Fabrinet (NYSE:FN) Might Have The Makings Of A Multi-Bagger
Fabrinet (NYSE:FN) Might Have The Makings Of A Multi-Bagger
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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. With that in mind, we've noticed some promising trends at Fabrinet (NYSE:FN) so let's look a bit deeper.
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）簡而言之，這些類型的企業是複合機器，這意味着它們不斷將其收益以越來越高的回報率再投資。考慮到這一點，我們注意到Fabrinet（紐交所：FN）有一些令人鼓舞的趨勢，讓我們再深入一些。
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 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 Fabrinet:
對於那些不確定ROCE是什麼的人，ROCE衡量的是公司能夠從其業務中使用的資本中產生的稅前利潤。分析師使用以下公式計算Fabrinet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。
0.16 = US$267m ÷ (US$2.2b - US$544m) (Based on the trailing twelve months to March 2024).
0.16 = 2.67億美元 ÷ （22億美元 - 5.44億美元）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。.
Thus, Fabrinet has an ROCE of 16%. On its own, that's a standard return, however it's much better than the 11% generated by the Electronic industry.
因此，Fabrinet的ROCE爲16％。單獨看來，這是一個標準的回報，但它比電子行業的11％要好得多。
In the above chart we have measured Fabrinet's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Fabrinet .
在上面的圖表中，我們測量了Fabrinet之前的ROCE與其之前的表現，但未來可能更重要。如果您有興趣，您可以在我們的免費Fabrinet分析師報告中查看分析師的預測。
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。
We like the trends that we're seeing from Fabrinet. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 16%. Basically the business is earning more per dollar of capital invested and in addition to that, 87% more capital is being employed now too. So we're very much inspired by what we're seeing at Fabrinet thanks to its ability to profitably reinvest capital.
我們喜歡從Fabrinet所看到的趨勢。數字表明，在過去的五年中，資本回報率上的回報已經顯著增長到16％。基本上，該業務正在爲每美元投資的資本賺取更多收益，並且此外，現在也使用了87％更多的資本。因此，由於其能夠利潤再投資的能力，我們非常受Fabrinet所看到的東西的啓發。
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。
In summary, it's great to see that Fabrinet can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And a remarkable 387% 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.
總之，令人高興的是，Fabrinet可以通過以不斷增長的回報率持續再投資資本來複合回報，因爲這些是那些備受追捧的股市多倍獲利的關鍵要素之一。過去五年的總回報率達到了驚人的387％，這告訴我們，投資者正在期待未來會有更多好消息。與此同時，我們仍然認爲，有着這些令人鼓舞的基本面，該公司應得到更進一步的盡職調查。
Fabrinet does have some risks though, and we've spotted 1 warning sign for Fabrinet that you might be interested in.
Fabrinet確實存在一些風險，我們已經發現了一個Fabrinet的警告信號，您可能會感興趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。