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Returns On Capital At Allison Transmission Holdings (NYSE:ALSN) Have Stalled

Returns On Capital At Allison Transmission Holdings (NYSE:ALSN) Have Stalled

艾里森傳動控股公司(紐約證券交易所代碼:ALSN)的資本回報率停滯不前
Simply Wall St ·  05/22 03:44

What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, while the ROCE is currently high for Allison Transmission Holdings (NYSE:ALSN), we aren't jumping out of our chairs because returns are decreasing.

我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 所用資本的比例。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。話雖如此,儘管艾裏遜變速箱控股公司(紐約證券交易所代碼:ALSN)目前的投資回報率很高,但我們並不是因爲回報率下降而跳出困境。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Allison Transmission Holdings is:

對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。艾裏遜變速箱控股公司的計算公式爲:

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)

0.21 = US$944m ÷ (US$5.1b - US$518m) (Based on the trailing twelve months to March 2024).

0.21 = 9.44億美元 ÷(51億美元-5.18億美元) (基於截至2024年3月的過去十二個月)

Thus, Allison Transmission Holdings has an ROCE of 21%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.

因此,艾裏遜變速箱控股公司的投資回報率爲21%。這是一個了不起的回報,不僅如此,它還超過了同類行業公司13%的平均收入。

roce
NYSE:ALSN Return on Capital Employed May 21st 2024
紐約證券交易所:ALSN 2024年5月21日動用資本回報率

In the above chart we have measured Allison Transmission Holdings' 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 Allison Transmission Holdings .

在上圖中,我們將艾裏遜變速箱控股公司先前的投資回報率與之前的表現進行了對比,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,你應該查看我們爲艾裏遜變速箱控股公司提供的免費分析師報告。

How Are Returns Trending?

退貨趨勢如何?

Over the past five years, Allison Transmission Holdings' ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So while the current operations are delivering respectable returns, unless capital employed increases we'd be hard-pressed to believe it's a multi-bagger going forward.

在過去的五年中,艾裏遜變速箱控股的投資回報率和所用資本基本保持不變。在研究一家成熟穩定的企業時,這種情況並不少見,因爲該企業可能已經過了商業週期的這一階段,因此不進行收益再投資。因此,儘管目前的業務帶來了可觀的回報,但除非資本使用量增加,否則我們很難相信未來會是一個多口袋。

The Bottom Line

底線

Although is allocating it's capital efficiently to generate impressive returns, it isn't compounding its base of capital, which is what we'd see from a multi-bagger. Although the market must be expecting these trends to improve because the stock has gained 95% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.

儘管它正在有效地分配資本以產生可觀的回報,但它並沒有鞏固其資本基礎,正如我們從一個多口袋公司那裏看到的那樣。儘管市場必須預期這些趨勢會有所改善,因爲該股在過去五年中上漲了95%。但是,除非這些潛在趨勢變得更加樂觀,否則我們不會抱太高的希望。

If you want to continue researching Allison Transmission Holdings, you might be interested to know about the 2 warning signs that our analysis has discovered.

如果你想繼續研究艾裏遜變速箱控股公司,你可能有興趣了解我們的分析發現的兩個警告信號。

If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.

如果你想搜索更多獲得高回報的股票,可以查看這份資產負債表穩健且淨資產回報率也很高的股票的免費清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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