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Should We Be Cautious About Chesapeake Utilities Corporation's (NYSE:CPK) ROE Of 7.0%?

Should We Be Cautious About Chesapeake Utilities Corporation's (NYSE:CPK) ROE Of 7.0%?

我们是否应该对切萨皮克公用事业公司(纽约证券交易所代码:CPK)7.0%的投资回报率持谨慎态度?
Simply Wall St ·  05/03 08:21

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 Chesapeake Utilities Corporation (NYSE:CPK).

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。通过边干边学的方式,我们将研究投资回报率,以更好地了解切萨皮克公用事业公司(纽约证券交易所代码:CPK)。

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。

How To Calculate Return On Equity?

如何计算股本回报率?

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 Chesapeake Utilities is:

因此,根据上述公式,切萨皮克公用事业公司的投资回报率为:

7.0% = US$87m ÷ US$1.2b (Based on the trailing twelve months to December 2023).

7.0% = 8700万美元 ÷ 12亿美元(基于截至2023年12月的过去十二个月)。

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 $0.07.

“回报” 是过去十二个月的利润。因此,这意味着公司每向股东投资1美元,就会产生0.07美元的利润。

Does Chesapeake Utilities Have A Good ROE?

切萨皮克公用事业的投资回报率是否良好?

By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As is clear from the image below, Chesapeake Utilities has a lower ROE than the average (9.9%) in the Gas Utilities industry.

通过将公司的投资回报率与其行业平均水平进行比较,我们可以快速衡量其表现如何。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。从下图中可以明显看出,切萨皮克公用事业公司的投资回报率低于天然气公用事业行业的平均水平(9.9%)。

roe
NYSE:CPK Return on Equity May 3rd 2024
纽约证券交易所:CPK 股本回报率 2024 年 5 月 3 日

That certainly isn't ideal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high. To know the 3 risks we have identified for Chesapeake Utilities visit our risks dashboard for free.

这当然不理想。话虽如此,低投资回报率并不总是一件坏事,尤其是在公司的杠杆率低的情况下,因为如果公司承担更多债务,这仍有改进的余地。当一家公司的投资回报率低但债务水平高时,我们会谨慎行事,因为所涉及的风险太高。要了解我们为切萨皮克公用事业公司确定的三种风险,请免费访问我们的风险仪表板。

Why You Should Consider Debt When Looking At ROE

为什么在考虑投资回报率时应该考虑债务

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 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。这些现金可以来自留存收益、发行新股(股权)或债务。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 Chesapeake Utilities' Debt And Its 7.0% Return On Equity

合并切萨皮克公用事业公司的债务及其7.0%的股本回报率

It's worth noting the high use of debt by Chesapeake Utilities, leading to its debt to equity ratio of 1.11. The combination of a rather low ROE and significant use of debt is not particularly appealing. 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,切萨皮克公用事业公司大量使用债务,导致其负债权益比率为1.11。相当低的投资回报率和大量使用债务相结合并不是特别有吸引力。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。

Conclusion

结论

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. 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。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 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 I think it may be worth checking this free report on analyst forecasts for the company.

但是,当企业质量很高时,市场通常会以反映这一点的价格对其进行出价。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。

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

当然,通过寻找其他地方,你可能会找到一笔不错的投资。因此,来看看这份有趣的公司的免费清单吧。

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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.

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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。

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