Returns At Biglari Holdings (NYSE:BH.A) Are On The Way Up
Returns At Biglari Holdings (NYSE:BH.A) Are On The Way Up
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. So on that note, Biglari Holdings (NYSE:BH.A) looks quite promising in regards to its trends of return on capital.
尋找多倍股時，在業務中應該尋找哪些潛在趨勢？通常，我們希望注意到資本使用的增長趨勢。如果您看到這一點，通常意味着這是一家擁有出色業務模式和豐富的盈利再投資機會的公司。鑑於此，我們來看看金鉬股份（SHSE:601958）的ROCE可告訴我們些什麼。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）如果你看到這個，通常意味着這是一家擁有很好的商業模式和大量有利可圖的再投資機會的公司。因此，在這一點上，Biglari Holdings（NYSE:BH.A）在資本回報率方面看起來相當有前途。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Biglari Holdings, this is the formula:
只是爲了澄清，如果您不確定，ROCE是一種評估公司在其業務中投資的資本中獲得多少稅前收入（以百分比爲單位）的指標。要計算Biglari Holdings的這個指標，這是公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.045 = US$35m ÷ (US$885m - US$118m) (Based on the trailing twelve months to March 2024).
0.045 = 3.5億美元 ÷ (88.5億美元 - 1.18億美元)在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Thus, Biglari Holdings has an ROCE of 4.5%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 10%.
因此，Biglari Holdings的ROCE爲4.5%。歸根結底，這是一種低迴報，低於10%的酒店業行業平均水平。
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'd like to look at how Biglari Holdings has performed in the past in other metrics, you can view this free graph of Biglari Holdings' past earnings, revenue and cash flow.
歷史表現是研究股票的好出發點，所以您可以看到Biglari Holdings的ROCE相對於其以前的回報的評估。如果您想查看Biglari Holdings在過去的其他指標方面的表現，可以查看Biglari Holdings過去收入、營業收入和現金流的免費圖表。
So How Is Biglari Holdings' ROCE Trending?
所以Biglari Holdings的ROCE趨勢如何？
It's great to see that Biglari Holdings 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 4.5% on their capital employed. In regards to capital employed, Biglari Holdings is using 22% 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.
很高興看到Biglari Holdings已經開始從先前的投資中獲得一些稅前收益。歷史上，該公司一直處於虧損狀態，但如上面所提到的最新數據所示，他們現在在所投資的資本上賺取了4.5%的利潤。在資本使用方面，Biglari Holdings使用的資本比五年前少了22%，這在表面上可以表明該企業在生成這些回報方面變得更加高效。Biglari Holdings可能正在出售表現不佳的資產，因爲ROCE正在改善。
The Key Takeaway
重要提示
In the end, Biglari Holdings has proven it's capital allocation skills are good with those higher returns from less amount of capital. And with a respectable 86% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
最終，Biglari Holdings證明了其資本配置技能是良好的，能夠從較少的資本中獲得更高的回報。並且在過去五年中，持有該股票的人士獲得了尊重的86%的回報，這表明這些發展開始引起他們應得的關注。話雖如此，我們仍然認爲這些有前途的基本面意味着該公司值得進一步的盡職調查。
On a final note, we've found 2 warning signs for Biglari Holdings that we think you should be aware of.
最後，我們發現了Biglari Holdings的2個警告信號，我們認爲您應該了解一下。
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.
儘管Biglari Holdings的回報不是最高的，但請查看此免費公司列表，這些公司以實力的資產負債表來獲得高回報。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
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