With A 1.3% Return On Equity, Is Cushman & Wakefield Plc (NYSE:CWK) A Quality Stock?
With A 1.3% Return On Equity, Is Cushman & Wakefield Plc (NYSE:CWK) A Quality Stock?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity 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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Cushman & Wakefield plc (NYSE:CWK).
許多投資者仍在了解分析股票時可以使用的各種指標。本文是爲那些想了解股東權益回報率(roe)的人準備的。通過親身實踐學習，我們將通過分析roe來更好地理解Cushman & Wakefield plc (紐交所:CWK)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即淨資產收益率，測試一家公司有效增加價值和管理股東資金的能力。換句話說，它揭示了公司將股東投資轉化爲利潤的成功程度。
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 Cushman & Wakefield is:
因此，根據上述公式，Cushman & Wakefield的ROE爲：
1.3% = US$21m ÷ US$1.6b (Based on the trailing twelve months to June 2024).
1.3% = 2100萬美元 ÷ 16億美元 (基於截至2024年6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 $0.01.
『回報』指的是年度利潤。因此，這意味着對於股東每投資1美元，公司就能賺取0.01美元的利潤。
Does Cushman & Wakefield Have A Good Return On Equity?
Cushman & Wakefield的股東權益回報率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As shown in the graphic below, Cushman & Wakefield has a lower ROE than the average (5.9%) in the Real Estate industry classification.
通過將一家公司的roe與其行業平均值進行比較，我們可以迅速衡量它的表現。這種方法的侷限性在於，即使在相同的行業分類中，有些公司與其他公司相去甚遠。如下圖所示，Cushman & Wakefield的roe低於房地產行業分類的平均值(5.9%)。
Unfortunately, that's sub-optimal. 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 company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 2 risks we have identified for Cushman & Wakefield visit our risks dashboard for free.
不幸的是，這是次優的。然而，低roe並不總是壞事。如果公司的債務水平適中或較低，那麼仍然有通過利用財務槓桿來改善回報的機會。高債務水平和低roe的公司組合是我們希望避免的，因爲涉及的風險。要了解我們爲Cushman & Wakefield確定的兩個風險，請免費訪問我們的風險儀表盤。
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 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，以增加利潤。這筆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將捕捉到這種資本的使用來增長。在後一種情況下，用於增長的債務將改善回報，但不會影響總股本。通過這種方式，債務的使用將推動roe，即使業務的核心經濟學保持不變。
Cushman & Wakefield's Debt And Its 1.3% ROE
Cushman & Wakefield的債務和其1.3%的roe
It's worth noting the high use of debt by Cushman & Wakefield, leading to its debt to equity ratio of 1.89. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是Cushman & Wakefield高額的債務使用，導致其債務負債比爲1.89。由於roe相對較低且債務使用較大，目前對於這項業務很難產生興奮感。債務確實帶來額外的風險，所以只有當公司從中獲得一些合理的回報時，才真正值得。
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 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. If two companies have the same ROE, then I would generally prefer the one with less debt.
淨資產收益率是比較不同公司業務質量的一種方法。可以認爲，不借債就能實現高淨資產收益率的公司是高品質的公司。如果兩個公司的淨資產收益率相同，則我通常更喜歡負債較少的公司。
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.
但是，當一家企業爲高質量企業時，市場經常會按其價值出價。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，您可能需要查看此公司的分析師預測的免費可視化工具。
But note: Cushman & Wakefield may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但請注意：Cushman & Wakefield可能不是最適合購買的股票。因此，請查看此免費列表，其中包含roe高且債務低的有趣公司。
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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。
譯文內容由第三人軟體翻譯。
