Can Sally Beauty Holdings, Inc. (NYSE:SBH) Maintain Its Strong Returns?
Can Sally Beauty Holdings, Inc. (NYSE:SBH) Maintain Its Strong Returns?
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Sally Beauty Holdings, Inc. (NYSE:SBH).
我们能做的最好的投资之一是我们自己的知识和技能。考虑到这一点,本文将探讨如何使用股本回报率(ROE)来更好地了解业务。通过边干边学的方式,我们将研究投资回报率,以更好地了解莎莉美容控股有限公司(纽约证券交易所代码:SBH)。
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.
股本回报率或投资回报率是股东需要考虑的重要因素,因为它可以告诉他们资本再投资的有效性。简而言之,投资回报率显示了每美元从其股东投资中产生的利润。
How Is ROE Calculated?
ROE 是如何计算的?
The formula for return on equity is:
股本回报率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for Sally Beauty Holdings is:
因此,根据上述公式,Sally Beauty Holdings的投资回报率为:
29% = US$161m ÷ US$551m (Based on the trailing twelve months to March 2024).
29% = 1.61亿美元 ÷ 5.51亿美元(基于截至2024年3月的过去十二个月)。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.29 in profit.
“回报” 是指过去十二个月的利润。概念化这一点的一种方法是,公司每拥有1美元的股东资本,就会获得0.29美元的利润。
Does Sally Beauty Holdings Have A Good ROE?
Sally Beauty Holdings的投资回报率是否不错?
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. Pleasingly, Sally Beauty Holdings has a superior ROE than the average (19%) in the Specialty Retail industry.
确定公司股本回报率是否不错的一种简单方法是将其与该行业的平均水平进行比较。这种方法的局限性在于,有些公司与其他公司有很大不同,即使在相同的行业分类中也是如此。令人高兴的是,Sally Beauty Holdings的投资回报率高于专业零售行业的平均水平(19%)。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240514/0-aedec3e110a00483062c5814bc10b378-0-5f7ce658bf2d2e1207a78c8bc75bf368.png/big)
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. 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.
这显然是积极的。请记住,高投资回报率并不总是意味着卓越的财务业绩。尤其是当一家公司使用高额债务为债务融资时,这可能会提高其投资回报率,但高杠杆率使公司面临风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Companies usually need to invest money to grow their 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 use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投资以增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。就第一和第二种选择而言,投资回报率将反映现金的使用情况,以实现增长。在后一种情况下,债务的使用将提高回报,但不会改变权益。因此,隐喻地说,债务的使用可以提高投资回报率,尽管在暴风雨天气下还会带来额外的风险。
Sally Beauty Holdings' Debt And Its 29% ROE
Sally Beauty Holdings的债务及其29%的投资回报率
It's worth noting the high use of debt by Sally Beauty Holdings, leading to its debt to equity ratio of 1.90. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower debt. 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,莎莉美容控股公司大量使用债务,导致其负债权益比率为1.90。尽管毫无疑问,其投资回报率令人印象深刻,但如果该公司以较低的债务实现这一目标,我们会给我们留下更深刻的印象。投资者应该仔细考虑如果一家公司无法如此轻易地借款,其表现会如何,因为信贷市场确实会随着时间的推移而发生变化。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. 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.
股本回报率是我们可以比较不同公司的业务质量的一种方式。能够在不负债过多的情况下获得高股本回报的公司通常质量很好。在其他条件相同的情况下,更高的投资回报率更好。
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.
话虽如此,尽管投资回报率是衡量业务质量的有用指标,但你必须考虑一系列因素才能确定购买股票的正确价格。与股票价格所反映的预期相比,利润增长率尤其值得考虑。因此,你可能想看看这张数据丰富的公司预测交互式图表。
But note: Sally Beauty Holdings may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意:莎莉美容控股公司可能不是最值得购买的股票。因此,来看看这份投资回报率高、债务低的有趣公司的免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。