TriMas (NASDAQ:TRS) Is Reinvesting At Lower Rates Of Return
TriMas (NASDAQ:TRS) Is Reinvesting At Lower Rates Of Return
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at TriMas (NASDAQ:TRS) and its ROCE trend, we weren't exactly thrilled.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始，那麼你應該留意一些關鍵趨勢。通常，我們希望注意到增長的趨勢 返回 在資本使用率（ROCE）方面，除此之外，還在擴大 基礎 所用資本的比例。簡而言之，這些類型的企業是複合機器，這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此，當我們研究TriMas（納斯達克股票代碼：TRS）及其投資回報率趨勢時，我們並不十分興奮。
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. The formula for this calculation on TriMas is:
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）。在 TrimaS 上進行此計算的公式爲：
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）
0.066 = US$78m ÷ (US$1.3b - US$159m) (Based on the trailing twelve months to December 2023).
0.066 = 7800萬美元 ÷（13億美元-1.59億美元） （基於截至2023年12月的過去十二個月）。
Therefore, TriMas has an ROCE of 6.6%. In absolute terms, that's a low return and it also under-performs the Packaging industry average of 11%.
因此，TriMas的投資回報率爲6.6％。從絕對值來看，回報率很低，也低於包裝行業11％的平均水平。
In the above chart we have measured TriMas' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering TriMas for free.
在上圖中，我們將Trimas先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。如果你願意，你可以免費查看分析師對TrimaS的預測。
What Does the ROCE Trend For TriMas Tell Us?
Trimas的投資回報率趨勢告訴我們什麼？
On the surface, the trend of ROCE at TriMas doesn't inspire confidence. Over the last five years, returns on capital have decreased to 6.6% from 10% five years ago. However it looks like TriMas might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看，Trimas的投資回報率趨勢並不能激發信心。在過去五年中，資本回報率從五年前的10％下降到6.6％。但是，看來TrimaS可能正在進行再投資以實現長期增長，因爲儘管動用資本有所增加，但該公司的銷售額在過去12個月中沒有太大變化。從現在起，值得關注公司的收益，看看這些投資最終是否確實爲利潤做出了貢獻。
The Bottom Line
底線
Bringing it all together, while we're somewhat encouraged by TriMas' reinvestment in its own business, we're aware that returns are shrinking. And in the last five years, the stock has given away 14% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think TriMas has the makings of a multi-bagger.
綜上所述，儘管Trimas對自有業務的再投資使我們感到有些鼓舞，但我們意識到回報正在萎縮。在過去的五年中，該股已經下跌了14％，因此市場對這些趨勢在短期內走強似乎並不抱太大希望。因此，根據本文中的分析，我們認爲TrimaS不具備多裝袋機的優勢。
On a separate note, we've found 2 warning signs for TriMas you'll probably want to know about.
另一方面，我們發現了兩個你可能想知道的 TrimA 警告信號。
While TriMas isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管Trimas的回報率並不高，但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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。
譯文內容由第三人軟體翻譯。