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Shareholders Are Optimistic That AutoZone (NYSE:AZO) Will Multiply In Value

Shareholders Are Optimistic That AutoZone (NYSE:AZO) Will Multiply In Value

股東們對於汽車地帶(紐交所:AZO)的股價大漲持樂觀態度。
Simply Wall St ·  07/02 18:05

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So, when we ran our eye over AutoZone's (NYSE:AZO) trend of ROCE, we really liked what we saw.

要找到一個潛力大的業務不容易,但只要我們查看一些關鍵的財務指標是可能的。除其他因素外,我們想看到兩件事; 首先,資本僱用的增長。這向我們表明它是一個複利機器,能夠不斷將其收益重新投資於業務,併產生更高的回報。因此,當我們觀察易大宗控股(HKG:1733)ROCE的趨勢時,我們真的很喜歡我們看到的。資產回報率:它是什麼?如果您不確定ROCE是什麼,它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數,使用以下公式:0.054 = 1.24億美元÷(31億美元 - 8.53億美元)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。最終,這證明了它是一個不斷以遞增的投資回報率重新投資利潤的業務。因此,當我們審視AutoZone(紐交所:AZO)的ROCE趨勢時,我們真的很喜歡我們看到的內容。

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. To calculate this metric for AutoZone, this is the formula:

對於那些不確定ROCE是什麼的人來說,它衡量的是公司在業務中使用的資本所能產生的稅前利潤的數量。要爲AutoZone計算此指標,應使用以下公式:

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。

0.47 = US$3.7b ÷ (US$17b - US$9.2b) (Based on the trailing twelve months to May 2024).

0.47 = US$3.7b ÷ (US$17b - US$9.2b)(截至2024年5月的過去十二個月).

Therefore, AutoZone has an ROCE of 47%. In absolute terms that's a great return and it's even better than the Specialty Retail industry average of 12%.

因此,AutoZone的ROCE爲47%。從絕對角度來看,這是一個很好的回報,甚至優於12%的專業零售行業平均水平。

roce
NYSE:AZO Return on Capital Employed July 2nd 2024
紐交所:AZO資本僱用回報率2024年7月2日

Above you can see how the current ROCE for AutoZone 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 AutoZone for free.

您可以看到AutoZone當前的ROCE與其過去的資本回報率相比如何,但過去的信息只能了解到一定程度。如果您願意,您可以免費查看涵蓋AutoZone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。

In terms of AutoZone's history of ROCE, it's quite impressive. The company has consistently earned 47% for the last five years, and the capital employed within the business has risen 78% in that time. Now considering ROCE is an attractive 47%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. You'll see this when looking at well operated businesses or favorable business models.

就AutoZone的ROCE歷史記錄而言,它相當令人印象深刻。該公司連續五年均獲得47%的回報,業務中所使用的資本在此期間增長了78%。現在,考慮到ROCE爲47%的吸引力,這種組合實際上非常吸引人,因爲它意味着企業可以持續地投入資金併產生這些高回報。當查看經營良好的企業或受歡迎的商業模式時,您將看到這一點。

Another thing to note, AutoZone has a high ratio of current liabilities to total assets of 54%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.

還要注意,AutoZone的流動負債與總資產的比率非常高,達到54%。這實際上意味着供應商(或短期債權人)爲業務提供了大部分資金,因此請注意,這可能會引入某些風險因素。理想情況下,我們希望看到這種比率降低,因爲這將意味着承擔風險的義務更少。

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 the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. On top of that, the stock has rewarded shareholders with a remarkable 148% return to those who've held over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.

最終,公司已經證明它可以以高回報率重新投資其資本,這是多倍增長的特徵。除此之外,對於那些在過去五年中持有該股票的股東們,該股票已爲他們提供了驚人的148%的回報。所以,雖然投資者似乎已經認識到了這些有前途的趨勢,但我們仍然認爲這支股票值得進一步的研究。

One final note, you should learn about the 3 warning signs we've spotted with AutoZone (including 2 which are concerning) .

最後一個注意點,您應該了解我們發現的AutoZone的3個警告信號(其中2個令人擔憂)。

AutoZone is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.

AutoZone不是唯一一家獲得高回報的公司。如果您想了解更多,請查看我們的免費公司盈利能力良好的股票清單。

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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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