Here's What's Concerning About Lindblad Expeditions Holdings' (NASDAQ:LIND) Returns On Capital
Here's What's Concerning About Lindblad Expeditions Holdings' (NASDAQ:LIND) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Lindblad Expeditions Holdings (NASDAQ:LIND), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想要找到一隻長期增值的股票，我們應該尋找哪些潛在的趨勢呢？首先，我們希望確定資本應用增長的板塊。最終，這表明這是一個在以遞增的回報率再投資利潤的企業。雖然，當我們看Hyatt Hotels（NYSE：H）時，它似乎沒能滿足所有這些要求。資產回報率：它是什麼？資本僱用回報率 (ROCE) 是一種早期趨勢，可以用來識別有可能在長期內翻倍增值的股票，然後在此基礎上，要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器，能夠不斷地將其收益再投入業務，從而產生更高的回報。因此，在這點上，Materialise (納斯達克:MTLS) 看起來相當有前途，因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）如果你看到公司資本雄厚且有很多盈利的再投資機會，通常意味着這家公司有一個偉大的商業模式。然而，經過研究納斯達克（NASDAQ）的 Lindblad Expeditions（lindblad expeditions），我們不認爲它當前的趨勢符合多賺錢手法。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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. The formula for this calculation on Lindblad Expeditions Holdings is:
對於那些不知道ROCE是什麼的人來說，ROCE是一種每年評估公司稅前利潤（回報）與業務活動產生的資本金的相對關係的衡量方式。Lindblad Expeditions Holdings的計算方法是：
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。
0.012 = US$6.0m ÷ (US$868m - US$358m) (Based on the trailing twelve months to March 2024).
0.012 = 600萬美元 ÷（8.68億美元 - 3.58億美元）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, Lindblad Expeditions Holdings has an ROCE of 1.2%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 10%.
因此，Lindblad Expeditions Holdings的ROCE爲1.2％。最終，這是一個低迴報，低於10％的酒店業平均水平。
In the above chart we have measured Lindblad Expeditions Holdings' 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 Lindblad Expeditions Holdings for free.
在上圖中，我們已經測量了Lindblad Expeditions Holdings以前的ROCE與其以前的表現，但未來可能更加重要。 如果您願意，可以免費查看覆蓋Lindblad Expeditions Holdings的分析師的預測。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
When we looked at the ROCE trend at Lindblad Expeditions Holdings, we didn't gain much confidence. Around five years ago the returns on capital were 7.7%, but since then they've fallen to 1.2%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們觀察Lindblad Expeditions Holdings的ROCE趨勢時，並沒有獲得太多信心。大約五年前，資本回報率爲7.7％，但此後降至1.2％。儘管營業收入和業務中使用的資產都有所增加，但這表明公司正在進行投資以促進成長，而額外的資本又導致ROCE短期減少。 如果增加的資本產生額外的回報，除了股東之外，業務也將獲益。
On a side note, Lindblad Expeditions Holdings' current liabilities are still rather high at 41% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
順便說一下，Lindblad Expeditions Holdings的流動負債仍然相當高，佔總資產的41％。 這可能帶來一些風險，因爲公司基本上是在其供應商或其他種類的短期債權人上高度依賴。 雖然這並不一定是一件壞事，但如果該比率較低，則可能會有益。
The Bottom Line On Lindblad Expeditions Holdings' ROCE
Lindblad Expeditions Holdings的ROCE的底線
While returns have fallen for Lindblad Expeditions Holdings in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. However, despite the promising trends, the stock has fallen 50% over the last five years, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
雖然Lindblad Expeditions Holdings的回報率近年來有所下降，但我們看到銷售增長並且該公司正在重新投資其業務的情況，這令人鼓舞。 但是，儘管趨勢很有前途，但股票在過去五年中下跌了50％，因此對於敏銳的投資者來說可能存在機會。 因此，我們建議進一步研究該股票，以了解業務的其他基本面。
Like most companies, Lindblad Expeditions Holdings does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣，Lindblad Expeditions Holdings也存在風險，我們已經找到1個警告信號，您應該注意。
While Lindblad Expeditions Holdings 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Lindblad Expeditions Holdings的回報率不是最高的，但請查看此處的具有堅實資產負債表的高回報股票的免費列表。
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譯文內容由第三人軟體翻譯。