Investors Will Want Mondelez International's (NASDAQ:MDLZ) Growth In ROCE To Persist
Investors Will Want Mondelez International's (NASDAQ:MDLZ) Growth In ROCE To Persist
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. With that in mind, we've noticed some promising trends at Mondelez International (NASDAQ:MDLZ) so let's look a bit deeper.
如果要尋找能夠在長期內使其價值翻倍的股票，就應該遵循以下所有規則。一個常見的方法是嘗試找到一家資本雄厚、可盈利重投資機會的公司。因此，在此背景下，我們注意到了Liveramp Holdings（紐交所：liveramp）的一些有前途的趨勢。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。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。總之，這是一個在以遞增的投資回報率重新投資利潤的業務。因此，我們注意到億滋的一些有希望的趨勢（納斯達克：MDLZ），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 Mondelez International, this is the formula:
如果你還沒有使用ROCE的話，這是一個衡量公司從其業務中利用的投資回報率的“回報率”（稅前利潤）的度量標準。要計算這個度量標準，億滋的計算公式如下：
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。
0.14 = US$7.2b ÷ (US$78b - US$25b) (Based on the trailing twelve months to March 2024).
0.14 = 72億美元 ÷ （780億美元-250億美元）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, Mondelez International has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Food industry average of 11% it's much better.
因此，億滋的ROCE爲14％。從絕對值來看，這是一個令人滿意的回報率，但與11％的食品行業平均水平相比，要好得多。
Above you can see how the current ROCE for Mondelez International compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Mondelez International for free.
上面你可以看到億滋當前ROCE與其先前資本回報率的比較情況，但過去只能說出這麼多。如果您想，可以免費查看覆蓋億滋的分析師的預測。
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。
Mondelez International's ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 79% in that same time. 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. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
億滋的ROCE增長非常令人印象深刻。具體而言，雖然該公司在過去的五年中保持了相對穩定的資本投入，ROCE在同一時期增長了79％。基本上，該業務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提高。在這方面，情況看起來還不錯，值得探究一下管理層關於未來增長計劃的說法。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
To bring it all together, Mondelez International has done well to increase the returns it's generating from its capital employed. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 32% to shareholders. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
綜上所述，億滋已成功增加了其從資本投入中獲得的回報。投資者可能對有利的基礎趨勢並不印象深刻，因爲在過去的五年中，該股票對股東僅回報了32％。因此，如果估值和其他度量標準能夠匹配的話，探索更多該股票的信息可能會發現一個好的機會。
One more thing to note, we've identified 1 warning sign with Mondelez International and understanding it should be part of your investment process.
還有一件事要注意，我們已經識別出億滋的1個警告標誌，並且理解它應該是您投資過程的一部分。
While Mondelez International isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然億滋的回報不是最高的，但請查看這個免費的公司列表，這些公司擁有可靠的資產負債表和高回報的股權。
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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.
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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。
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。