Sea (NYSE:SE) Might Have The Makings Of A Multi-Bagger
Sea (NYSE:SE) 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? 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Speaking of which, we noticed some great changes in Sea's (NYSE:SE) returns on capital, so let's have a look.
如果我們想在長期內找到一隻能夠翻倍的股票，應該尋找什麼基本趨勢呢？一種常見的方法是嘗試尋找一家回報率增長、資本僱用逐漸增加的公司。 簡單地說，這些類型的企業是複合機器，這意味着它們在不斷地以越來越高的回報率再投資其收益。儘管如此，當我們看着 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。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。如果你看到這條信息，通常意味着這是一傢俱有良好商業模式並且有豐富的有利可圖再投資機會的公司。順便說一下，我們發現Sea（NYSE：SE）的資本回報率變化很大，所以讓我們來看看。
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 Sea:
對於那些不確定ROCE是什麼的人，它衡量的是公司從其業務中使用的資本中可以產生多少稅前利潤。分析師使用這個公式來計算Sea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。
0.016 = US$171m ÷ (US$19b - US$8.5b) (Based on the trailing twelve months to March 2024).
0.016 = US$17100萬 ÷ (US$190億 - US$8.5b)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, Sea has an ROCE of 1.6%. Ultimately, that's a low return and it under-performs the Entertainment industry average of 11%.
因此，Sea的ROCE爲1.6％。歸根結底，這是一個較低的回報率，低於娛樂行業平均水平11％。
Above you can see how the current ROCE for Sea 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 Sea .
您可以看到Sea目前的ROCE與其以前的資本回報率相比如何，但從過去中能了解的內容是有限的。如果您有興趣，您可以在我們的免費分析師報告中查看分析師的預測。
What Does the ROCE Trend For Sea Tell Us?
Sea的ROCE趨勢告訴我們什麼？
Sea has recently broken into profitability so their prior investments seem to be paying off. The company was generating losses five years ago, but now it's earning 1.6% which is a sight for sore eyes. And unsurprisingly, like most companies trying to break into the black, Sea is utilizing 321% more capital than it was five years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
Sea最近進入了盈利，因此他們之前的投資似乎正在產生回報。五年前，公司一直在虧損，但現在它實現了1.6％的收益，這是令人振奮的消息。並且不出所料，像大多數試圖收支兩平的公司一樣，Sea現在比五年前使用了321％的資本。我們喜歡這個趨勢，因爲它告訴我們該公司有可盈利的再投資機會，並且如果這種機會持續存在，將有望創造多倍收益。
On a side note, Sea's current liabilities are still rather high at 44% of total assets. 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. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
順便說一下，Sea目前的流動負債仍然相當高，佔總資產的44％。這實際上意味着供應商(或短期債權人)資助了公司的很大一部分業務，因此請注意這可能會引入一些風險。雖然這不一定是壞事，但如果這個比率更低，那也是有好處的。
What We Can Learn From Sea's ROCE
我們從Sea的ROCE中可以學到什麼？
Overall, Sea gets a big tick from us thanks in most part to the fact that it is now profitable and is reinvesting in its business. And with a respectable 98% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總的來說，Sea的表現讓我們非常滿意，主要是因爲它現在是盈利的，並且在資本回報上有再投資。而持有該股票的人在過去的五年中獲得了可觀的98％回報，這表明這些發展正在引起越來越多的關注。鑑於這一點，我們仍然認爲這家公司值得進行更進一步的盡職調查。
Like most companies, Sea does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣，Sea也存在一些風險，我們發現了一項警告標誌，您應該注意。
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。
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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。