Investors Could Be Concerned With Broadridge Financial Solutions' (NYSE:BR) Returns On Capital
Investors Could Be Concerned With Broadridge Financial Solutions' (NYSE:BR) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Broadridge Financial Solutions (NYSE:BR), we don't think it's current trends fit the mold of a multi-bagger.
如果想要辨別股票的長期價值是否會增值，需要關注什麼趨勢？理想情況下，一家公司應該出現兩種趨勢，首先是資本運用不斷增長，如果您看到這種趨勢，通常意味着這是一傢俱有良好商業模式和盈利再投資機會充足的公司。儘管我們看過TransUnion（NYSE:TRU）公司，但並不是所有的都適用。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。這表明它是一個複利機器，能夠不斷地將其收益重新投入業務併產生更高的回報。但是，在調查Broadridge金融解決方案（NYSE:BR）後，我們認爲它的當前趨勢並不符合複利投資的形式。
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. Analysts use this formula to calculate it for Broadridge Financial Solutions:
ROCE是一家公司年度稅前利潤（即回報）與業務中使用的資本相對比的一個衡量指標。分析師使用此公式來爲Broadridge金融解決方案計算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。
0.15 = US$1.0b ÷ (US$8.2b - US$1.1b) (Based on the trailing twelve months to March 2024).
0.15 = 美元10億 ÷ (美元82億 - 美元11億)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, Broadridge Financial Solutions has an ROCE of 15%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Professional Services industry average of 14%.
因此，Broadridge金融解決方案的ROCE爲15%。從絕對值來看，這是一個相當正常的回報率，並且與專業服務行業板塊平均水平14%相當接近。
In the above chart we have measured Broadridge Financial Solutions' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Broadridge Financial Solutions .
在上面的圖表中，我們測量了Broadridge金融解決方案以往的ROCE與其以往表現相比，但未來顯然更爲重要。如果您想了解分析師正在預測的未來走勢，請查看我們的Broadridge金融解決方案免費分析師報告。
So How Is Broadridge Financial Solutions' ROCE Trending?
那麼，Broadridge金融解決方案的ROCE趨勢如何?
In terms of Broadridge Financial Solutions' historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 23% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就Broadridge金融解決方案歷史上的ROCE趨勢而言，這一趨勢並不出色。具體而言，過去五年中ROCE已從23%下降至目前的水平。同時，該公司正在利用更多的資本，但在過去12個月中這並沒有對銷售產生太大影響，因此這可能反映了長期的投資計劃。公司實現這些投資所獲得的收益可能需要一些時間。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
To conclude, we've found that Broadridge Financial Solutions is reinvesting in the business, but returns have been falling. Although the market must be expecting these trends to improve because the stock has gained 65% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總之，我們發現Broadridge金融解決方案正在進行業務再投資，但回報率已經下降。雖然在過去的五年中，股票上漲了65%，市場可能正在期待這些趨勢得到改善。但除非這些基本趨勢轉向更積極的方向，否則我們不會對這一股票抱有過高的期望。
If you'd like to know about the risks facing Broadridge Financial Solutions, we've discovered 1 warning sign that you should be aware of.
如果您想了解面臨Broadridge金融解決方案的風險，我們已經發現了1個警告信號，您應該了解一下。
While Broadridge Financial Solutions 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Broadridge金融解決方案目前可能沒有收益率最高的回報，但我們已經編制了一份目前收益率超過25%的公司列表。點擊這裏查看免費列表。
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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。