Can Constellium SE's (NYSE:CSTM) ROE Continue To Surpass The Industry Average?
Can Constellium SE's (NYSE:CSTM) ROE Continue To Surpass The Industry Average?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand Constellium SE (NYSE:CSTM).
許多投資者仍在學習有用於股票分析的各種指標。本文是爲了那些想學習股東權益回報率（ROE）的人而寫的。爲了使課堂更加接地氣，我們將使用ROE來更好地了解Constellium SE (NYSE:CSTM)。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東必須考慮股本回報率或ROE，因爲它告訴他們公司如何有效地重新投資他們的資本。 簡而言之，ROE顯示每美元股東投資所產生的利潤。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Constellium is:
因此，根據上述公式，Constellium的ROE爲：
14% = €124m ÷ €910m (Based on the trailing twelve months to March 2024).
14% = €124m ÷ €910m（基於截至2024年3月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.14.
‘回報’是過去十二個月稅後盈利的金額。這意味着，對於每個股東投資的1美元，公司會生成0.14美元的利潤。
Does Constellium Have A Good Return On Equity?
Constellium的股東權益回報率怎麼樣？
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, Constellium has a superior ROE than the average (9.8%) in the Metals and Mining industry.
可以說，衡量一家公司的ROE最簡單的方法是將其與所處行業的平均水平進行比較。但是，由於同一行業類別中的公司有很大的區別，因此這種方法只能作爲一個粗略的檢查。令人高興的是，Constellium在貴金屬和礦業行業板塊中的ROE優於平均水平（9.8％）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk.
這是我們喜歡看到的。但是，請記住，高ROE並不一定意味着有效的利潤產生，特別是當公司使用高額的債務來融資債務時，這可能會提高其ROE，但高槓杆風險也會使公司面臨風險。
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. 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. 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其利潤。這些投資資金可以來自前年的利潤（留存收益）、發行新股或者借款。在前兩種情況下，ROE將反映這些用於增長的現金。在後一種情況下，用於增長所需的債務將提高回報，但不會對股東權益產生影響。因此，債務的使用可以改善ROE，儘管在像是暴風雨時，債務也會帶來額外的風險。
Constellium's Debt And Its 14% ROE
Constellium的債務和其14％的ROE
Constellium clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.07. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. 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.
顯然，Constellium使用大量的債務來提高回報，因爲其債務和股本比率爲2.07。雖然其ROE令人滿意，但需要記住公司可以使用的債務量通常是有限的。投資者應認真考慮公司如果無法輕鬆借債時的業績，因爲信貸市場隨着時間變化而變化。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
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 the same ROE, then I would generally prefer the one with less debt.
ROE是評估企業能否創造利潤並將其返還給股東的有用指標。在我們的清單中，最高品質的公司具有高回報率，儘管負債較低。如果兩家公司的ROE相同，那麼我通常更喜歡負債較小的公司。
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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，當企業屬於高質量時，市場經常將其標價以反映其優勢。折現率的盈利增長率與股票價格中體現的預期相比，是需要特別考慮的。因此，您可能需要查看這份數據豐富的交互式圖表，以了解該公司的預測。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一傢俱有潛在優越財務狀況的公司，則不要錯過此具有高ROE和低債務的有趣公司的免費列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
譯文內容由第三人軟體翻譯。