Returns At BlackLine (NASDAQ:BL) Are On The Way Up
Returns At BlackLine (NASDAQ:BL) Are On The Way Up
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So when we looked at BlackLine (NASDAQ:BL) and its trend of ROCE, we really liked what we saw.
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。首先，我们想找一个正在成长的 返回 关于已用资本（ROCE），然后除此之外，还不断增加 基础 所用资本的比例。归根结底，这表明这是一家以不断提高的回报率对利润进行再投资的企业。因此，当我们研究BlackLine（纳斯达克股票代码：BL）及其投资回报率趋势时，我们真的很喜欢我们所看到的。
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 BlackLine:
如果你以前没有与ROCE合作过，它会衡量公司从其业务中使用的资本中产生的 “回报”（税前利润）。分析师使用这个公式来计算BlackLine的利润：
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）
0.0037 = US$5.5m ÷ (US$2.1b - US$610m) (Based on the trailing twelve months to March 2024).
0.0037 = 550 万美元 ÷（21 亿美元-6.1 亿美元） （基于截至2024年3月的过去十二个月）。
So, BlackLine has an ROCE of 0.4%. Ultimately, that's a low return and it under-performs the Software industry average of 7.2%.
因此，BlackLine的投资回报率为0.4％。归根结底，这是一个低回报，其表现低于软件行业7.2％的平均水平。
In the above chart we have measured BlackLine'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 BlackLine .
在上图中，我们将BlackLine之前的投资回报率与之前的表现进行了比较，但可以说，未来更为重要。如果您想了解分析师对未来的预测，则应查看我们的免费BlackLine分析师报告。
What Does the ROCE Trend For BlackLine Tell Us?
BlackLine 的 ROCE 趋势告诉我们什么？
We're delighted to see that BlackLine is reaping rewards from its investments and is now generating some pre-tax profits. About five years ago the company was generating losses but things have turned around because it's now earning 0.4% on its capital. Not only that, but the company is utilizing 332% more capital than before, but that's to be expected from a company trying to break into profitability. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
我们很高兴看到BlackLine正在从其投资中获得回报，现在正在产生一些税前利润。大约五年前，该公司出现了亏损，但情况已经好转，因为现在的资本收益为0.4％。不仅如此，该公司使用的资本比以前增加了332％，对于一家试图实现盈利的公司来说，这是可以预料的。我们喜欢这种趋势，因为它告诉我们公司有有利可图的再投资机会，如果这种趋势继续向前发展，则可能带来多重业绩。
What We Can Learn From BlackLine's ROCE
我们可以从 BlackLine 的 ROCE 中学到什么
Overall, BlackLine gets a big tick from us thanks in most part to the fact that it is now profitable and is reinvesting in its business. Since the stock has only returned 16% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So with that in mind, we think the stock deserves further research.
总体而言，BlackLine在很大程度上得到了我们的好评，这在很大程度上要归功于它现在已经盈利并且正在对其业务进行再投资。由于该股在过去五年中仅向股东回报了16％，因此前景良好的基本面可能尚未得到投资者的认可。因此，考虑到这一点，我们认为该股值得进一步研究。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for BlackLine (of which 2 are a bit unpleasant!) that you should know about.
由于几乎每家公司都面临一些风险，因此值得了解它们是什么，我们已经发现了BlackLine的4个警告信号（其中2个有点不愉快！）你应该知道的。
While BlackLine 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.
尽管BlackLine目前可能无法获得最高的回报，但我们编制了一份目前股本回报率超过25％的公司名单。在这里查看这个免费清单。
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