Should We Be Delighted With Sylvamo Corporation's (NYSE:SLVM) ROE Of 22%?
Should We Be Delighted With Sylvamo Corporation's (NYSE:SLVM) ROE Of 22%?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Sylvamo Corporation (NYSE:SLVM).
雖然一些投資者對財務指標已經很熟悉了(致敬)，但本文旨在向那些想學習回報權益率(ROE)及其重要性的人們介紹。 通常我們將學以致用的方式來看ROE，以更好理解Sylvamo Corporation (紐交所:SLVM)。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率（roe）是一種關鍵指標，用於評估公司管理層如何有效利用公司資本。更簡單地說，它衡量了公司相對股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Sylvamo is:
因此，根據以上公式，Sylvamo的ROE爲:
22% = US$199m ÷ US$889m (Based on the trailing twelve months to March 2024).
22% = 美元1.99億 ÷ 美元8.89億(基於過去十二個月至2024年3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 $0.22.
“回報”是指公司在過去十二個月內稅後賺得的金額。這意味着，對於每一美元股東的投資，公司能夠獲利0.22美元。
Does Sylvamo Have A Good ROE?
Sylvamo具有良好的ROE嗎？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. Pleasingly, Sylvamo has a superior ROE than the average (15%) in the Forestry industry.
可以說，評估公司ROE的最簡單方法是將其與所處行業的平均水平進行比較。 但值得注意的是，由於公司在同一行業分類中大相徑庭，因此這遠非一種完美的衡量標準。令人高興的是，Sylvamo的ROE超過了林業行業的平均水平(15%)。
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . You can see the 4 risks we have identified for Sylvamo by visiting our risks dashboard for free on our platform here.
這是一個好的跡象。請注意，高ROE並不總是意味着卓越的財務表現。公司資本結構中佔比較高的債務也可能導致高ROE，而高額的債務水平可能構成巨大風險。我們已經確定了Sylvamo的4個風險，您可通過訪問 風險儀表板在瀏覽完所有相關因素確定股票購買價格後，ROE是一個有用的公司質量指標。此外，還需要考慮其他因素，例如未來盈利增長以及未來需要投入多少投資。因此，我認爲值得查看這份免費的詳細收益、營收和現金流圖表。
Why You Should Consider Debt When Looking At ROE
爲什麼在觀察ROE時你應該考慮債務問題？
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
企業通常需要投資資金以增加利潤。這筆資金可以是保有收益、發行新股(股權)或債務。在前兩種情況下，ROE將反映出這種資金投資於企業的情況。在後一種情況下，用於增長的債務將提高回報，但不會影響股東總權益。因此，債務使用可以改善ROE，但在比喻意義上的暴風雨時期，也會帶來額外的風險。
Sylvamo's Debt And Its 22% ROE
Sylvamo的債務和其22%的ROE
It's worth noting the high use of debt by Sylvamo, leading to its debt to equity ratio of 1.05. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，Sylvamo使用債務較高，導致其資產負債比爲1.05。ROE無疑令人印象深刻，但值得謹記的是，如果公司降低債務，這一指標可能會更低。投資者應認真考慮，如果公司難以輕鬆借款，則其業績可能會受到影響，因爲信貸市場會隨着時間而變化。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
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. All else being equal, a higher ROE is better.
ROE可用於比較不同企業的質量。在我們看來，高ROE且負債率較低的公司是最優質的公司。其他條件相等的情況下，較高的ROE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，ROE只是一個大問題的一部分，因爲高質量企業通常以高的收益倍數進行交易。考慮到其他因素，例如未來的利潤增長以及未來需要投入多少投資，這一點非常重要。因此，您可能需要查看該公司的數據豐富的交互式預測圖表。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一傢俱有潛在優越財務狀況的公司，則不要錯過此具有高ROE和低債務的有趣公司的免費列表。
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