share_log

A Note On Spire Inc.'s (NYSE:SR) ROE and Debt To Equity

A Note On Spire Inc.'s (NYSE:SR) ROE and Debt To Equity

關於 Spire Inc. 的筆記”s(紐約證券交易所代碼:SR)投資回報率和債權比率
Simply Wall St ·  2023/10/18 19:35

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. To keep the lesson grounded in practicality, we'll use ROE to better understand Spire Inc. (NYSE:SR).

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。為了使課程立足於實踐,我們將使用淨資產收益率來更好地瞭解Spire Inc.(紐約證券交易所代碼:SR)。

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。簡而言之,它是用來評估一家公司相對於其權益資本的盈利能力。

See our latest analysis for Spire

查看我們對尖頂的最新分析

How Is ROE Calculated?

淨資產收益率是如何計算的?

Return on equity can be calculated by using the formula:

股本回報率可使用以下公式計算:

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 Spire is:

因此,根據上面的公式,尖頂的淨資產收益率為:

8.2% = US$242m ÷ US$2.9b (Based on the trailing twelve months to June 2023).

8.2%=2.42億美元?29億美元(基於截至2023年6月的12個月)。

The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.08.

“收益”是過去12個月的利潤。因此,這意味著股東每投資1美元,公司就會產生0.08美元的利潤。

Does Spire Have A Good ROE?

斯皮爾的淨資產收益率好嗎?

By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. You can see in the graphic below that Spire has an ROE that is fairly close to the average for the Gas Utilities industry (8.2%).

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。重要的是,這遠遠不是一個完美的衡量標準,因為在同一行業分類中,公司的差異很大。您可以在下圖中看到,Spire的淨資產收益率相當接近天然氣公用事業行業的平均水準(8.2%)。

roe
NYSE:SR Return on Equity October 18th 2023
紐約證券交易所:SR股本回報率2023年10月18日

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 a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 2 risks we have identified for Spire.

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。如果一家公司承擔了太多債務,那麼它拖欠利息的風險就會更高。我們的風險儀錶板應該有我們為Spire確定的兩個風險。

How Does Debt Impact Return On Equity?

債務對股本回報率有何影響?

Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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.

公司通常需要投入資金來增加利潤。投資的現金可以來自上一年的利潤(留存收益)、發行新股或借款。在第一種和第二種情況下,淨資產收益率將反映對企業投資的現金使用情況。在後一種情況下,債務的使用將提高回報,但不會改變股權。在這種情況下,債務的使用將提高淨資產收益率,即使企業的核心經濟保持不變。

Combining Spire's Debt And Its 8.2% Return On Equity

合併Spire的債務和8.2%的股本回報率

Spire does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.54. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.

Spire確實使用了大量債務來增加回報。它的債務與股本比率為1.54。由於淨資產收益率(ROE)相當低,而且大量使用債務,目前很難對這項業務感到興奮。債務增加了風險,減少了公司未來的選擇,所以你通常希望看到使用它的一些良好回報。

Summary

摘要

Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.

股本回報率是衡量一家企業產生利潤並將其返還給股東的能力的有用指標。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 when a business is high quality, the market often bids it up to a price that reflects this. 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 check this FREE visualization of analyst forecasts for the company.

但當一項業務是高質量的時,市場往往會將其抬高到反映這一點的價格。重要的是要考慮其他因素,比如未來的利潤增長,以及未來需要多少投資。因此,你可能想查看分析師對該公司預測的免費可視化。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.

當然了,如果你把目光投向別處,你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費有趣的公司名單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
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.

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論