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Did Group 1 Automotive, Inc. (NYSE:GPI) Use Debt To Deliver Its ROE Of 21%?

Did Group 1 Automotive, Inc. (NYSE:GPI) Use Debt To Deliver Its ROE Of 21%?

第一集團汽車公司(紐約證券交易所代碼:GPI)是否使用債務實現了21%的投資回報率?
Simply Wall St ·  05/22 23:59

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 Group 1 Automotive, Inc. (NYSE:GPI), 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。我們將使用投資回報率來考察第一集團汽車有限公司(紐約證券交易所代碼:GPI),舉一個有效的例子。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之,它用於評估公司相對於其股權資本的盈利能力。

How Do You Calculate Return On Equity?

你如何計算股本回報率?

The formula for ROE is:

ROE 的公式是:

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 Group 1 Automotive is:

因此,根據上述公式,第一組汽車的投資回報率爲:

21% = US$591m ÷ US$2.8b (Based on the trailing twelve months to March 2024).

21% = 5.91億美元 ÷ 28億美元(基於截至2024年3月的過去十二個月)。

The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.21 in profit.

“回報” 是企業去年獲得的收入。另一種思考方式是,公司每持有價值1美元的股權,就能獲得0.21美元的利潤。

Does Group 1 Automotive Have A Good Return On Equity?

第一組汽車的股本回報率是否良好?

One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. You can see in the graphic below that Group 1 Automotive has an ROE that is fairly close to the average for the Specialty Retail industry (19%).

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。這種方法的侷限性在於,有些公司與其他公司有很大不同,即使在相同的行業分類中也是如此。您可以在下圖中看到,第一組汽車的投資回報率與專業零售行業的平均水平(19%)相當接近。

roe
NYSE:GPI Return on Equity May 22nd 2024
紐約證券交易所:GPI 股本回報率 2024 年 5 月 22 日

So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If true, then it is more an indication of risk than the potential. To know the 2 risks we have identified for Group 1 Automotive visit our risks dashboard for free.

因此,儘管投資回報率並不例外,但至少是可以接受的。儘管投資回報率與行業相似,但我們仍應進行進一步檢查,看看高額債務水平是否提振了公司的投資回報率。如果屬實,則與其說是潛在風險,不如說是風險。要了解我們爲第一組汽車確定的兩種風險,請免費訪問我們的風險儀表板。

How Does Debt Impact Return On Equity?

債務如何影響股本回報率?

Most companies need money -- from somewhere -- 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 debt required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.

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,投資回報率將反映現金用於企業投資的這種用途。在後一種情況下,增長所需的債務將提高回報,但不會影響股東權益。這將使投資回報率看起來比不使用債務時更好。

Combining Group 1 Automotive's Debt And Its 21% Return On Equity

合併第一集團汽車的債務及其21%的股本回報率

It's worth noting the high use of debt by Group 1 Automotive, leading to its debt to equity ratio of 1.39. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. 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,第一集團汽車公司大量使用債務,導致其負債權益比率爲1.39。毫無疑問,其投資回報率不錯,但該公司揹負的巨額債務並不令人興奮。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 one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.

股本回報率是我們可以比較不同公司的業務質量的一種方式。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。如果兩家公司的投資回報率相同,那麼我通常更喜歡負債較少的公司。

But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.

但是,投資回報率只是更大難題中的一部分,因爲高質量的企業通常以較高的收益倍數進行交易。重要的是要考慮其他因素,例如未來的利潤增長以及未來需要多少投資。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 Group 1 Automotive may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.

當然,第一組汽車可能不是最好的買入股票。因此,您不妨免費查看其他投資回報率高、負債率低的公司的名單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

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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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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