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With A Return On Equity Of 5.0%, Has Armada Hoffler Properties, Inc.'s (NYSE:AHH) Management Done Well?

With A Return On Equity Of 5.0%, Has Armada Hoffler Properties, Inc.'s (NYSE:AHH) Management Done Well?

Has Armada Hoffler Properties, Inc. 的股本回報率爲5.0%s(紐約證券交易所代碼:AHH)管理層做得好嗎?
Simply Wall St ·  02/23 06:42

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). To keep the lesson grounded in practicality, we'll use ROE to better understand Armada Hoffler Properties, Inc. (NYSE:AHH).

許多投資者仍在學習分析股票時可能有用的各種指標。本文適用於那些想了解股本回報率(ROE)的人。爲了使本課以實用爲基礎,我們將使用投資回報率來更好地了解阿瑪達·霍夫勒地產公司(紐約證券交易所代碼:AHH)。

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.

股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之,它用於評估公司相對於其股權資本的盈利能力。

How Do You Calculate Return On Equity?

你如何計算股本回報率?

Return on equity can be calculated by using the formula:

股本回報率可以使用以下公式計算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股本回報率 = 淨利潤(來自持續經營業務)÷ 股東權益

So, based on the above formula, the ROE for Armada Hoffler Properties is:

因此,根據上述公式,Armada Hoffler Properties的投資回報率爲:

5.0% = US$43m ÷ US$867m (Based on the trailing twelve months to September 2023).

5.0% = 4,300萬美元 ÷ 8.67億美元(基於截至2023年9月的過去十二個月)。

The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.05.

“回報” 是過去十二個月的稅後收入。因此,這意味着公司每投資1美元,就會產生0.05美元的利潤。

Does Armada Hoffler Properties Have A Good ROE?

Armada Hoffler Properties的投資回報率好嗎

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. The image below shows that Armada Hoffler Properties has an ROE that is roughly in line with the REITs industry average (5.2%).

通過將公司的投資回報率與其行業平均水平進行比較,我們可以快速衡量其表現如何。重要的是,這遠非一個完美的衡量標準,因爲各公司在相同的行業分類中差異很大。下圖顯示,Armada Hoffler Properties的投資回報率與房地產投資信託基金行業平均水平(5.2%)大致持平。

roe
NYSE:AHH Return on Equity February 23rd 2024
紐約證券交易所:AHH 股本回報率 2024 年 2 月 23 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 so, this increases its exposure to financial risk. To know the 4 risks we have identified for Armada Hoffler Properties visit our risks dashboard for free.

這並不奇怪,但值得尊敬。儘管至少投資回報率不低於該行業,但仍值得檢查該公司的債務起了什麼作用,因爲相對於股權的高債務水平也可能使投資回報率顯得很高。如果是這樣,這會增加其金融風險敞口。要了解我們爲Armada Hoffler Properties確定的4種風險,請免費訪問我們的風險儀表板。

Why You Should Consider Debt When Looking At ROE

爲什麼在考慮投資回報率時應該考慮債務

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 first two cases, the ROE will capture this use of capital to grow. 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.

公司通常需要投資資金來增加利潤。這些現金可以來自留存收益、發行新股(股權)或債務。在前兩個案例中,投資回報率將涵蓋這種資本用於增長的用途。在後一種情況下,增長所需的債務將提高回報,但不會影響股東權益。因此,使用債務可以提高投資回報率,儘管可以隱喻地說,暴風雨天氣會帶來額外的風險。

Armada Hoffler Properties' Debt And Its 5.0% ROE

Armada Hoffler Properties的債務及其5.0%的投資回報率

Armada Hoffler Properties clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.53. 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.

Armada Hoffler Properties顯然使用大量債務來提高回報,因爲其負債權益比率爲1.53。相當低的投資回報率和大量使用債務相結合並不是特別有吸引力。投資者應該仔細考慮如果一家公司無法如此輕易地借款,其表現會如何,因爲信貸市場確實會隨着時間的推移而發生變化。

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. If two companies have the same ROE, then I would generally prefer the one with less debt.

股本回報率是我們可以比較不同公司的業務質量的一種方式。能夠在不負債過多的情況下獲得高股本回報的公司通常質量很好。如果兩家公司的投資回報率相同,那麼我通常更喜歡負債較少的公司。

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. 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.

話雖如此,儘管投資回報率是衡量業務質量的有用指標,但你必須考慮一系列因素才能確定購買股票的正確價格。重要的是要考慮其他因素,例如未來的利潤增長,以及未來需要多少投資。因此,您可能需要查看該公司的分析師預測的免費可視化效果。

Of course Armada Hoffler Properties 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.

當然,Armada Hoffler Properties可能不是最值得購買的股票。因此,您不妨免費查看其他投資回報率高、負債率低的公司的名單。

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.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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
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