Does Ameren Corporation (NYSE:AEE) Create Value For Shareholders?
Does Ameren Corporation (NYSE:AEE) Create Value For Shareholders?
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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Ameren Corporation (NYSE:AEE).
許多投資者仍在學習在分析股票時可能有用的各種指標。本文是爲那些想要學習淨資產回報率(ROE)的人準備的。通過實踐學習,我們將分析ROE,以更好地理解阿曼瑞恩公司(紐交所:AEE)。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
ROE,即淨資產收益率,是評估公司如何有效地利用股東所投入的資金以產生回報的有用工具。簡單來說,它衡量了公司相對於股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算?
Return on equity can be calculated by using the formula:
淨資產收益率可以通過以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股東權益回報率 = 凈利潤(來自持續運營)÷ 股東權益
So, based on the above formula, the ROE for Ameren is:
因此,根據上述公式,阿曼瑞恩的ROE爲:
9.5% = US$1.1b ÷ US$12b (Based on the trailing twelve months to September 2024).
9.5% = 11億美元 ÷ 120億美元(基於截至2024年9月的過去12個月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.10 in profit.
「回報」是指在過去12個月中稅後賺取的金額。這意味着每1美元的股東權益,公司產生了0.10美元的利潤。
Does Ameren Have A Good Return On Equity?
阿曼瑞恩的ROE表現如何?
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. The image below shows that Ameren has an ROE that is roughly in line with the Integrated Utilities industry average (9.2%).
通過將公司的ROE與其行業平均水平進行比較,我們可以快速衡量其表現。重要的是,這遠不是一個完美的指標,因爲同一行業分類下的公司差異顯著。下圖顯示阿曼瑞恩的ROE大致與綜合公用股行業平均水平(9.2%)相符。
That's neither particularly good, nor bad. 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. You can see the 2 risks we have identified for Ameren by visiting our risks dashboard for free on our platform here.
這既不是特別好,也不是特別差。雖然ROE與行業相似,我們仍然應該進行進一步檢查,以確定公司的ROE是否受到高負債水平的推動。如果是這樣,那麼它更可能是風險的指標,而不是潛力。您可以通過訪問我們平台上的風險儀表,免費查看我們爲阿曼瑞恩識別出的兩個風險。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的?
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 first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
公司通常需要投資資金來增長利潤。這項投資資金可以來自前一年的利潤(留存收益)、發行新股或借款。在第一和第二種情況下,ROE將反映用於投資企業的現金使用。在後者的情況下,用於增長的債務將改善回報,但不會影響總股本。這將使ROE看起來優於未使用債務的情況。
Ameren's Debt And Its 9.5% ROE
阿曼瑞恩的債務及其9.5%的ROE
Ameren does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.53. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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.
阿曼瑞恩確實使用了大量債務來增加回報。它的債務與股本比率爲1.53。即便使用了大量債務,ROE仍然相當低,這在我們看來並不是一個好的結果。投資者應該仔細考慮如果公司無法這麼容易地借款,它可能會表現如何,因爲信貸市場是會隨着時間而變化的。
Summary
總結
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 the same ROE, then I would generally prefer the one with less debt.
股東權益回報率對於比較不同業務的質量非常有用。能夠在沒有債務的情況下實現高股東權益回報率的公司可以被視爲高質量的業務。如果兩家公司有相同的ROE,那麼我一般會更偏好債務少的那家公司。
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 check this FREE visualization of analyst forecasts for the company.
但當一項業務質量很高時,市場通常會將其價格抬高到反映這一點的水平。利潤增長的可能率,相對於當前價格中反映的利潤增長預期,也必須考慮。因此,您可能想檢查一下這個免費的公司分析師預測可視化圖。
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.
如果你更願意查看另一家公司——一家潛在的財務狀況優秀的公司——那麼一定不要錯過這份有趣公司的免費列表,這些公司有高股本回報率和低負債。
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.
對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。
譯文內容由第三人軟體翻譯。