What Amcor Plc's (NYSE:AMCR) ROE Can Tell Us
What Amcor Plc's (NYSE:AMCR) ROE Can Tell Us
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 Amcor plc (NYSE:AMCR).
雖然一些投資者已經熟悉金融指標，但本文是爲那些想學習Return On Equity(roe)以及它爲何重要的人撰寫的。通過學以致用，我們將研究roe以更好地了解Amcor plc(NYSE:AMCR)。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（roe）是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之，它是一種利潤率，衡量由公司股東提供的資本的回報率。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是：
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 Amcor is:
因此，根據以上公式，Amcor的roe爲:
17% = US$663m ÷ US$4.0b (Based on the trailing twelve months to March 2024).
17％= 6.63億美元÷ 40億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.17.
“回報”是年利潤。這意味着，對於每1美元的股東投資，公司可以獲得0.17美元的利潤。
Does Amcor Have A Good ROE?
Amcor的roe合適嗎?
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. You can see in the graphic below that Amcor has an ROE that is fairly close to the average for the Packaging industry (16%).
可以說，評估公司roe的最簡單方法是將其與同行業的平均值進行比較。但這遠非完美的衡量標準，因爲即使在同一行業分類中，公司之間也存在明顯的差異。您可以在下圖中看到，Amcor的roe與包裝行業的平均水平（16%）相當接近。
So while the ROE is not exceptional, at least its acceptable. 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. Our risks dashboardshould have the 2 risks we have identified for Amcor.
因此，儘管roe不是特別出色，但至少仍然可以接受。即使與行業相比roe仍然令人滿意，也值得檢查公司的roe是否受到高負債水平的幫助。如果公司承擔了過多的債務，則有更高的利息支付違約風險。我們的風險儀表板應該有我們爲Amcor確定的2個風險。
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 issuing shares, retained earnings, or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
公司通常需要投資資金來增加利潤。資金可以通過發行股票、保留收益或債務獲得。在前兩種情況下，roe將捕捉這種資本利用以實現增長。在後一種情況下，債務利用將提高回報，但不會改變權益。這將使roe比未使用債務時看起來更好。
Combining Amcor's Debt And Its 17% Return On Equity
結合Amcor的負債和17%的roe
Amcor clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.82. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. 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.
Amcor顯然使用了大量的債務來提高回報率，因爲它的債權與股權比率爲1.82。雖然其roe令人滿意，但需要記住公司可以使用的債務通常有限。投資者應仔細考慮如果公司不能輕鬆借貸，它可能會表現如何，因爲信貸市場確實會隨着時間的推移而發生變化。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
ROE是評估企業能否創造利潤並將其返還給股東的有用指標。在我們的清單中，最高品質的公司具有高回報率，儘管負債較低。如果兩家公司的ROE相同，那麼我通常更喜歡負債較小的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. 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.
但當企業具有高質量時，市場經常會將其出價反映出來。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的投資。因此，您可能需要檢查該公司的分析預測的免費可視化。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，您也可能通過尋找其他地方來找到出色的投資。因此，不妨查看這個有趣公司的免費列表。
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This article by Simply Wall St is general in nature. 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. 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.
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。