Returns Are Gaining Momentum At Vivid Seats (NASDAQ:SEAT)
Returns Are Gaining Momentum At Vivid Seats (NASDAQ:SEAT)
There are a few key trends to look for if we want to identify the next multi-bagger. 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. 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 Vivid Seats' (NASDAQ:SEAT) returns on capital, so let's have a look.
如果我們想找到下一個多倍增長股，就需要關注一些關鍵趨勢。其中，我們需要看到兩件事情，首先是在使用資本方面增長，這表明它是一個複利機器 ，能夠不斷將收益再投入業務中，從而產生更高的回報。考慮到這一點，我們注意到了DexCom（納斯達克：DXCM）正在出現一些有前途的趨勢，我們進行了更深入的研究。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。如果您看到這個，通常意味着這是一家擁有良好業務模式並有充足有利可圖的再投資機會的公司的資產。說到這一點，我們注意到Vivid Seats（納斯達克：SEAT）資本回報率有了很大的變化，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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Vivid Seats:
僅爲澄清，如果您不確定，ROCE是評估公司在其業務投資的資本上賺取多少稅前收入（以百分比形式）的指標。分析師使用此公式爲Vivid Seats計算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。
0.068 = US$72m ÷ (US$1.6b - US$525m) (Based on the trailing twelve months to March 2024).
0.068 = 7200萬美元 ÷（16億美元 - 5.25億美元）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, Vivid Seats has an ROCE of 6.8%. Ultimately, that's a low return and it under-performs the Entertainment industry average of 11%.
因此，Vivid Seats的ROCE爲6.8％。最終，這是一種較低的回報，低於娛樂行業平均水平11％。
Above you can see how the current ROCE for Vivid Seats 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 Vivid Seats for free.
您可以看到Vivid Seats當前ROCE與其過去資本回報的比較情況，但過去僅能說明很少的事情。如果您願意，可以免費查看分析師對Vivid Seats的預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
We're delighted to see that Vivid Seats is reaping rewards from its investments and has now broken into profitability. While the business was unprofitable in the past, it's now turned things around and is earning 6.8% on its capital. On top of that, what's interesting is that the amount of capital being employed has remained steady, so the business hasn't needed to put any additional money to work to generate these higher returns. That being said, while an increase in efficiency is no doubt appealing, it'd be helpful to know if the company does have any investment plans going forward. Because in the end, a business can only get so efficient.
我們很高興看到Vivid Seats從其投資中獲得回報，並已經進入了盈利模式。雖然過去業務不盈利，但現在情況發生了變化，並且資本收益率爲6.8％。更有趣的是，所使用的資本金額保持穩定，因此業務並不需要投入任何額外的資金來產生更高的回報。話雖如此，雖然效率提高無疑是有吸引力的，但了解公司是否有任何投資計劃也將是有幫助的。最終，一個企業只能變得如此高效。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Essentially the business now has suppliers or short-term creditors funding about 33% of its operations, which isn't ideal. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
但是，值得記錄的是，該公司的流動負債在此期間有顯着增長，因此我們將ROCE增長的一部分歸因於此。基本上，該業務現在有供應商或短期債權人爲其運營提供資金，佔其總資產的大約33％，這並不理想。這值得關注，因爲隨着流動負債佔總資產的百分比增加，某些風險方面也會增加。
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 sum it up, Vivid Seats is collecting higher returns from the same amount of capital, and that's impressive. And since the stock has fallen 45% over the last three years, there might be an opportunity here. With that in mind, we believe the promising trends warrant this stock for further investigation.
總之，Vivid Seats從相同的資本中獲得更高的回報，這令人印象深刻。考慮到該股票在過去三年中下跌了45％，可能存在機會。有鑑於此，我們認爲這些有前途的趨勢值得進一步調查該股票。
On a separate note, we've found 1 warning sign for Vivid Seats you'll probably want to know about.
另外，我們發現Vivid Seats有1個警告信號，您可能需要了解。
While Vivid Seats may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管Vivid Seats目前可能沒有獲得最高的回報，但是我們已編制了一份目前獲得超過25％的股本回報的公司列表。單擊此處查看此免費列表。
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。