Should Carnival Corporation & Plc (NYSE:CCL) Focus On Improving This Fundamental Metric?
Should Carnival Corporation & Plc (NYSE:CCL) Focus On Improving This Fundamental Metric?
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 Carnival Corporation & plc (NYSE:CCL).
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。为了使课程以实用为基础,我们将使用投资回报率来更好地了解嘉年华公司(纽约证券交易所代码:CCL)。
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.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之,它用于评估公司相对于其股权资本的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的?
The formula for ROE is:
ROE 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 Carnival Corporation & is:
因此,根据上述公式,嘉年华公司&的投资回报率为:
13% = US$903m ÷ US$6.8b (Based on the trailing twelve months to May 2024).
13% = 9.03亿美元 ÷ 68亿美元(基于截至2024年5月的过去十二个月)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.13 in profit.
“回报” 是指公司去年的收益。另一种思考方式是,每持有价值1美元的股权,该公司就能获得0.13美元的利润。
Does Carnival Corporation & Have A Good ROE?
嘉年华公司有良好的投资回报率吗?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. 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 Carnival Corporation & has a lower ROE than the average (19%) in the Hospitality industry classification.
可以说,评估公司投资回报率的最简单方法是将其与行业平均水平进行比较。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。如果你看下图,你可以看到嘉年华公司的投资回报率低于酒店业分类中的平均水平(19%)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-50024a0aed25e2b485231b5abbfb1b5b-0-43fae795017c2d0d62012c5fbb90de3f.png/big)
Unfortunately, that's sub-optimal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books.
不幸的是,这并不理想。但是,低投资回报率并不总是坏事。如果公司的债务水平处于中等至低水平,那么仍然有可能通过使用财务杠杆来提高回报。投资回报率低的高负债公司完全是另一回事,对我们的账面来说也是一项风险投资。
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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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 required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投资资金来增加利润。投资现金可以来自上一年的利润(留存收益)、发行新股或借款。对于第一和第二种选择,投资回报率将反映现金用于增长的这种用途。在后一种情况下,增长所需的债务将提高回报,但不会影响股东权益。因此,使用债务可以提高投资回报率,尽管可以隐喻地说,暴风雨天气会带来额外的风险。
Combining Carnival Corporation &'s Debt And Its 13% Return On Equity
合并嘉年华公司的债务及其13%的股本回报率
We think Carnival Corporation & uses a significant amount of debt to maximize its returns, as it has a significantly higher debt to equity ratio of 4.31. Its ROE is pretty good, but given the impact of the debt, we're less than enthused, overall.
我们认为嘉年华公司使用大量债务来实现回报最大化,因为其负债权益比率要高得多,为4.31。它的投资回报率相当不错,但考虑到债务的影响,总体而言,我们并不那么热情。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率是衡量企业创造利润并将其返还给股东的能力的有用指标。在我们的账簿中,尽管债务很低,但质量最高的公司的股本回报率却很高。如果两家公司的投资回报率相同,那么我通常更喜欢负债较少的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.
但是,投资回报率只是更大难题中的一部分,因为高质量的企业通常以较高的收益倍数进行交易。重要的是要考虑其他因素,例如未来的利润增长以及未来需要多少投资。因此,我认为可能值得查看这份关于分析师对公司的预测的免费报告。
But note: Carnival Corporation & 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:嘉年华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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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