Returns At Dayforce (NYSE:DAY) Are On The Way Up
Returns At Dayforce (NYSE:DAY) Are On The Way Up
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. With that in mind, we've noticed some promising trends at Dayforce (NYSE:DAY) so let's look a bit deeper.
如果想要找出下一個多倍股，有一些關鍵趨勢需要查看。理想情況下，一個公司應該表現出兩個趨勢；首先是資產的增長。最終，這表明這是一個在以遞增的收益率重新投資利潤的公司。這就是爲什麼當我們簡要地研究Amcor（紐交所：AMCR）的ROCE趨勢時，我們對所看到的感到非常滿意。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?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，這意味着一個公司有一些獲利的舉措可以繼續投資，這是複利機器的特點。 考慮到這一點，我們注意到Dayforce（紐交所:DAY）有一些有希望的趨勢，所以讓我們深入了解一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Dayforce, this is the formula:
如果您之前沒有使用ROCE，那麼它是衡量公司從投入的資本中生成的'回報'（稅前利潤）的指標。 要爲Dayforce計算這個指標，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。
0.036 = US$133m ÷ (US$11b - US$7.0b) (Based on the trailing twelve months to March 2024).
0.036 = 1.33億美元÷（110億美元-70億美元）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, Dayforce has an ROCE of 3.6%. Ultimately, that's a low return and it under-performs the Professional Services industry average of 14%.
因此，Dayforce的ROCE爲3.6％。 最終，這是一個較低的回報率，低於專業服務行業板塊的平均水平14％。
In the above chart we have measured Dayforce'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 Dayforce for free.
在上面的圖表中，我們測量了Dayforce的過去ROCE與其過去表現之間的差異，但未來可能更重要。如果您願意，您可以免費查看分析師覆蓋的Dayforce的預測。
What Can We Tell From Dayforce's ROCE Trend?
從Dayforce的ROCE趨勢中，我們可以得出什麼結論？
We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. The data shows that returns on capital have increased substantially over the last five years to 3.6%. Basically the business is earning more per dollar of capital invested and in addition to that, 45% more capital is being employed now too. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我們很高興看到ROCE正在朝着正確的方向發展，儘管目前仍然很低。數據顯示，在過去五年中，資本回報率顯著增加至3.6％。 基本上，業務正在賺取更多的資本投資回報率，此外還增加了45％的資本投資。 增加的資本回報是多撈多的共同特徵，這就是爲什麼我們印象深刻的原因。
On a side note, Dayforce's current liabilities are still rather high at 65% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
順便說一下，Dayforce的流動負債仍然相當高，佔總資產的65％。 實際上，這意味着供應商（或短期債權人）正在爲公司的大部分資金提供資金，因此請注意，這可能會引入一些風險因素。 理想情況下，我們希望看到這種情況得到緩解，因爲這將意味着承擔風險的義務更少。
What We Can Learn From Dayforce's ROCE
總的來說，Dayforce已經證明了它可以在業務中進行再投資，並對投入的資本產生更高的回報，這是非常好的。 由於過去五年中該股票的總回報幾乎持平，如果估值看起來不錯，那麼這裏可能存在機會。 考慮到這一點，我們認爲有希望的趨勢應該進一步調查這隻股票。
To sum it up, Dayforce has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Since the total return from the stock has been almost flat over the last five years, there might be an opportunity here if the valuation looks good. With that in mind, we believe the promising trends warrant this stock for further investigation.
Dayforce雖然有一些風險，但我們發現了一些警告信號（警示信號* 1），您可能會感興趣。
Dayforce does have some risks though, and we've spotted 1 warning sign for Dayforce that you might be interested in.
儘管Dayforce目前可能沒有獲得最高的回報，但我們已經編制了一份當前收益率超過25％的公司列表。 在此處查看免費列表。
While Dayforce may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然 Dayforce 目前可能沒有最高的回報率，但我們整理了一份目前回報率超過 25% 的公司清單。點擊這裏查看免費清單。
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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。
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譯文內容由第三人軟體翻譯。