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Should You Be Impressed By Dave & Buster's Entertainment, Inc.'s (NASDAQ:PLAY) ROE?

Should You Be Impressed By Dave & Buster's Entertainment, Inc.'s (NASDAQ:PLAY) ROE?

你应该对 Dave & Buster 的娱乐公司印象深刻吗?”s(纳斯达克股票代码:PLAY)的投资回报率?
Simply Wall St ·  05/01 08:34

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY), by way of a worked example.

尽管一些投资者已经精通财务指标(帽子提示),但本文适用于那些想了解股本回报率(ROE)及其重要性的人。举一个有效的例子,我们将使用投资回报率来研究戴夫和巴斯特娱乐公司(纳斯达克股票代码:PLAY)。

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.

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

How Is ROE Calculated?

ROE 是如何计算的?

Return on equity can be calculated by using the formula:

股本回报率可以使用以下公式计算:

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 Dave & Buster's Entertainment is:

因此,根据上述公式,Dave & Buster's Entertainment的投资回报率为:

51% = US$127m ÷ US$251m (Based on the trailing twelve months to February 2024).

51% = 1.27亿美元 ÷ 2.51亿美元(基于截至2024年2月的过去十二个月)。

The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.51.

“回报” 是每年的利润。因此,这意味着公司每投资1美元,就会产生0.51美元的利润。

Does Dave & Buster's Entertainment Have A Good Return On Equity?

戴夫和巴斯特的娱乐公司的股本回报率是否良好?

By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As you can see in the graphic below, Dave & Buster's Entertainment has a higher ROE than the average (17%) in the Hospitality 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。如下图所示,Dave & Buster's Entertainment的投资回报率高于酒店业的平均水平(17%)。

roe
NasdaqGS:PLAY Return on Equity May 1st 2024
NASDAQGS: Play 股本回报率 2024 年 5 月 1 日

That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. You can see the 2 risks we have identified for Dave & Buster's Entertainment by visiting our risks dashboard for free on our platform here.

这是一个好兆头。请记住,高投资回报率并不总是意味着卓越的财务业绩。除了净收入的变化外,较高的投资回报率也可能是高债务相对于股本的结果,这表明存在风险。您可以访问我们的 Dave & Buster's Entertainment 确定的 2 种风险 风险仪表板 在我们的平台上免费使用。

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. 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 use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.

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。在前两个案例中,投资回报率将涵盖这种资本用于增长的用途。在后一种情况下,使用债务将提高回报,但不会改变股权。这将使投资回报率看起来比不使用债务时更好。

Dave & Buster's Entertainment's Debt And Its 51% ROE

戴夫和巴斯特娱乐公司的债务及其51%的投资回报率

It appears that Dave & Buster's Entertainment makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 5.48. Its ROE is clearly quite good, but it seems to be boosted by the significant use of debt by the company.

Dave & Buster's Entertainment似乎广泛使用债务来提高回报,因为其债务权益比率高得惊人,为5.48。其投资回报率显然相当不错,但该公司大量使用债务似乎提振了投资回报率。

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 when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. 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。与股票价格所反映的预期相比,利润增长率尤其需要考虑。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。

If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.

如果你更愿意去另一家公司——一家财务状况可能优越的公司——那么千万不要错过这份免费的股本回报率高、债务低的有趣公司的名单。

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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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