Can International Game Technology PLC (NYSE:IGT) Improve Its Returns?
Can International Game Technology PLC (NYSE:IGT) Improve Its Returns?
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. To keep the lesson grounded in practicality, we'll use ROE to better understand International Game Technology PLC (NYSE:IGT).
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。爲了使課程以實用性爲基礎，我們將使用ROE來更好地了解國際遊戲技術有限公司（紐約證券交易所代碼：IGT）。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。簡而言之，它衡量公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
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 International Game Technology is:
因此，根據上述公式，國際遊戲技術的投資回報率爲：
14% = US$249m ÷ US$1.8b (Based on the trailing twelve months to December 2023).
14% = 2.49億美元 ÷ 18億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.14 in profit.
“回報” 是過去十二個月的利潤。對此進行概念化的一種方法是，該公司每擁有1美元的股東資本，就能獲得0.14美元的利潤。
Does International Game Technology Have A Good ROE?
國際遊戲技術有良好的投資回報率嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As shown in the graphic below, International Game Technology has a lower ROE than the average (18%) in the Hospitality industry classification.
通過將公司的投資回報率與其行業平均水平進行比較，我們可以快速衡量其表現如何。但是，這種方法僅在粗略檢查時有用，因爲各公司在相同的行業分類中確實存在很大差異。如下圖所示，國際遊戲技術的投資回報率低於酒店業分類中的平均水平（18％）。
That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. Our risks dashboard should have the 3 risks we have identified for International Game Technology.
這不是我們喜歡看到的。但是，我們認爲，只要現有債務水平較低，較低的投資回報率仍可能意味着公司有機會通過使用槓桿提高回報。鑑於所涉及的風險，高債務水平和低投資回報率的公司是我們希望避免的組合。我們的風險儀表板應包含我們爲國際遊戲技術確定的三種風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), 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.
公司通常需要投資資金來增加利潤。這筆現金可以來自留存收益、發行新股（股權）或債務。在第一和第二種情況下，投資回報率將反映這種使用現金投資業務的情況。在後一種情況下，使用債務將提高收益，但不會改變權益。因此，使用債務可以提高投資回報率，儘管可以比喻地說，暴風雨天氣會帶來額外的風險。
Combining International Game Technology's Debt And Its 14% Return On Equity
合併國際遊戲技術的債務及其14％的股本回報率
It seems that International Game Technology uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 3.18. Its ROE is pretty good, but given the impact of the debt, we're less than enthused, overall.
看來國際遊戲科技公司使用巨額債務爲該業務提供資金，因爲其債務權益比率極高，爲3.18。它的投資回報率相當不錯，但考慮到債務的影響，總體而言，我們並不那麼熱情。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. 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.
股本回報率對於比較不同業務的質量很有用。能夠在不負債過多的情況下獲得高股本回報的公司通常質量很好。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，那麼我通常更喜歡投資回報率更高的那家公司。
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.
話雖如此，儘管投資回報率是衡量業務質量的有用指標，但你必須考慮一系列因素才能確定購買股票的正確價格。還必須考慮利潤可能增長的速度，相對於當前價格所反映的利潤增長預期。因此，你可能想看看這張數據豐富的公司預測交互式圖表。
But note: International Game Technology 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：國際遊戲科技可能不是最好的買入股票。因此，來看看這份投資回報率高、負債率低的有趣公司的免費清單。
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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。
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