With A Return On Equity Of 7.2%, Has Estun Automation Co., Ltd's (SZSE:002747) Management Done Well?
With A Return On Equity Of 7.2%, Has Estun Automation Co., Ltd's (SZSE:002747) Management Done Well?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. We'll use ROE to examine Estun Automation Co., Ltd (SZSE:002747), by way of a worked example.
我們能做的最好的投資之一就是我們自己的知識和技能。考慮到這一點,本文將討論如何使用股本回報率(ROE)來更好地瞭解企業。我們將使用淨資產收益率來檢驗埃斯頓自動化有限公司(SZSE:002747),作為一個實際例子。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。簡而言之,淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
Check out our latest analysis for Estun Automation
查看我們對Estun Automation的最新分析
How To Calculate Return On Equity?
如何計算股本回報率?
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤?股東權益
So, based on the above formula, the ROE for Estun Automation is:
因此,根據上面的公式,Estun Automation的ROE為:
7.2% = CN¥202m ÷ CN¥2.8b (Based on the trailing twelve months to June 2023).
7.2%=CN元2.02億×CN元28億元(基於截至2023年6月的12個月)。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.07 in profit.
“回報”指的是一家公司過去一年的收益。這意味著,股東權益每增加1元,公司就會產生0.07元的利潤。
Does Estun Automation Have A Good ROE?
Estun Automation的淨資產收益率(ROE)好嗎?
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. If you look at the image below, you can see Estun Automation has a similar ROE to the average in the Machinery industry classification (7.7%).
通過將一家公司的淨資產收益率(ROE)與其行業平均水準進行比較,我們可以快速衡量它有多好。這種方法的侷限性是,一些公司與其他公司有很大的不同,甚至在相同的行業分類中也是如此。如果你看下圖,你可以看到Estun Automation的淨資產收益率(ROE)與機械行業分類中的平均水準(7.7%)相似。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231031/0-65f44500152d5d482d02cf9910ae12d3-0-201ec3082beae2216db14ccb3d21277c.png/big)
That isn't amazing, but it is respectable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If so, this increases its exposure to financial risk. To know the 2 risks we have identified for Estun Automation visit our risks dashboard for free.
這並不令人驚訝,但它是值得尊敬的。雖然淨資產收益率至少不低於行業,但它仍然值得檢查公司的債務起到了什麼作用,因為債務相對於股權的高水平也可能使淨資產收益率看起來很高。如果是這樣的話,這將增加其金融風險敞口。要了解我們為Estun Automation確定的兩個風險,請免費訪問我們的風險儀錶板。
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 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有的公司都需要資金來投資於業務,以增加利潤。這些現金可以來自發行股票、留存收益或債務。在前兩種情況下,淨資產收益率將抓住這種資本增長的用途。在後一種情況下,用於增長的債務將提高回報,但不會影響總股本。因此,債務的使用可以提高淨資產收益率,儘管打個比方說,在暴風雨天氣的情況下會有額外的風險。
Estun Automation's Debt And Its 7.2% ROE
Estun Automation的債務及其7.2%的淨資產收益率
It's worth noting the high use of debt by Estun Automation, leading to its debt to equity ratio of 1.47. 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.
值得注意的是,Estun Automation高度利用債務,導致其債務與股本比率達到1.47。它的淨資產收益率相當低,即使使用了大量債務;在我們看來,這不是一個好結果。投資者應該仔細考慮,如果一家公司不能如此輕鬆地借款,它可能會表現如何,因為信貸市場確實會隨著時間的推移而變化。
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.
股本回報率是我們比較不同公司業務質量的一種方式。一家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認為是一家高質量的企業。如果兩家公司的債務權益比大致相同,而其中一家公司的淨資產收益率更高,我通常會更喜歡淨資產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. 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.
但淨資產收益率只是一個更大的謎題的一部分,因為高質量企業的本益比往往很高。相對於當前價格反映的利潤增長預期,也必須考慮利潤可能增長的速度。因此,你可能想查看分析師對該公司預測的免費可視化。
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.
如果你更願意看看另一家公司--一家財務狀況可能更好的公司--那麼不要錯過這一點免費列出了一些有趣的公司,這些公司擁有高股本回報率和低債務。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.