With A Return On Equity Of 10%, Has Ameren Corporation's (NYSE:AEE) Management Done Well?
With A Return On Equity Of 10%, Has Ameren Corporation's (NYSE:AEE) Management Done Well?
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). We'll use ROE to examine Ameren Corporation (NYSE:AEE), by way of a worked example.
许多投资者仍在学习分析股票时可能有用的各种指标。本文适用于那些想了解股本回报率（ROE）的人。举一个有效的例子，我们将使用投资回报率来研究Ameren公司（纽约证券交易所代码：AEE）。
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. 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，它用于评估公司相对于其股权资本的盈利能力。
Check out our latest analysis for Ameren
查看我们对 Ameren 的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
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 Ameren is:
因此，根据上述公式，Ameren的投资回报率为：
10% = US$1.2b ÷ US$11b (Based on the trailing twelve months to September 2023).
10% = 12亿美元 ÷ 110亿美元（基于截至2023年9月的过去十二个月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.10 in profit.
“回报” 是过去十二个月的利润。这意味着，每获得价值1美元的股东权益，公司就会产生0.10美元的利润。
Does Ameren Have A Good ROE?
Ameren 的投资回报率不错吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. The image below shows that Ameren has an ROE that is roughly in line with the Integrated Utilities industry average (9.3%).
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。重要的是，这远非一个完美的衡量标准，因为各公司在相同的行业分类中差异很大。下图显示，Ameren的投资回报率与综合公用事业行业的平均水平（9.3％）大致持平。
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 true, then it is more an indication of risk than the potential. Our risks dashboardshould have the 2 risks we have identified for Ameren.
这并不奇怪，但值得尊敬。尽管至少投资回报率不低于该行业，但仍值得检查该公司的债务起了什么作用，因为相对于股权的高债务水平也可能使投资回报率显得很高。如果属实，则与其说是潜在风险，不如说是风险。我们的风险仪表板应该包含我们为Ameren确定的两种风险。
How Does Debt Impact ROE?
债务如何影响投资回报率？
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 first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
几乎所有公司都需要资金来投资该业务，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。在第一种和第二种情况下，投资回报率将反映现金用于业务投资的这种用途。在后一种情况下，增长所需的债务将提高回报，但不会影响股东的权益。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。
Ameren's Debt And Its 10% ROE
Ameren的债务及其10％的投资回报率
Ameren does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.43. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Ameren确实使用大量债务来增加回报。它的债务权益比率为1.43。即使使用了巨额债务，其投资回报率也相当低；在我们看来，这不是一个好结果。债务会增加风险，减少公司未来的选择，因此您通常希望从使用债务中获得丰厚的回报。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. 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。能够在没有债务的情况下实现高股本回报率的公司可以被视为高质量的企业。如果两家公司的债务与股权比率大致相同，而一家公司的投资回报率更高，那么我通常更喜欢投资回报率更高的那家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. 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。相对于当前价格所反映的利润增长预期，还必须考虑利润可能的增长速度。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。
Of course Ameren may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
当然，Ameren可能不是最值得购买的股票。因此，您不妨免费查看其他投资回报率高、负债率低的公司的名单。
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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。