The Returns On Capital At Ashland (NYSE:ASH) Don't Inspire Confidence
The Returns On Capital At Ashland (NYSE:ASH) Don't Inspire Confidence
To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications of aging. Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. In light of that, from a first glance at Ashland (NYSE:ASH), we've spotted some signs that it could be struggling, so let's investigate.
爲避免投資下降的業務，有幾個財務指標可以提供衰老的早期跡象。通常情況下，我們會看到兩個資本使用率的趨勢。這種組合可以告訴你，該公司不僅投資較少，而且在其所投資的領域賺得的收益也在減少。在此提一下，我們對Lear (NYSE:LEA)的經營現狀並不是太樂觀。資產回報率：它是什麼？絕對是一個低迴報率，也低於消費耐用品行業平均水平的15％。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。基本上，該公司的投資回報較低，其總資產也在減少。鑑於此，我們初步判斷Ashland (紐交所:ASH)可能面臨一些困境，因此需要進一步調查。
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 Ashland:
對於不了解的人，ROCE是衡量公司年度稅前利潤（回報）與業務用資金的比率的一種指標。分析師使用以下公式計算Ashland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。
0.0091 = US$50m ÷ (US$5.9b - US$453m) (Based on the trailing twelve months to March 2024).
0.0091 = 5000萬美元 ÷ （59億美元 - 4.53億美元）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。.
Thus, Ashland has an ROCE of 0.9%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 8.8%.
因此，Ashland的ROCE爲0.9%。絕對上看，這是一個低迴報，並且低於化學行業板塊的8.8%的平均水平。
Above you can see how the current ROCE for Ashland 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 Ashland .
如上圖所示，您可以看到Ashland目前的ROCE與其以往的資本回報相比較，但是過去只能得出有限的信息。如果感興趣，您可以查看我們免費的Ashland分析師報告中的分析師預測。
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。
The trend of ROCE at Ashland is showing some signs of weakness. The company used to generate 3.7% on its capital five years ago but it has since fallen noticeably. What's equally concerning is that the amount of capital deployed in the business has shrunk by 22% over that same period. The fact that both are shrinking is an indication that the business is going through some tough times. Typically businesses that exhibit these characteristics aren't the ones that tend to multiply over the long term, because statistically speaking, they've already gone through the growth phase of their life cycle.
Ashland的ROCE趨勢顯示出一些弱勢跡象。五年前，該公司的資本回報率爲3.7%，但自那時以來明顯下降。同期業務的資本投入也減少了22%，這顯然令人擔憂。這兩個數據都在減少，這表明這家公司正在經歷一些艱難的時期。通常表現出這些特徵的企業不太可能在長期內成倍增長，因爲從統計學上講，它們已經經歷了生命週期的成長階段。
Our Take On Ashland's ROCE
關於Ashland的ROCE，我們的看法是：
In summary, it's unfortunate that Ashland is shrinking its capital base and also generating lower returns. Investors must expect better things on the horizon though because the stock has risen 29% in the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
總的來說，Ashland正在縮減其資本基礎並且回報率也在降低，這非常不幸。但是，投資者必須期待未來會有更好的發展前景，因爲該股票在過去五年中已經上漲了29%。無論如何，我們並不支持當前的趨勢，因此我們認爲您可能會在其他地方找到更好的投資機會。
If you want to continue researching Ashland, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究Ashland，您可能會對我們的分析發現的兩個警告標誌感興趣。
While Ashland 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Ashland的回報率不是最高的，但請查看此免費公司列表，該列表包括實現高股本回報率和實力資產負債表的公司。
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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。