Driven Brands Holdings (NASDAQ:DRVN) Hasn't Managed To Accelerate Its Returns
Driven Brands Holdings (NASDAQ:DRVN) Hasn't Managed To Accelerate Its Returns
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Driven Brands Holdings (NASDAQ:DRVN) and its ROCE trend, we weren't exactly thrilled.
如果想要辨別股票的長期價值是否會增值，需要關注什麼趨勢？理想情況下，一家公司應該出現兩種趨勢，首先是資本運用不斷增長，如果您看到這種趨勢，通常意味着這是一傢俱有良好商業模式和盈利再投資機會充足的公司。儘管我們看過TransUnion（NYSE:TRU）公司，但並不是所有的都適用。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。最終，這證明了這是一家正在以逐漸增加的回報率重新投資利潤的企業。因此，當我們看到納斯達克上的Driven Brands Holdings（NASDAQ:DRVN）的ROCE趨勢時，並沒有讓我們感到非常激動。
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 Driven Brands Holdings:
對於那些不確定ROCE是什麼的人，它衡量了公司在業務中使用的資本所能產生的稅前利潤金額。分析師使用該公式來計算Driven Brands Holdings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。
0.057 = US$311m ÷ (US$5.9b - US$439m) (Based on the trailing twelve months to March 2024).
0.057=3.11億美元÷（59億美元-4.39億美元）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, Driven Brands Holdings has an ROCE of 5.7%. In absolute terms, that's a low return and it also under-performs the Commercial Services industry average of 9.8%.
所以，Driven Brands Holdings的ROCE爲5.7%。絕對來說，這是一個相對較低的回報，甚至低於商業服務業的平均水平9.8%。
In the above chart we have measured Driven Brands Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Driven Brands Holdings .
在上面的圖表中，我們將Driven Brands Holdings的過去ROCE與其過去表現進行了比較，但未來則更爲重要。如果您想了解分析師對Driven Brands Holdings的預測，請查看我們的免費分析師報告。
What Does the ROCE Trend For Driven Brands Holdings Tell Us?
Driven Brands Holdings的ROCE趨勢告訴我們什麼？
There are better returns on capital out there than what we're seeing at Driven Brands Holdings. The company has consistently earned 5.7% for the last five years, and the capital employed within the business has risen 306% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
更好的資本回報率投資機會比Driven Brands Holdings看到的要多。在過去的五年中，公司的回報率始終爲5.7%，而業務中使用的資本在這段時間內增長了306%。鑑於公司增加了使用的資本數量，似乎這些投資只是在資本上並沒有獲得高回報。
The Key Takeaway
重要提示
As we've seen above, Driven Brands Holdings' returns on capital haven't increased but it is reinvesting in the business. Since the stock has declined 54% over the last three years, investors may not be too optimistic on this trend improving either. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
正如我們之前所看到的，Driven Brands Holdings的資本回報率並沒有增加，但它正在企業中進行再投資。由於股票在過去三年中下跌了54%，投資者可能對這個趨勢的改善並不太樂觀。總之，我們對潛在趨勢不是太有信心，認爲可能有更好的機會在其他地方尋找多倍回報。
One more thing, we've spotted 1 warning sign facing Driven Brands Holdings that you might find interesting.
還有一件事，我們發現了1個警告信號，正面臨着Driven Brands Holdings可能會感興趣的問題。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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.
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。