Should We Be Cautious About TTEC Holdings, Inc.'s (NASDAQ:TTEC) ROE Of 12%?
Should We Be Cautious About TTEC Holdings, Inc.'s (NASDAQ:TTEC) ROE Of 12%?
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). We'll use ROE to examine TTEC Holdings, Inc. (NASDAQ:TTEC), by way of a worked example.
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。我们将使用净资产收益率来检验纳斯达克控股公司(ROE：TTEC)，作为一个生动的例子。
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.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
View our latest analysis for TTEC Holdings
查看我们对TTEC控股的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for TTEC Holdings is:
因此，根据上述公式，TTEC Holdings的ROE为：
12% = US$75m ÷ US$642m (Based on the trailing twelve months to June 2023).
12%=7500万美元×6.42亿美元(基于截至2023年6月的12个月)。
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 $0.12.
“报税表”是过去12个月的税后收入。因此，这意味着股东每投资1美元，公司就会产生0.12美元的利润。
Does TTEC Holdings Have A Good ROE?
TTEC控股的净资产收益率高吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. If you look at the image below, you can see TTEC Holdings has a lower ROE than the average (15%) in the Professional Services industry classification.
通过将一家公司的净资产收益率(ROE)与其行业平均水平进行比较，我们可以快速衡量它有多好。然而，这种方法只是作为一种粗略的检查，因为在同一行业分类中，公司确实有很大的不同。如果你看下图，你可以看到TTEC Holdings的净资产收益率(ROE)低于专业服务行业分类的平均水平(15%)。
That certainly isn't ideal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 3 risks we have identified for TTEC Holdings visit our risks dashboard for free.
这当然不是理想的情况。话虽如此，低ROE并不总是一件坏事，特别是如果公司的杠杆率较低，因为如果公司承担更多债务，这仍有改进的空间。考虑到涉及的风险，高债务水平和低ROE的公司是我们希望避免的组合。要了解我们为TTEC控股确定的3个风险，请免费访问我们的风险仪表板。
How Does Debt Impact ROE?
债务对净资产收益率有何影响？
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多数公司都需要资金--从某个地方--来增加利润。投资的现金可以来自上一年的利润(留存收益)、发行新股或借款。在前两种情况下，净资产收益率将抓住这种资本增长的用途。在后一种情况下，债务的使用将提高回报，但不会改变股权。因此，债务的使用可以提高净资产收益率，尽管打个比方说，在暴风雨天气的情况下会有额外的风险。
Combining TTEC Holdings' Debt And Its 12% Return On Equity
合并TTEC控股的债务和12%的股本回报率
TTEC Holdings clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.43. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
TTEC Holdings显然使用了大量债务来提高回报，因为它的债务与股本比率为1.43。它的净资产收益率相当低，即使使用了大量债务；在我们看来，这不是一个好结果。债务确实会带来额外的风险，所以只有当一家公司从债务中获得一些可观的回报时，它才是真正值得的。
Summary
摘要
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 around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回报率是我们比较不同公司业务质量的一种方式。一家能够在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的企业。如果两家公司的债务权益比大致相同，而其中一家公司的净资产收益率更高，我通常会更喜欢净资产收益率更高的那家公司。
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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但净资产收益率只是一个更大的谜题的一部分，因为高质量企业的市盈率往往很高。重要的是要考虑其他因素，比如未来的利润增长，以及未来需要多少投资。因此，你可能想看看这张数据丰富的公司预测互动图表。
Of course TTEC Holdings 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.
当然了TTEC Holdings可能不是最值得购买的股票。所以你可能想看看这个免费其他拥有高ROE和低债务的公司的集合。
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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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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。