Should We Be Delighted With AutoNation, Inc.'s (NYSE:AN) ROE Of 36%?
Should We Be Delighted With AutoNation, Inc.'s (NYSE:AN) ROE Of 36%?
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 AutoNation, Inc. (NYSE:AN).
許多投資者仍在學習各種指標,這些指標在分析股票時非常有用。本文是爲那些想要學習回報率(ROE)的人準備的。通過領會與實踐相結合的學習方式,我們將通過ROE來更好地了解車之國公司(紐交所股票代碼爲AN)。
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.
股東必須考慮股本回報率或ROE,因爲它告訴他們公司如何有效地重新投資他們的資本。 簡而言之,ROE顯示每美元股東投資所產生的利潤。
How Is ROE Calculated?
淨資產收益率怎麼計算?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for AutoNation is:
因此,根據上述公式,車之國公司的ROE爲:
36% = US$780m ÷ US$2.2b (Based on the trailing twelve months to June 2024).
36%= 7.8億美元 ÷ 22億美元(基於截至2024年6月的過去12個月)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.36 in profit.
'回報'指的是公司上一年的收益。一種概念化的方法是,對於每1美元股東資本,公司獲得了0.36美元的利潤。
Does AutoNation Have A Good Return On Equity?
車之國公司的ROE好嗎?
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. Pleasingly, AutoNation has a superior ROE than the average (19%) in the Specialty Retail industry.
通過將公司的ROE與其行業平均值進行比較,我們可以快速了解其表現如何。然而,由於公司在同一行業分類中存在相當大的差異,因此該方法僅用於粗略檢查。令人高興的是,車之國公司的ROE優於專業零售行業的平均值(19%)。
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That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. Our risks dashboardshould have the 3 risks we have identified for AutoNation.
這正是我們所期望的。儘管如此,高ROE並不總是表示高盈利能力。特別是當公司使用大量借款來融資其債務時,可能會提高其ROE,但高槓杆率會使公司處於風險之中。我們的風險儀表板應包含我們爲車之國公司確定的3個風險。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率?
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), 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. That will make the ROE look better than if no debt was used.
幾乎所有公司需要資金來投資業務以增加利潤。這些現金可以來自留存利潤、發行新股票(股權)或債務。對於第一種和第二種選擇,ROE將反映這種用於增長的現金使用情況。在後一種情況下,用於增長的債務將提高回報率,但不會影響總股本。這將使ROE看起來比不使用債務更好。
AutoNation's Debt And Its 36% ROE
車之國公司的債務和其36%的ROE
It appears that AutoNation makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 3.71. Its ROE is clearly quite good, but it seems to be boosted by the significant use of debt by the company.
車之國公司似乎廣泛使用債務來提高其回報率,因爲其債務資產比率高達3.71,其ROE顯然相當不錯,但似乎受到公司大量使用債務的推動。
Summary
總的來說,我們對偉明環保的表現非常滿意。具體而言,我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然,這導致公司的收益大幅增長。但是,最新的行業分析師預測表明,該公司的收益預計將加速增長。
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. All else being equal, a higher ROE is better.
股本回報率在比較不同企業質量時很有用。一家可以在沒有債務的情況下實現高股本回報率的公司可以被認爲是一家高質量的公司。其他條件相同,股本回報率越高,越好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但roe只是更大謎題中的一部分,因爲高質量企業通常以高倍數的收益率交易。利潤增長率與股票價格所體現的預期相比,是一個特別重要的考慮因素。因此,您可能想要查看這個數據豐富的互動預測圖表。
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.
如果您想查看另一家可能具有更好財務狀況的公司 - 具有高股本回報率和低債務的公司,那麼請不要錯過這份有趣公司列表,該列表免費提供。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。