TJX Companies (NYSE:TJX) Might Become A Compounding Machine
TJX Companies (NYSE:TJX) Might Become A Compounding Machine
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Ergo, when we looked at the ROCE trends at TJX Companies (NYSE:TJX), we liked what we saw.
要確定某隻股票長期價值是否有望翻倍，可關注以下多種早期趨勢：首先，需查看是否有資本運營回報率（ROCE）不斷增加，同時，需要穩步增大的資本規模。基本上這意味着公司擁有盈利的創新舉措，並可持續再投資，這是複利機器的特徵。因此，當我們觀察紐交所（NYSE）公司TJX Companies 的 ROCE 趨勢時，我們非常欣慰。
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 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. Analysts use this formula to calculate it for TJX Companies:
對於不清楚什麼是 ROCE 的人來說，ROCE 指的是公司在其業務中所運用的資本所能產生的稅前利潤金額。分析師可利用以下公式爲公司（TJX Companies）進行計算：
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。
0.30 = US$6.0b ÷ (US$30b - US$10b) (Based on the trailing twelve months to May 2024).
0.30=美元60億 ÷（美元300億 - 美元100億）（截至2024年5月的過去十二個月）。因此，TJX Companies 的 ROCE 爲 30%。這是非常可觀的回報，不僅如此，它還超過了同一行業公司所賺取的平均回報率13%。
Thus, TJX Companies has an ROCE of 30%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
上面您可以看到 TJX Companies 的當前 ROCE 如何與其過去的資本回報率相比，但僅從過去看出的信息是有限的。如果您希望了解更多，可以免費查看分析師對TJX Companies 的預測。
NYSE:TJX Return on Capital Employed June 16th 2024
紐交所：TJX Return on Capital Employed June 16th 2024
Above you can see how the current ROCE for TJX Companies 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 TJX Companies for free.
難以不被 TJX Companies 的資本回報率所感染。在過去五年裏，該公司的資本投入已提高了23%，而該資本的回報率保持在30%。考慮到ROCE極具吸引力達到了30%，這種組合非常吸引人，因爲這意味着該業務可以穩定地投入資金併產生高回報。這在運營良好的企業或擁有良好商業模式的企業中是會發生的。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
It's hard not to be impressed by TJX Companies' returns on capital. The company has employed 23% more capital in the last five years, and the returns on that capital have remained stable at 30%. Now considering ROCE is an attractive 30%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. You'll see this when looking at well operated businesses or favorable business models.
簡而言之，我們認爲 TJX Companies 有成爲複利股的跡象，因爲其資本以非常有利可圖的回報率增長。長期投資者在過去五年裏獲得了119% 的回報，這點令人欣喜。雖然目前股票價格可能比以前更加昂貴，但我們認爲其強勁的基本面值得進一步研究。
Our Take On TJX Companies' ROCE
簡而言之，我們認爲TJX Companies具有成爲多贏家的潛力，因爲它能夠以非常有利可圖的回報率複合其資本。長期投資者將對他們在過去五年中獲得的119％回報感到興奮。因此，即使股票比以前更加“昂貴”，我們認爲強勁的基本面也值得進一步研究。
In short, we'd argue TJX Companies has the makings of a multi-bagger since its been able to compound its capital at very profitable rates of return. And long term investors would be thrilled with the 119% return they've received over the last five years. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
TJX Companies 確實有一些風險，而我們已經發現了 TJX Companies 的 1 個警告信號，您可能會對此感興趣。
TJX Companies does have some risks though, and we've spotted 1 warning sign for TJX Companies that you might be interested in.
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譯文內容由第三人軟體翻譯。