Investors Shouldn't Overlook The Favourable Returns On Capital At Gentex (NASDAQ:GNTX)
Investors Shouldn't Overlook The Favourable Returns On Capital At Gentex (NASDAQ:GNTX)
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So, when we ran our eye over Gentex's (NASDAQ:GNTX) trend of ROCE, we really liked what we saw.
要找到一個潛力大的業務不容易，但只要我們查看一些關鍵的財務指標是可能的。除其他因素外，我們想看到兩件事; 首先，資本僱用的增長。這向我們表明它是一個複利機器，能夠不斷將其收益重新投資於業務，併產生更高的回報。因此，當我們觀察易大宗控股（HKG:1733）ROCE的趨勢時，我們真的很喜歡我們看到的。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）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。簡而言之，這些類型的企業是複利機器，意味着它們不斷地以越來越高的回報率重新投資其收益。因此，當我們審視Gentex（NASDAQ:GNTX）的ROCE趨勢時，我們真的很喜歡我們看到的。
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. Analysts use this formula to calculate it for Gentex:
對於那些不知道的人，ROCE是衡量公司每年稅前利潤（其回報）與業務中使用的資本相關性的一種指標。分析師使用此公式爲Gentex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。
0.21 = US$512m ÷ (US$2.7b - US$304m) (Based on the trailing twelve months to March 2024).
0.21 = 51.2億美元÷（27億美元-3.04億美元）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。.
So, Gentex has an ROCE of 21%. In absolute terms that's a great return and it's even better than the Auto Components industry average of 12%.
因此，Gentex的ROCE爲21％。從絕對角度來看，這是一個非常好的回報，甚至優於汽車零部件行業的平均水平12％。
In the above chart we have measured Gentex's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Gentex for free.
在上面的圖表中，我們測量了Gentex之前的ROCE與之前的表現，但未來可能更重要。如果您願意，可以免費查看覆蓋Gentex的分析師的預測。
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。
In terms of Gentex's history of ROCE, it's quite impressive. The company has consistently earned 21% for the last five years, and the capital employed within the business has risen 26% in that time. Now considering ROCE is an attractive 21%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
就Gentex的ROCE歷史而言，它相當令人印象深刻。該公司在過去五年中始終賺取21％的利潤，並且業務中使用的資本在此期間增長了26％。現在考慮到ROCE有吸引力的21％，這種組合實際上相當有吸引力，因爲它意味着企業可以持續投入併產生高回報。如果這些趨勢可以繼續，如果該公司成爲收益成倍增長股票，我們也不會感到驚訝。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
最終，該公司已經證明它能夠以高回報率重新投資其資本，這是多倍增長的特徵。而且，由於該股在過去五年中大幅上漲，市場似乎預計這一趨勢將繼續。因此，儘管投資者可能已經考慮到了積極的基本趨勢，但我們仍然認爲這支股票值得進一步研究。
While Gentex looks impressive, no company is worth an infinite price. The intrinsic value infographic for GNTX helps visualize whether it is currently trading for a fair price.
儘管Gentex看起來令人印象深刻，但沒有任何一家公司值得無限價值。 GNTX的內在價值信息圖可幫助您可視化其當前是否以公正價格交易。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素，因此請查看我們的免費股票列表，其中列出了盈利能力強、資產負債表堅實的股票。
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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。