A Closer Look At Deluxe Corporation's (NYSE:DLX) Uninspiring ROE
A Closer Look At Deluxe Corporation's (NYSE:DLX) Uninspiring ROE
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. We'll use ROE to examine Deluxe Corporation (NYSE:DLX), by way of a worked example.
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。舉一個有效的例子，我們將使用投資回報率來考察豪華公司（紐約證券交易所代碼：DLX）。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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。換句話說，它是衡量公司股東提供的資本回報率的盈利比率。
How To Calculate Return On Equity?
如何計算股本回報率？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
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 Deluxe is:
因此，根據上述公式，豪華版的投資回報率爲：
6.2% = US$38m ÷ US$620m (Based on the trailing twelve months to June 2024).
6.2% = 3,800萬美元 ÷ 6.2億美元（基於截至2024年6月的過去十二個月）。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.06.
「回報」 是過去十二個月的利潤。因此，這意味着其股東每投資1美元，公司就會產生0.06美元的利潤。
Does Deluxe Have A Good Return On Equity?
豪華版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. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Deluxe has a lower ROE than the average (11%) in the Commercial Services industry.
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。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。從下圖中可以明顯看出，豪華版的投資回報率低於商業服務行業的平均水平（11％）。
That's not what we like to see. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 3 risks we have identified for Deluxe visit our risks dashboard for free.
這不是我們喜歡看到的。但是，低投資回報率並不總是壞事。如果公司的債務水平處於中等至低水平，那麼仍然有可能通過使用財務槓桿來提高回報。投資回報率低的高負債公司完全是另一回事，對我們的賬面來說也是一項風險投資。要了解我們爲豪華版確定的三種風險，請免費訪問我們的風險控制面板。
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. That cash can come from issuing shares, retained earnings, or debt. 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 used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有公司都需要資金來投資業務，增加利潤。這些現金可以來自發行股票、留存收益或債務。對於第一和第二種選擇，投資回報率將反映現金用於增長的這種用途。在後一種情況下，用於增長的債務將提高回報，但不會影響總資產。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。
Deluxe's Debt And Its 6.2% ROE
Deluxe的債務及其6.2％的投資回報率
Deluxe clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.51. 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.
Deluxe顯然使用大量債務來提高回報，因爲其負債權益比率爲2.51。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。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. 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.
股本回報率對於比較不同業務的質量很有用。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 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。相對於當前價格所反映的利潤增長預期，還必須考慮利潤可能的增長速度。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。
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.
如果你更願意去另一家公司——一家財務狀況可能優越的公司——那麼千萬不要錯過這份免費的股本回報率高、債務低的有趣公司的名單。
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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。
譯文內容由第三人軟體翻譯。