Biglari Holdings (NYSE:BH.A) Is Looking To Continue Growing Its Returns On Capital
Biglari Holdings (NYSE:BH.A) Is Looking To Continue Growing Its Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Speaking of which, we noticed some great changes in Biglari Holdings' (NYSE:BH.A) returns on capital, so let's have a look.
如果我们想找到潜在的多袋装袋机，通常有一些潜在的趋势可以提供线索。理想情况下，企业将表现出两种趋势；首先是增长 返回 论资本使用率（ROCE），其次是增加 金额 已动用资本的百分比。如果你看到这一点，那通常意味着它是一家拥有良好商业模式和大量有利可图的再投资机会的公司。说到这里，我们注意到Biglari Holdings（纽约证券交易所代码：BH.A）的资本回报率发生了一些重大变化，所以让我们来看看吧。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Biglari Holdings:
如果你以前没有与ROCE合作过，它可以衡量一家公司从其业务中使用的资本中产生的 “回报”（税前利润）。分析师使用以下公式为Biglari Holdings计算公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥（总资产-流动负债）
0.063 = US$43m ÷ (US$827m - US$142m) (Based on the trailing twelve months to September 2023).
0.063 = 4300 万美元 ¥（8.27 亿美元至 1.42 亿美元） （基于截至2023年9月的过去十二个月）。
Therefore, Biglari Holdings has an ROCE of 6.3%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 9.1%.
因此，Biglari Holdings的投资回报率为6.3％。归根结底，这是一个低回报，其表现低于酒店业9.1％的平均水平。
See our latest analysis for Biglari Holdings
查看我们对Biglari Holdings的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Biglari Holdings' ROCE against it's prior returns. If you're interested in investigating Biglari Holdings' past further, check out this free graph of past earnings, revenue and cash flow.
在研究股票时，历史表现是一个不错的起点，因此在上方你可以看到Biglari Holdings的投资回报率与先前回报率的衡量标准。如果您有兴趣进一步调查Biglari Holdings的过去，请查看这张免费的过去收益、收入和现金流图表。
The Trend Of ROCE
ROCE 的趋势
Like most people, we're pleased that Biglari Holdings is now generating some pretax earnings. While the business is profitable now, it used to be incurring losses on invested capital five years ago. In regards to capital employed, Biglari Holdings is using 20% less capital than it was five years ago, which on the surface, can indicate that the business has become more efficient at generating these returns. Biglari Holdings could be selling under-performing assets since the ROCE is improving.
像大多数人一样，我们很高兴Biglari Holdings现在创造了一些税前收益。尽管该业务现在已实现盈利，但五年前它曾蒙受过投资资本损失。在已动用资本方面，Biglari Holdings使用的资本比五年前减少了20％，从表面上看，这可以表明该业务在产生这些回报方面的效率已有所提高。自投资回报率改善以来，Biglari Holdings可能会出售表现不佳的资产。
The Bottom Line On Biglari Holdings' ROCE
Biglari Holdings 投资回报率的底线
From what we've seen above, Biglari Holdings has managed to increase it's returns on capital all the while reducing it's capital base. Since the stock has only returned 19% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
从上面看到的情况来看，Biglari Holdings设法提高了资本回报率，同时缩小了资本基础。由于该股在过去五年中仅向股东回报了19％，因此投资者可能尚未认识到前景良好的基本面。因此，如果估值和其他指标相提并论，进一步探索这只股票可能会发现一个好机会。
On a final note, we found 2 warning signs for Biglari Holdings (1 is concerning) you should be aware of.
最后一点，我们发现Biglari Holdings有两个警告信号（其中一个令人担忧），你应该注意。
While Biglari Holdings isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管Biglari Holdings的回报率不是最高的，但请查看这份免费清单，列出了资产负债表稳健且股本回报率很高的公司。
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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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