Slowing Rates Of Return At H&E Equipment Services (NASDAQ:HEES) Leave Little Room For Excitement
Slowing Rates Of Return At H&E Equipment Services (NASDAQ:HEES) Leave Little Room For Excitement
If you're looking for a multi-bagger, there's a few things to keep an eye out for. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. That's why when we briefly looked at H&E Equipment Services' (NASDAQ:HEES) ROCE trend, we were pretty happy with what we saw.
如果你正在尋找一個多倍股，有一些事情要注意。一種常見的方法是嘗試找到一家擁有充足的資本營運的公司。這表明它是一個複利機器，能夠不斷地將其收益再投入到業務中，從而產生更高的回報。考慮到這一點，我們注意到Hao Tian International Construction Investment Group (HKG:1341)出現了一些有前途的趨勢，讓我們再深入探究一下。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。如果你看到這個，通常意味着這是一傢俱有出色業務模式和豐富盈利再投資機會的公司。這就是爲什麼當我們短暫地觀察了H&E設備服務（納斯達克：HEES）ROCE的趨勢時，我們對所看到的感到相當滿意。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on H&E Equipment Services is:
對於那些不知道ROCE是什麼的人來說，它是衡量公司每年稅前利潤（其回報率）與業務中使用的資本之間的關係。在對H&E設備服務進行此計算的公式是：
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。
0.11 = US$284m ÷ (US$2.8b - US$182m) (Based on the trailing twelve months to March 2024).
0.11 = US$284m ÷ (US$2.8b - US$182m)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, H&E Equipment Services has an ROCE of 11%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Trade Distributors industry average of 13%.
因此，H&E設備服務的ROCE爲11%。絕對來說，這是一個相當正常的回報，在一定程度上接近於Trade Distributors行業平均水平的13%。
Above you can see how the current ROCE for H&E Equipment Services compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering H&E Equipment Services for free.
您可以看到H&E設備服務目前的ROCE與其過去的資本回報相比如何，但過去的信息有限。如果您想，您還可以免費查看覆蓋H&E設備服務的分析師的預測。
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。
While the returns on capital are good, they haven't moved much. The company has employed 41% more capital in the last five years, and the returns on that capital have remained stable at 11%. Since 11% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
雖然資本回報率很好，但並沒有太大上升。該公司在過去五年中使用了41%更多的資本，而該資本的回報率仍保持在11%的穩定水平。由於11%是適度的ROCE，所以很高興看到一家企業可以以這樣相當的回報率繼續再投資。長時間的回報率可能不會太令人激動，但在持續性方面它們可以通過股價回報得到回報。
What We Can Learn From H&E Equipment Services' ROCE
我們可以從H&E設備服務的ROCE中學到什麼
The main thing to remember is that H&E Equipment Services has proven its ability to continually reinvest at respectable rates of return. Therefore it's no surprise that shareholders have earned a respectable 80% return if they held over the last five years. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
要記住的主要事情是，H&E設備服務已經證明了其能夠以可觀的回報率不斷再投資。因此，如果投資者在過去五年持有這隻股票，他們就會獲得可觀的80%回報率。因此，雖然積極的潛在趨勢已經被投資者計入，但我們仍認爲這隻股票值得進一步了解。
If you want to continue researching H&E Equipment Services, you might be interested to know about the 3 warning signs that our analysis has discovered.
如果您想繼續研究H&E設備服務，您可能會對我們的分析發現的3個警示標誌感興趣。
While H&E Equipment Services isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然H&E設備服務沒有取得最高的回報，但請查看此免費公司列表，這些公司具有堅實的資產負債表並實現高回報率。
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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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。