A Closer Look At Corporación América Airports S.A.'s (NYSE:CAAP) Impressive ROE
A Closer Look At Corporación América Airports S.A.'s (NYSE:CAAP) Impressive ROE
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Corporación América Airports S.A. (NYSE:CAAP).
我們最好的投資之一就是提升自己的知識和技能水平。因此，本文將詳細介紹如何使用ROE（淨資產收益率）來更好地理解業務。爲使課程更加實用，我們將使用ROE來更好地了解Corporación América Airports S.A. (NYSE:CAAP)。
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 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 Corporación América Airports is:
因此，根據上述公式，Corporación América Airports的ROE爲：
30% = US$375m ÷ US$1.2b (Based on the trailing twelve months to March 2024).
30% = US$375m ÷ US$1.2b（基於截至2024年3月的過去12個月）。
The 'return' is the amount earned after tax over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.30 in profit.
“回報”是指過去12個月繳納稅費後的收入。這意味着，每1美元的股東權益中，公司創造了0.30美元的利潤。
Does Corporación América Airports Have A Good ROE?
Corporación América Airports的ROE是否良好？
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. As you can see in the graphic below, Corporación América Airports has a higher ROE than the average (8.8%) in the Infrastructure industry.
可以說，評估公司ROE的最簡單方法是將其與同行業平均水平進行比較。但需要注意的是，這遠非一種完美的衡量標準，因爲即使是同一行業分類中，公司也存在很大的差異。從下面的圖表可以看出，Corporación América Airports在製造行業中擁有比平均水平（8.8%）更高的ROE。
That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. To know the 2 risks we have identified for Corporación América Airports visit our risks dashboard for free.
這是一個好跡象。但請注意，高ROE並不一定意味着高效率的利潤生成。除了淨利潤的變化之外，高ROE也可能是相對於股權而言高負債的結果，這意味着風險很大。我們已爲Corporación América Airports識別出了2種風險，請免費訪問我們的風險儀表板以獲取更多信息。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的？
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，幾乎所有公司都需要資金來投資業務，以增加利潤。這些資金可以來自保留收益、發行新股（股權）或債務。在前兩種情況下，ROE將捕捉到此類資本用於增長。在後一種情況下，用於增長所需的債務將提高回報率，但不會影響股東權益。因此，債務的使用可以改善ROE，儘管隨着時間的推移，隨之而來的是風險。
Corporación América Airports' Debt And Its 30% ROE
Corporación América Airports的負債及其30%的ROE
Corporación América Airports clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.04. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower 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.
Corporación América Airports顯然使用大量債務來提高回報，因爲其債務股本比爲1.04。儘管無疑其ROE令人印象深刻，但如果公司無法輕鬆借款，那麼我們對其表現會有更深入的思考，因爲信貸市場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 around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回報率是衡量企業盈利能力，並將其利潤分配給股東的一項有用指標。在我們的清單中，高質量的公司股本回報率高，債務壓力不大。如果兩家公司的債務資本比大致相同，並且一家公司的ROE更高，則我通常更喜歡具有較高ROE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 take a peek at this data-rich interactive graph of forecasts for the company.
但是，當企業具有高質量時，市場通常會將其競價提高到反映這一點的價格。重要的是考慮其他因素，例如未來的利潤增長 – 以及未來需要多少投資。因此，您可能需要看一下該公司預測數據豐富，交互式圖形。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。