Can Warner Music Group Corp.'s (NASDAQ:WMG) ROE Continue To Surpass The Industry Average?
Can Warner Music Group Corp.'s (NASDAQ:WMG) ROE Continue To Surpass The Industry Average?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity 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. We'll use ROE to examine Warner Music Group Corp. (NASDAQ:WMG), by way of a worked example.
雖然一些投資者對財務指標已經非常熟悉（提醒一下），但本文是爲那些希望了解淨資產回報率（ROE）及其重要性的人準備的。我們將通過一個實例，以ROE來分析華納音樂集團（納斯達克：WMG）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率（ROE）是用於評估公司管理層如何有效利用公司資本的關鍵指標。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?
如何計算股本回報率？
ROE can be calculated by using the formula:
ROE可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股東權益回報率 = 凈利潤（來自持續運營）÷ 股東權益
So, based on the above formula, the ROE for Warner Music Group is:
因此，根據上述公式，華納音樂集團的ROE爲：
71% = US$478m ÷ US$675m (Based on the trailing twelve months to September 2024).
71% = US$47800萬 ÷ US$67500萬（基於截至2024年9月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.71 in profit.
「回報」是指公司在過去一年的收益。另一種理解是，對於每1美元的股本，公司能夠賺取0.71美元的利潤。
Does Warner Music Group Have A Good Return On Equity?
華納音樂集團的股東權益回報率好嗎?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, Warner Music Group has a superior ROE than the average (14%) in the Entertainment industry.
評估公司ROE最簡單的方法就是將其與行業的平均水平進行比較。然而，這種方法僅僅作爲粗略檢查是有用的，因爲同一行業分類中的公司確實存在很大差異。令人欣慰的是，華納音樂集團的ROE優於娛樂行業的平均水平（14%）。
That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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 . To know the 2 risks we have identified for Warner Music Group visit our risks dashboard for free.
這是一個好跡象。然而，請記住，高ROE並不一定表示有效的盈利生成。在公司的資本結構中，高比例的債務也可能導致高ROE，而高負債水平可能帶來巨大的風險。要了解我們爲華納音樂集團識別的兩個風險，請訪問我們的風險儀表板，免費查看。
The Importance Of Debt To Return On Equity
債務對淨資產收益率的重要性
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 case of the first and second options, the ROE will reflect this use of cash, for growth. 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以增加凈利潤。投資資金可以來自於前一年的利潤（留存收益）、發行新股或借貸。在前兩種情況下，ROE 將反映這一現金的使用以實現增長。在後者的情況下，增長所需的債務將提升回報，但不會影響股東權益。通過這種方式，債務的使用將提高ROE，儘管業務的核心經濟情況保持不變。
Combining Warner Music Group's Debt And Its 71% Return On Equity
結合華納音樂集團的債務和其71%的淨資產收益率
It seems that Warner Music Group uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 5.95. Its ROE is clearly quite good, but it seems to be boosted by the significant use of debt by the company.
華納音樂集團似乎使用了大量的債務來資助業務，因爲它的債務股本比率高達5.95。其ROE顯然相當不錯，但似乎是受到公司顯著使用債務的影響。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回報率是我們比較不同公司業務質量的一種方式。在我們看來，最高質量的公司即使債務較低，股本回報率也較高。其他條件相等時，更高的ROE更好。
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. 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.
雖然ROE是衡量業務質量的一個有用指標，但你需要考慮許多因素才能判斷出股票的合適買入價格。重要的是要考慮其他因素，如未來的利潤增長，以及未來所需的投資金額。因此，你可能想查看這個充滿數據的公司的預測互動圖表。
But note: Warner Music Group 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：華納音樂集團可能不是最值得買入的股票。所以請查看這個免費的高ROE和低債務的有趣公司的名單。
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這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論，採用無偏見的方法，我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議，也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。
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