A Note On Ameren Corporation's (NYSE:AEE) ROE and Debt To Equity
A Note On Ameren Corporation's (NYSE:AEE) ROE and Debt To Equity
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. We'll use ROE to examine Ameren Corporation (NYSE:AEE), by way of a worked example.
我們能做的最好的投資之一是我們自己的知識和技能。考慮到這一點，本文將探討如何使用股本回報率（ROE）來更好地了解業務。舉一個有效的例子，我們將使用投資回報率來研究Ameren公司（紐約證券交易所代碼：AEE）。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. 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股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。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 Ameren is:
因此，根據上述公式，Ameren的投資回報率爲：
10% = US$1.2b ÷ US$11b (Based on the trailing twelve months to December 2023).
10% = 12億美元 ÷ 110億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.10.
“回報” 是企業去年獲得的收入。因此，這意味着其股東每投資1美元，公司就會產生0.10美元的利潤。
Does Ameren Have A Good ROE?
Ameren 的投資回報率不錯嗎？
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. You can see in the graphic below that Ameren has an ROE that is fairly close to the average for the Integrated Utilities industry (9.5%).
可以說，評估公司投資回報率的最簡單方法是將其與行業平均水平進行比較。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。你可以在下圖中看到，Ameren的投資回報率與綜合公用事業行業的平均水平（9.5％）相當接近。
That's neither particularly good, nor bad. 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 so, this increases its exposure to financial risk. Our risks dashboardshould have the 2 risks we have identified for Ameren.
這既不是特別好，也不是特別糟糕。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。如果是這樣，這會增加其金融風險敞口。我們的風險儀表板應該包含我們爲Ameren確定的兩種風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Virtually all companies need money to invest in the business, to grow 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 use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
幾乎所有公司都需要資金來投資業務，增加利潤。投資現金可以來自上一年的利潤（留存收益）、發行新股或借款。在第一和第二種情況下，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，債務的使用將提高回報，但不會改變股權。這將使投資回報率看起來比不使用債務時更好。
Ameren's Debt And Its 10% ROE
Ameren的債務及其10％的投資回報率
It's worth noting the high use of debt by Ameren, leading to its debt to equity ratio of 1.44. 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，Ameren大量使用債務，導致其債務權益比率爲1.44。由於投資回報率相當低，而且債務使用量很大，目前很難對這項業務感到興奮。債務確實會帶來額外的風險，因此只有當公司從中獲得可觀的回報時，債務才是真正值得的。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. 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。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。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。
But when a business is high quality, the market often bids it up to a price that reflects this. 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.
但是，當企業質量很高時，市場通常會以反映這一點的價格出價。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。
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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