Should Constellation Brands, Inc. (NYSE:STZ) Focus On Improving This Fundamental Metric?
Should Constellation Brands, Inc. (NYSE:STZ) Focus On Improving This Fundamental Metric?
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 Constellation Brands, Inc. (NYSE:STZ).
雖然一些投資者已經對財務指標(致敬)瞭如指掌,但本文是爲那些想學習股東權益回報率(roe)及其重要性的人而寫的。通過實戰學習,我們將研究roe,以更好地了解星座品牌股份有限公司(紐交所:stz)。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股東權益報酬率是一種有用的工具,用於評估一家公司能否有效地利用來自股東的投資產生回報。換句話說,它揭示了公司將股東的投資變成利潤的成功程度。
How Is ROE Calculated?
淨資產收益率怎麼計算?
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 Constellation Brands is:
因此,根據上述公式,星座品牌的roe爲:
7.8% = US$636m ÷ US$8.2b (Based on the trailing twelve months to August 2024).
7.8% = 63600萬美元 ÷ 82億美元(基於截至2024年8月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.08 in profit.
『回報』是指公司在過去一年的利潤。這意味着對於每1美元的股東權益,公司創造了0.08美元的利潤。
Does Constellation Brands Have A Good ROE?
星座品牌的roe表現如何?
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Constellation Brands has a lower ROE than the average (20%) in the Beverage industry.
判斷一家公司的回報率是否不錯的一種簡單方法是將其與行業平均水平進行比較。然而,由於同一行業內公司之間存在相當大的差異,這種方法只能作爲一種粗略檢查工具。從下圖可以清楚地看出,星座品牌在飲料行業的ROE低於行業平均水平(20%)。
That certainly isn't ideal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 4 risks we have identified for Constellation Brands visit our risks dashboard for free.
那絕對不理想。也就是說,低ROE並不總是一件壞事,尤其是如果公司負債較低,這仍然爲公司在承擔更多債務時留有改善空間。高負債水平和低ROE的公司組合是我們願意避免的,因爲涉及到的風險。要了解我們爲星座品牌確定的4個風險,請免費訪問我們的風險儀表板。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率?
Companies usually need to invest money to grow their 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 required for growth will boost returns, but will not impact the shareholders' equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投資資金來增加利潤。 投資資金可以來自前幾年的利潤(留存收益),發行新股或借款。 在第一和第二種情況下,ROE將反映出這種用於業務投資的現金的使用。 而對於後一種情況,爲增長所需債務將提高回報率,但不會影響股東權益。 以這種方式,債務的使用將提高ROE,即使業務的核心經濟狀況保持不變。
Constellation Brands' Debt And Its 7.8% ROE
星座品牌的債務及其7.8%的roe
Constellation Brands does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.42. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
星座品牌確實使用大量債務來增加回報。其資產負債比爲1.42。roe相對較低,且債務使用較大,目前很難對這家企業感到興奮。債務增加了風險,降低了公司未來的選擇,因此通常希望從中獲得一些良好的回報。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
股本回報率在比較不同企業質量時很有用。一家可以在沒有債務的情況下實現高股本回報率的公司可以被認爲是一家高質量的公司。其他條件相同,股本回報率越高,越好。
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. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
儘管 ROE 是業務質量的一個有用指標,但您仍需要查看各種因素,以確定購買股票的正確價格。相對於當前價格反映的利潤增長預期,利潤增長率可能是一個要考慮的因素。因此,您可能需要查看這個數據豐富的互動圖表,了解該公司的預測。
But note: Constellation Brands 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:星座品牌可能不是最好的股票買入選擇。因此,請查看這份免費的有趣公司列表,這些公司roe高且負債低。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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。
譯文內容由第三人軟體翻譯。