賬簿中，儘管債務很低，但質量最高的公司的股本回報率卻很高。如果兩家公司的債務與股權比率大致相同，而一家公司的投資回報率更高，那麼我通常更喜歡投資回報率更高的那家公司。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. 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 check this FREE visualization of analyst forecasts for the company.
話雖如此，儘管投資回報率是衡量業務質量的有用指標，但你必須考慮一系列因素才能確定購買股票的正確價格。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，您可能需要查看該公司的分析師預測的免費可視化效果。
Of course Carnival Corporation & 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，嘉年華公司，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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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。
譯文內容由第三人軟體翻譯。