Should We Be Cautious About Hilton Grand Vacations Inc.'s (NYSE:HGV) ROE Of 7.8%?
Should We Be Cautious About Hilton Grand Vacations Inc.'s (NYSE:HGV) ROE Of 7.8%?
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 Hilton Grand Vacations Inc. (NYSE:HGV).
很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。本文章介紹的是股本回報率(ROE)的學習。通過學習即可理解,我們將研究ROE以更好地理解希爾頓大度假公司(紐交所:HGV)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE,即淨資產收益率,測試一家公司有效增加價值和管理股東資金的能力。換句話說,它揭示了公司將股東投資轉化爲利潤的成功程度。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算:
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 Hilton Grand Vacations is:
因此,根據上述公式,希爾頓大度假公司的ROE爲:
7.8% = US$162m ÷ US$2.1b (Based on the trailing twelve months to June 2024).
7.8%=1.62億美元 ÷ 21億美元(截至2024年6月爲止的最近十二個月)。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.08 in profit.
「回報」是業務在過去一年內賺取的收入。這意味着對於每1美元的股東權益,公司創造了0.08美元的利潤。
Does Hilton Grand Vacations Have A Good ROE?
希爾頓大度假公司的ROE表現如何?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As shown in the graphic below, Hilton Grand Vacations has a lower ROE than the average (17%) in the Hospitality industry classification.
毫無疑問,評估公司ROE的最簡單方法是將其與同行業平均水平進行比較。但是,該方法僅作爲大致參考有用,因爲同一行業內的公司差別非常大。如下圖所示,希爾頓大度假公司在酒店業行業板塊中ROE低於行業平均水平(17%)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240818/0-73e2522a536a9849eb8019078da79912-0-3b5f011ab47d0d6422edd553e5f845a3.png/big)
That certainly isn't ideal. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high. Our risks dashboard should have the 3 risks we have identified for Hilton Grand Vacations.
這顯然不是理想的情況。雖然,我們認爲較低的ROE仍可能意味着公司有機會通過利用槓桿提高回報,但前提是其現有的債務水平較低。當公司ROE較低但債務水平較高時,我們會非常謹慎,因爲涉及的風險太高。我們的風險儀表板將顯示我們爲希爾頓度假大酒店公司確定的3個風險。
Why You Should Consider Debt When Looking At ROE
爲什麼在觀察ROE時你應該考慮債務問題?
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 and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
幾乎所有公司都需要資金來投資業務以增加利潤。這些資金可以通過發行股票、保留收益或債務籌集。在前兩種情況下,ROE將反映出這種資金用於投資業務的情況。在債務籌集的情況下,債務使用將改善回報率,但不會改變股權。通過這種方式,儘管公司的核心經濟學保持不變,但債務使用將提高ROE。
Hilton Grand Vacations' Debt And Its 7.8% ROE
希爾頓大度假公司的債務和其7.8%的ROE
It appears that Hilton Grand Vacations makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 3.18. Most investors would need a low share price to be interested in a company with low ROE and high debt to equity.
由於希爾頓大度假公司的負債權益比高達3.18,因此看起來該公司大量使用債務以提高回報。大多數投資者需要低股價才會對ROE低而債務權益比高的公司感興趣。
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. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
股本回報率可以用於比較不同企業的質量。沒有太多負債即可實現高回報的公司通常質量較好。其他因素相等的情況下,較高的ROE更好。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. 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.
話雖如此,ROE是業務質量的一個有用指標,但你需要考慮一整個區間的因素來確定購買股票的正確價格。 利潤增長率與股票價格所反映的預期相比,尤其重要。因此,您可能想要查看這個數據豐富的公司預測交互式圖表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然,您也可能通過尋找其他地方來找到出色的投資。因此,不妨查看這個有趣公司的免費列表。
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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。