Returns On Capital Are Showing Encouraging Signs At General Mills (NYSE:GIS)
Returns On Capital Are Showing Encouraging Signs At General Mills (NYSE:GIS)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So when we looked at General Mills (NYSE:GIS) and its trend of ROCE, we really liked what we saw.
如果想要尋找潛在的股票賺多倍的機會，通常會有一些潛在趨勢可以提供一些線索。首先，我們需要確定一個不斷增長的資本僱用量。如果您看到這一點，通常意味着這是一家擁有出色的業務模式和豐富的有利可圖再投資機會的公司。所以當我們查看索尼克汽車（紐交所：SAH）和它的ROCE趨勢時，我們真的很喜歡我們所看到的。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）最終，這證明了它是一個以遞增的投資回報率重新投資利潤的業務。所以當我們觀察通用磨坊（NYSE：GIS）及其ROCE趨勢時，我們真的很喜歡我們看到的。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for General Mills:
只是爲了澄清，如果您不確定，ROCE是一種指標，用於評估公司在其業務中投資的資本所賺取的稅前收入（百分比）。分析師使用此公式爲通用磨坊計算它：
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$3.8b ÷ (US$31b - US$7.0b) (Based on the trailing twelve months to May 2024).
0.15 = 38億美元 ÷ （310億美元-70億美元）（截至2024年5月的過去十二個月）.
Thus, General Mills has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 11% generated by the Food industry.
因此，通用磨坊的ROCE爲15％。單獨來看，這是一種標準回報，但它比食品行業的11％要好得多。
In the above chart we have measured General Mills' 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 General Mills .
在上圖中，我們測量了通用磨坊的先前ROCE與其先前表現，但未來可能更爲重要。如果您想了解分析師預測的前景，您應該查看我們的通用磨坊免費分析師報告。
What Does the ROCE Trend For General Mills Tell Us?
通用磨坊的ROCE趨勢告訴我們什麼？
General Mills has not disappointed with their ROCE growth. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 22% over the last five years. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
通用磨坊在其ROCE增長方面並未讓人失望。從數據來看，儘管業務中投入的資本相對平穩，但在過去5年中所產生的ROCE增長了22％。基本上，公司從相同數量的資本中產生了更高的回報，這證明了公司效率的改進。但需要仔細研究這一點，因爲儘管業務更加高效，但這也可能意味着內部投資有機增長的領域空缺。
The Key Takeaway
重要提示
In summary, we're delighted to see that General Mills has been able to increase efficiencies and earn higher rates of return on the same amount of capital. Since the stock has only returned 37% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So with that in mind, we think the stock deserves further research.
總之，我們很高興看到通用磨坊能夠提高效率，並在相同數量的資本上賺取更高的回報率。由於過去5年該股僅爲股東提供了37％的回報，因此有前景的基本面可能尚未得到投資者的認可。因此，請記住，我們認爲該股票值得進一步研究。
General Mills does have some risks though, and we've spotted 1 warning sign for General Mills that you might be interested in.
通用磨坊確實存在某些風險，我們已經發現了一項通用磨坊的警告標誌，您可能會感興趣。
While General Mills 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.
雖然通用磨坊目前可能沒有獲得最高的回報，但我們已編制了一份目前獲得超過25％股本回報率的公司清單。單擊此處查看免費列表。
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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
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@simplywallst.com。
譯文內容由第三人軟體翻譯。