Returns On Capital At IMAX (NYSE:IMAX) Have Stalled
Returns On Capital At IMAX (NYSE:IMAX) Have Stalled
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. However, after briefly looking over the numbers, we don't think IMAX (NYSE:IMAX) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想要識別長期內股票的增值趨勢，應該尋找什麼趨勢？通常，我們希望注意到資本利用率增長的趨勢。基本上，這意味着一家公司擁有有利可圖的計劃，可以繼續投資，這是一個複合機器的特徵。然而，當我們看Methode Electronics (NYSE:MEI)時，似乎沒有完全滿足這些條件。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出色業務模式和充足盈利再投資機會的公司。但是，在簡要查看數據後，我們認爲IMAX（紐交所：IMAX）未來不具備成爲多倍股的潛質，但讓我們來看看可能的原因。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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. Analysts use this formula to calculate it for IMAX:
爲澄清如您不確定，ROCE是衡量公司在其業務中投入資本的情況下，賺取多少稅前收入的度量標準（以百分比表示）。分析師使用這個公式來爲IMAX計算ROCE：
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。
0.074 = US$53m ÷ (US$824m - US$105m) (Based on the trailing twelve months to March 2024).
0.074 = 美元53m ÷ （美元824m-美元105m）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。.
So, IMAX has an ROCE of 7.4%. Ultimately, that's a low return and it under-performs the Entertainment industry average of 11%.
因此，IMAX的ROCE爲7.4％。歸根結底，這是一個較低的回報率，低於娛樂行業的平均水平11％。
In the above chart we have measured IMAX'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 IMAX .
在上面的圖表中，我們測量了IMAX以往的ROCE與以往績效的比較，但未來顯然更爲重要。如果您想了解分析師預測的情況，您應該查看我們爲IMAX提供的免費分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。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大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
Things have been pretty stable at IMAX, with its capital employed and returns on that capital staying somewhat the same for the last five years. 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. With that in mind, unless investment picks up again in the future, we wouldn't expect IMAX to be a multi-bagger going forward.
在IMAX，資本投入和資本回報率在過去的五年中保持相對穩定。這在觀察一個成熟且穩定的企業時是很常見的，該企業已經過了其盈利再投資的階段。鑑於這一點，除非未來的投資再次增加，否則我們不希望IMAX成爲多倍股。
Our Take On IMAX's ROCE
我們對IMAX的資本僱用回報率的看法
We can conclude that in regards to IMAX's returns on capital employed and the trends, there isn't much change to report on. Since the stock has declined 24% over the last five years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
我們可以得出結論，在IMAX的資本僱用回報率和趨勢方面，並沒有太多變化。由於過去五年該股下跌了24％，投資者對這種趨勢的改善可能並不太樂觀。無論如何，該股並不具備上述多倍股的特徵，因此，如果您正在尋找這樣的股票，我們認爲您在其他地方會更有好運。
IMAX does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...
IMAX確實存在一些風險，我們在投資分析中發現了2個警告信號，其中1個對我們來說不太好...
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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