Reynolds Consumer Products (NASDAQ:REYN) Hasn't Managed To Accelerate Its Returns
Reynolds Consumer Products (NASDAQ:REYN) Hasn't Managed To Accelerate Its Returns
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Reynolds Consumer Products (NASDAQ:REYN) and its ROCE trend, we weren't exactly thrilled.
你知道一些金融指標能夠提供一個潛在的多倍賺錢機會的線索嗎？一種常見的方法是試圖尋找一家公司，它具有能夠投入充足的利潤回流的優秀商業模式。當我們看到深圳市力合科創（SZSE：002243）及其股本回報率趨勢時，我們並不是完全滿意的。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。這基本意味着一個公司擁有可持續再投資的有利倡議，是一個複合機的特徵。考慮到這一點，當我們看到Reynolds Consumer Products (納斯達克股票代碼:REYN)和它的ROCE趨勢時，我們並不是很高興。
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 Reynolds Consumer Products:
如果你不確定什麼是ROCE，它是衡量公司從其業務中使用的資本投入中能夠產生的稅前利潤金額。分析師使用這個公式來計算Reynolds Consumer Products的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。
0.13 = US$550m ÷ (US$4.9b - US$517m) (Based on the trailing twelve months to March 2024).
0.13 = 5.5億美元 ÷ (49億美元 - 5.17億美元)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。.
Therefore, Reynolds Consumer Products has an ROCE of 13%. In isolation, that's a pretty standard return but against the Household Products industry average of 19%, it's not as good.
因此，Reynolds Consumer Products的ROCE爲13%。就孤立而言，這是一個相當標準的回報，但相對於家庭用品行業平均水平的19%，並不理想。
Above you can see how the current ROCE for Reynolds Consumer Products compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Reynolds Consumer Products .
你可以看到Reynolds Consumer Products目前的ROCE如何與其之前的資本回報相比，但是從過去所能了解的信息有限。如果感興趣，您可以在我們爲Reynolds Consumer Products免費提供的分析報告中查看分析師預測。
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。
Things have been pretty stable at Reynolds Consumer Products, 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. So unless we see a substantial change at Reynolds Consumer Products in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger. This probably explains why Reynolds Consumer Products is paying out 48% of its income to shareholders in the form of dividends. Unless businesses have highly compelling growth opportunities, they'll typically return some money to shareholders.
在過去的五年中，Reynolds Consumer Products的資本投入和對該資本的回報保持相對穩定。當我們看到一個成熟穩定的業務不再重新投資其收益時，通常會看到這種情況，因爲它可能已經過了業務週期的那個階段。因此，除非我們看到在ROCE和其他額外的投資中出現實質性的變化，否則我們不會寄望於它成爲一個多倍股票。這可能解釋了爲什麼Reynolds Consumer Products以分紅的形式向股東支付其收入的48%。除非業務有非常具有吸引力的增長機會，否則它們通常會向股東返回一些錢。
What We Can Learn From Reynolds Consumer Products' ROCE
我們從Reynolds Consumer Products的ROCE中可以學到什麼
We can conclude that in regards to Reynolds Consumer Products' returns on capital employed and the trends, there isn't much change to report on. And with the stock having returned a mere 4.7% in the last three years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
我們可以得出結論，在Reynolds Consumer Products的資本僱用回報和趨勢方面，沒有什麼變化可報告。隨着該股在過去三年中僅爲股東回報了4.7%，您可能會認爲他們意識到這些欠佳的趨勢。因此，如果您正在尋找一個多倍股票，潛在的趨勢表明您可能在其他地方有更好的機會。
If you want to continue researching Reynolds Consumer Products, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究Reynolds Consumer Products，您可能會對我們的分析發現的兩個預警信號感興趣。
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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