Returns On Capital Are Showing Encouraging Signs At Madison Square Garden Entertainment (NYSE:MSGE)
Returns On Capital Are Showing Encouraging Signs At Madison Square Garden Entertainment (NYSE:MSGE)
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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So on that note, Madison Square Garden Entertainment (NYSE:MSGE) looks quite promising in regards to its trends of return on capital.
如果我們想找到潛在的多袋裝袋機，通常有一些潛在的趨勢可以提供線索。理想情況下，企業將表現出兩種趨勢；首先是增長 返回 論資本使用率（ROCE），其次是增加 金額 所用資本的比例。歸根結底，這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。因此，從這個角度來看，麥迪遜廣場花園娛樂公司（紐約證券交易所代碼：MSGE）的資本回報率趨勢看起來相當樂觀。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（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. To calculate this metric for Madison Square Garden Entertainment, this is the formula:
如果你以前沒有與ROCE合作過，它會衡量公司從其業務中使用的資本中產生的 “回報”（稅前利潤）。要計算麥迪遜廣場花園娛樂公司的這個指標，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.13 = US$117m ÷ (US$1.4b - US$538m) (Based on the trailing twelve months to December 2023).
0.13 = 1.17億美元 ÷（14億美元-5.38億美元） （基於截至2023年12月的過去十二個月）。
Thus, Madison Square Garden Entertainment has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Entertainment industry average of 11% it's much better.
因此，麥迪遜廣場花園娛樂公司的投資回報率爲13％。從絕對值來看，這是一個令人滿意的回報，但與娛樂業平均水平的11％相比，回報要好得多。
In the above chart we have measured Madison Square Garden Entertainment's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Madison Square Garden Entertainment .
在上圖中，我們將麥迪遜廣場花園娛樂公司之前的投資回報率與之前的表現進行了比較，但可以說，未來更爲重要。如果你想了解分析師對未來的預測，你應該查看我們的麥迪遜廣場花園娛樂公司的免費分析師報告。
What Can We Tell From Madison Square Garden Entertainment's ROCE Trend?
我們可以從麥迪遜廣場花園娛樂公司的ROCE趨勢中得出什麼？
It's great to see that Madison Square Garden Entertainment has started to generate some pre-tax earnings from prior investments. Historically the company was generating losses but as we can see from the latest figures referenced above, they're now earning 13% on their capital employed. At first glance, it seems the business is getting more proficient at generating returns, because over the same period, the amount of capital employed has reduced by 76%. Madison Square Garden Entertainment could be selling under-performing assets since the ROCE is improving.
很高興看到麥迪遜廣場花園娛樂公司已開始從先前的投資中獲得一些稅前收益。從歷史上看，該公司一直在虧損，但正如我們從上面引用的最新數據中看到的那樣，他們現在的收入爲13％。乍一看，該企業似乎越來越擅長創造回報，因爲同期，使用的資本金額減少了76％。由於投資回報率有所改善，麥迪遜廣場花園娛樂公司可能會出售表現不佳的資產。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Essentially the business now has suppliers or short-term creditors funding about 38% of its operations, which isn't ideal. Keep an eye out for future increases because when the ratio of current liabilities to total assets gets particularly high, this can introduce some new risks for the business.
但是，記錄在案的是，該公司的流動負債在此期間顯著增加，因此我們將投資回報率的部分增長歸因於此。從本質上講，該企業現在有供應商或短期債權人爲其約38％的業務提供資金，這並不理想。留意未來的增長，因爲當流動負債與總資產的比率變得特別高時，這可能會給企業帶來一些新的風險。
The Bottom Line
底線
From what we've seen above, Madison Square Garden Entertainment has managed to increase it's returns on capital all the while reducing it's capital base. Since the stock has returned a solid 21% to shareholders over the last year, it's fair to say investors are beginning to recognize these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
從我們上面看到的情況來看，麥迪遜廣場花園娛樂公司設法提高了資本回報率，同時減少了資本基礎。由於該股去年給股東的回報率穩步增長了21％，因此可以公平地說，投資者開始意識到這些變化。因此，鑑於該股已證明其趨勢令人鼓舞，值得進一步研究該公司，看看這些趨勢是否可能持續下去。
If you'd like to know more about Madison Square Garden Entertainment, we've spotted 2 warning signs, and 1 of them shouldn't be ignored.
如果你想進一步了解麥迪遜廣場花園娛樂公司，我們發現了兩個警告標誌，其中一個不容忽視。
While Madison Square Garden Entertainment may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管麥迪遜廣場花園娛樂公司目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這個免費清單。
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