TE Connectivity's (NYSE:TEL) Returns Have Hit A Wall
TE Connectivity's (NYSE:TEL) Returns Have Hit A Wall
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. In light of that, when we looked at TE Connectivity (NYSE:TEL) and its ROCE trend, we weren't exactly thrilled.
如果我們想找到下一個倍增股，有一些關鍵趨勢需要注意。首先，我們需要看到一個經過驗證的資本使用率。如果你看到這一點，通常意味着這是一傢俱有出色業務模式和充足盈利再投資機會的公司。但是，簡要查看了數據後，我們認爲BWX Technologies（紐交所：BWXT）未來不具備成爲倍增股的特點，但讓我們看看爲什麼。資產回報率：它是什麼？了解資本使用回報率（ROCE）如果你以前沒有接觸過ROCE，它衡量公司從資本使用中產生的“回報”（稅前利潤）。要爲洪恩計算此指標，這是公式:資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）簡單地說，這些類型的企業是複利機器，意味着它們不斷以不斷提高的回報率重新投資其收益。考慮到這一點，當我們看到泰科電子（紐交所：TEL）及其ROCE趨勢時，我們並不是很興奮。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. To calculate this metric for TE Connectivity, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量公司從其業務中使用的資本獲得的稅前利潤金額。要爲TE Connectivity計算此指標，使用以下公式：
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。
0.16 = US$2.8b ÷ (US$23b - US$5.2b) (Based on the trailing twelve months to March 2024).
0.16 = 28億美元 ÷ （230億美元-52億美元）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, TE Connectivity has an ROCE of 16%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 11% it's much better.
因此，泰科電子的ROCE爲16％。絕對來看，這是一個令人滿意的回報率，但與電子行業平均水平的11％相比，它要好得多。
In the above chart we have measured TE Connectivity'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 TE Connectivity for free.
在上圖中，我們衡量了泰科電子以前的ROCE與其以前的表現，但未來可能更爲重要。如果您願意，可以免費查看涵蓋泰科電子的分析師的預測。
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。
Over the past five years, TE Connectivity's ROCE and capital employed have both remained mostly flat. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at TE Connectivity in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
在過去的五年中，泰科電子的ROCE和資本投入大多保持不變。 這告訴我們，該公司沒有對自身進行再投資，因此很可能已經過了增長階段。因此，除非我們在泰科電子看到ROCE和額外投資方面出現重大變化，否則我們對它成爲多次購買者並不抱太大希望。
The Bottom Line On TE Connectivity's ROCE
關於泰科電子的ROCE，我們的底線是
In summary, TE Connectivity isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Since the stock has gained an impressive 70% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總之，泰科電子沒有複利其收益，但在相同的資本投入下產生穩定的回報。由於股票在過去五年中取得了令人印象深刻的70％的漲幅，投資者肯定認爲還有更好的事情要發生。但是，除非這些基本趨勢變得更加積極，否則我們不會抱太高的期望。
If you'd like to know about the risks facing TE Connectivity, we've discovered 1 warning sign that you should be aware of.
如果您想了解泰科電子面臨的風險，我們已經發現了1個需要注意的警告信號。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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。