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Should We Be Delighted With Constellium SE's (NYSE:CSTM) ROE Of 16%?

Should We Be Delighted With Constellium SE's (NYSE:CSTM) ROE Of 16%?

我们是否应该对Constellium SE(纽约证券交易所代码:CSTM)16%的投资回报率感到满意?
Simply Wall St ·  01/08 10:53

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 Constellium SE (NYSE:CSTM).

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Constellium SE(纽约证券交易所代码:CSTM)。

ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.

ROE或股本回报率是评估公司如何有效地从股东那里获得的投资回报的有用工具。简而言之,投资回报率显示了每美元在其股东投资中产生的利润。

See our latest analysis for Constellium

查看我们对 Constellium 的最新分析

How Is ROE Calculated?

投资回报率是如何计算的?

The formula for ROE is:

投资回报率的公式是:

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

股本回报率 = 净利润(来自持续经营)÷ 股东权益

So, based on the above formula, the ROE for Constellium is:

因此,根据上述公式,Constellium的投资回报率为:

16% = €148m ÷ €911m (Based on the trailing twelve months to September 2023).

16% = 1.48亿欧元 ÷ 9.11亿欧元(基于截至2023年9月的过去十二个月)。

The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.16 in profit.

“回报” 是企业在过去一年中获得的收入。对此进行概念化的一种方法是,该公司每拥有1美元的股东资本,就能获得0.16美元的利润。

Does Constellium Have A Good Return On Equity?

Constellium 有良好的股本回报率吗?

By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, Constellium has a superior ROE than the average (11%) in the Metals and Mining 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。但是,这种方法仅在粗略检查时有用,因为各公司在相同的行业分类中确实存在很大差异。令人高兴的是,Constellium的投资回报率高于金属和采矿业的平均水平(11%)。

roe
NYSE:CSTM Return on Equity January 8th 2024
纽约证券交易所:CSTM 股本回报率 2024 年 1 月 8 日

That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . Our risks dashboardshould have the 3 risks we have identified for Constellium.

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。公司资本结构中债务比例的增加也可能导致较高的投资回报率,而高债务水平可能构成巨大的风险。我们的风险仪表板应该包含我们为Constellium确定的三种风险。

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

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 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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.

几乎所有公司都需要资金来投资业务,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,使用债务将提高回报,但不会改变股权。以这种方式,债务的使用将提高投资回报率,尽管该业务的核心经济学保持不变。

Combining Constellium's Debt And Its 16% Return On Equity

合并Constellium的债务及其16%的股本回报率

Constellium clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.93. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.

Constellium显然使用大量债务来提高回报,因为其负债权益比率为1.93。毫无疑问,其投资回报率不错,但该公司背负的巨额债务并不令人兴奋。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 useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.

股本回报率可用于比较不同业务的质量。一家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。如果两家公司的投资回报率相同,那么我通常更喜欢债务较少的公司。

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. 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 you might want to check this FREE visualization of analyst 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来确定购买股票的正确价格。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,您可能需要查看该公司的分析师预测的免费可视化。

Of course Constellium 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,Constellium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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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提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。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,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。

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