Does Black Hills Corporation (NYSE:BKH) Create Value For Shareholders?
Does Black Hills Corporation (NYSE:BKH) 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). We'll use ROE to examine Black Hills Corporation (NYSE:BKH), by way of a worked example.
许多投资者仍在学习分析股票时可能有用的各种指标。本文适合那些想要了解净资产收益率(ROE)的人。我们将通过一个实例使用ROE来分析黑山公司(纽交所:BKH)。
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.
股东权益回报率或ROE是股东需考虑的重要因素,因为它表明他们的资本再投资的有效性。简而言之,ROE显示每一美元在股东投资方面产生的利润。
How Do You Calculate Return On Equity?
如何计算股本回报率?
The formula for return on equity is:
股东权益回报率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股东权益回报率 = 净利润(来自持续运营)÷ 股东权益
So, based on the above formula, the ROE for Black Hills is:
因此,基于上述公式,黑山公司的ROE为:
7.5% = US$266m ÷ US$3.5b (Based on the trailing twelve months to September 2024).
7.5% = 26600万美元 ÷ 35亿美金(基于截至2024年9月的过去十二个月)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.08 in profit.
“回报”是过去12个月的利润。换句话说,对于每价值1美元的股本,公司能够赚取0.08美元的利润。
Does Black Hills Have A Good ROE?
黑山公司的ROE好吗?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. The image below shows that Black Hills has an ROE that is roughly in line with the Integrated Utilities industry average (9.2%).
评估公司ROE最简单的方法之一是将其与行业平均水平进行比较。 这种方法的局限性在于,即使在同一行业分类中,一些公司的差异也相当大。 下面的图像显示,黑山公司的ROE大致与公用事业行业的平均水平(9.2%)相符。
That isn't amazing, but it is respectable. 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 a company takes on too much debt, it is at higher risk of defaulting on interest payments. You can see the 3 risks we have identified for Black Hills by visiting our risks dashboard for free on our platform here.
这并不令人惊艳,但也可圈可点。 尽管ROE与行业相似,但我们仍应进行进一步检查,以了解公司的ROE是否因高负债水平而得到提升。如果一家公司承担过多债务,面临违约利息支付的风险就会更高。您可以通过访问我们平台上免费的风险仪表盘,查看我们为黑山公司识别的3个风险。
The Importance Of Debt To Return On Equity
债务对净资产收益率的重要性
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 first two cases, the ROE will capture this use of capital to grow. 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.
几乎所有公司都需要资金来投资于业务,以增加净利润。这些现金可以通过发放股票、留存收益或债务获得。在前两种情况下,ROE将反映出资本的使用以实现增长。在后一种情况下,增长所用的债务会提高回报,但不会影响总股本。这将使ROE看起来比不使用债务时更好。
Combining Black Hills' Debt And Its 7.5% Return On Equity
结合黑山公司的债务和7.5%的净资产回报率
Black Hills does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.21. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
黑山公司确实使用大量债务来提高回报。它的债务与股本比率为1.21。债务较少的净资产回报率和显著的债务使用组合并不是特别吸引人。债务带来了额外风险,因此只有当公司从中获得不错的回报时,这样做才有意义。
Conclusion
结论
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. All else being equal, a higher ROE is better.
净资产收益率是一个有用的指标,显示了企业产生利润并将其回馈给股东的能力。在我们的标准中,最高质量的公司拥有高净资产收益率,尽管负债较低。在其他条件相同的情况下,较高的ROE更好。
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ROE只是更大拼图的一部分,因为高质量的业务通常以高倍数的盈利进行交易。考虑其他因素也很重要,比如未来的利润增长以及未来需要多少投资。因此,我认为查看一下关于该公司分析师预测的免费报告可能是值得的。
Of course Black Hills 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,黑山公司可能不是最值得购买的股票。所以您可能希望查看这份免费的其他公司集合,这些公司具有高的净资产回报率和低的债务。
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