MercadoLibre (NASDAQ:MELI) Is Investing Its Capital With Increasing Efficiency
MercadoLibre (NASDAQ:MELI) Is Investing Its Capital With Increasing Efficiency
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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, the ROCE of MercadoLibre (NASDAQ:MELI) looks great, so lets see what the trend can tell us.
如果不知道從哪裏開始尋找下一個多倍股，那麼有幾個關鍵趨勢您應該密切關注: 首先是資本的增長,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，這意味着公司有利潤豐厚的計劃，可以繼續進行再投資，這是複合式機器的特點。考慮到這一點，MercadoLibre （NASDAQ：MELI）的 ROCE看起來很棒，所以讓我們看一看趨勢能告訴我們什麼。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. Analysts use this formula to calculate it for MercadoLibre:
對於不確定 ROCE是什麼的人來說，它衡量一家公司在業務中投入的資金所產生的稅前利潤的數量。分析師使用這個公式來計算MercadoLibre的 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。
0.34 = US$2.3b ÷ (US$19b - US$12b) (Based on the trailing twelve months to March 2024).
0.34 = US$2.3b ÷（US $ 19b-US $ 12b）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。.
Thus, MercadoLibre has an ROCE of 34%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.
因此，MercadoLibre的 ROCE爲34％。這是一個巨大的回報，不僅如此，它超過了同行業公司11％的平均水平。
Above you can see how the current ROCE for MercadoLibre compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for MercadoLibre .
您可以看到MercadoLibre目前的 ROCE與其過去的資本回報相比如何，但從過去只能得出很少的信息。如果您有興趣，您可以在我們爲MercadoLibre編寫的免費分析師報告中查看分析師的預測。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
The fact that MercadoLibre is now generating some pre-tax profits from its prior investments is very encouraging. About five years ago the company was generating losses but things have turned around because it's now earning 34% on its capital. And unsurprisingly, like most companies trying to break into the black, MercadoLibre is utilizing 113% more capital than it was five years ago. This can tell us that the company has plenty of reinvestment opportunities that are able to generate higher returns.
事實證明，MercadoLibre現在從之前的投資中獲得了一些稅前利潤，這非常令人鼓舞。大約五年前，該公司虧損，但事情已經好轉，因爲它現在在其資本上賺取34％的利潤。並且毫不奇怪，像大多數試圖擺脫虧損的公司一樣，MercadoLibre現在比五年前使用了113％的資本。這可以告訴我們，該公司有大量的再投資機會，可以產生更高的回報。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 64% of the business, which is more than it was five years ago. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
順便說一句，我們注意到 ROCE的提高似乎部分是由流動負債的增加推動的。實際上，這意味着供應商或短期債權人現在爲公司融資了64％，這比五年前更多。考慮到它的相當高的比率，我們提醒投資者，在某些企業中，流動負債處於這些水平可能帶來一些風險。
Our Take On MercadoLibre's ROCE
我們對MercadoLibre的 ROCE的看法
Long story short, we're delighted to see that MercadoLibre's reinvestment activities have paid off and the company is now profitable. And a remarkable 158% total return over the last five years tells us that investors are expecting more good things to come in the future. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
長話短說，我們很高興看到MercadoLibre的再投資活動已經收到了回報，並且公司現在是盈利的。而過去五年中的驚人的158％的總回報告訴我們，投資者希望未來有更多的好事情發生。話雖如此，我們仍然認爲公司有着良好的基本面，值得進一步的盡職調查。
While MercadoLibre looks impressive, no company is worth an infinite price. The intrinsic value infographic for MELI helps visualize whether it is currently trading for a fair price.
雖然MercadoLibre看起來很棒，但是沒有任何公司是無限價值的。 MELI 的內在價值信息圖表有助於可視化其當前是否以公正價格交易。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素，因此請查看我們的免費股票列表，其中列出了盈利能力強、資產負債表堅實的股票。
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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。