Does Greif, Inc. (NYSE:GEF) Create Value For Shareholders?
Does Greif, Inc. (NYSE:GEF) Create Value For Shareholders?
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 Greif, Inc. (NYSE:GEF).
儘管一些投資者已經精通財務指標（帽子提示），但本文適用於那些想了解股本回報率（ROE）及其重要性的人。通過邊幹邊學的方式，我們將研究投資回報率，以更好地了解格瑞夫公司（紐約證券交易所代碼：GEF）。
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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之，投資回報率顯示了每美元從其股東投資中產生的利潤。
How Is ROE Calculated?
ROE 是如何計算的？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Greif is:
因此，根據上述公式，Greif的投資回報率爲：
17% = US$360m ÷ US$2.2b (Based on the trailing twelve months to January 2024).
17% = 3.6億美元 ÷ 22億美元（基於截至2024年1月的過去十二個月）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.17 in profit.
“回報” 是每年的利潤。另一種看法是，每持有價值1美元的股權，該公司就能獲得0.17美元的利潤。
Does Greif Have A Good Return On Equity?
格雷夫有良好的股本回報率嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Greif has a similar ROE to the average in the Packaging industry classification (17%).
確定公司股本回報率是否不錯的一種簡單方法是將其與該行業的平均水平進行比較。重要的是，這遠非一個完美的衡量標準，因爲各公司在相同的行業分類中差異很大。如果你看下圖，你會發現Greif的投資回報率與包裝行業分類中的平均水平（17％）相似。
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 true, then it is more an indication of risk than the potential. Our risks dashboardshould have the 3 risks we have identified for Greif.
因此，儘管投資回報率並不例外，但至少是可以接受的。即使與行業相比，投資回報率可觀，也值得檢查一下公司的投資回報率是否受到高額債務水平的支撐。如果屬實，則與其說是潛在風險，不如說是風險。我們的風險儀表板應該包含我們爲Greif確定的3種風險。
How Does Debt Impact ROE?
債務如何影響投資回報率？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司需要來自某個地方的資金來增加利潤。這些現金可以來自發行股票、留存收益或債務。在第一和第二種情況下，投資回報率將反映現金用於企業投資的情況。在後一種情況下，使用債務將提高回報，但不會改變股權。因此，使用債務可以提高投資回報率，儘管可以隱喻地說，暴風雨天氣會帶來額外的風險。
Greif's Debt And Its 17% ROE
格雷夫的債務及其17％的投資回報率
It's worth noting the high use of debt by Greif, leading to its debt to equity ratio of 1.06. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. 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.
值得注意的是，格雷夫大量使用債務，導致其債務權益比率爲1.06。儘管其投資回報率相當可觀，但該公司目前的債務額並不理想。投資者應該仔細考慮如果一家公司無法如此輕易地借款，其表現會如何，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 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創造利潤並將其返還給股東的能力的有用指標。在我們的賬簿中，儘管負債較低，但質量最高的公司仍具有很高的股本回報率。如果兩家公司的債務與股權比率大致相同，而一家公司的投資回報率更高，我通常更喜歡投資回報率更高的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst forecasts for the company.
但是，當企業質量很高時，市場通常會以反映這一點的價格對其進行出價。與股票價格所反映的預期相比，利潤增長率尤其需要考慮。因此，我認爲可能值得查看這份關於分析師對公司的預測的免費報告。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，通過尋找其他地方，你可能會找到一筆不錯的投資。因此，來看看這份有趣的公司的免費清單吧。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。