There Are Reasons To Feel Uneasy About Levi Strauss' (NYSE:LEVI) Returns On Capital
There Are Reasons To Feel Uneasy About Levi Strauss' (NYSE:LEVI) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Levi Strauss (NYSE:LEVI) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你不確定下一個賺大錢的起點在哪裏,那麼你應該留意一些關鍵趨勢。其中一種常見方法是嘗試找到一個ROCE回報增長的公司,加上資本投入的增長。基本上這意味着一家有盈利的公司能夠繼續投資,這是一個複利機器的特點。然而,簡要檢視數據後,我們認爲Levi Strauss(紐約證券交易所:LEVI)未來並不具備成爲多倍股的可能性,但讓我們看看原因。
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。
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 Levi Strauss, this is the formula:
如果你以前沒有使用ROCE,那它衡量的是公司從業務中使用的資本所產生的“回報”(稅前利潤)。要計算Levi Strauss這個指標,應該使用這個公式:
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。
0.13 = US$554m ÷ (US$6.2b - US$1.9b) (Based on the trailing twelve months to May 2024).
0.13 = US$55400萬 ÷ (US$62億 - US$1.9b) (基於2024年5月的過去十二個月)。
So, Levi Strauss has an ROCE of 13%. By itself that's a normal return on capital and it's in line with the industry's average returns of 13%.
因此,萊維·斯特勞斯的ROCE爲13%。這本身是一種正常的資本回報和與行業平均回報13%相一致。
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Above you can see how the current ROCE for Levi Strauss 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 Levi Strauss .
上面你可以看到萊維·斯特勞斯目前的ROCE如何與以前的資本回報相比較,但從過去只能得出有限的結論。如果你感興趣,你可以查看分析師爲Levi Strauss編制的免費分析報告。
So How Is Levi Strauss' ROCE Trending?
那麼萊維·斯特勞斯的ROCE走勢如何?
In terms of Levi Strauss' historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 20%, but since then they've fallen to 13%. However it looks like Levi Strauss might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
就萊維·斯特勞斯歷史上的ROCE變動來看,這一趨勢並不太好。大約五年前,資本回報率爲20%,但自那以後下降到13%。然而,看起來萊維·斯特勞斯可能正在進行長期增長的再投資,因爲雖然資本投入增加了,但公司的銷售額在過去的12個月中沒有太大變化。可能需要一些時間才能看到公司從這些投資中的收益的變化。
What We Can Learn From Levi Strauss' ROCE
總之,我們發現萊維·斯特勞斯正在對公司進行再投資,但回報率卻不斷下降。投資者可能已經認識到這些趨勢,因爲該股票在過去五年中僅爲股東回報了4.7%。所以,如果你正在尋找一個多倍股,基本面趨勢表明你可能在其他地方有更好的機會。
To conclude, we've found that Levi Strauss is reinvesting in the business, but returns have been falling. And investors may be recognizing these trends since the stock has only returned a total of 4.7% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
最後,我們發現萊維·斯特勞斯存在三個預警信號,這是你應該知道的。
On a final note, we've found 3 warning signs for Levi Strauss that we think you should be aware of.
最後我們發現了3個Levi Strauss的警示信號,我們認爲你應該注意。
While Levi Strauss 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.
雖然萊維·斯特勞斯目前的回報率不是最高的,但我們已經編制了一份目前收益率超過25%的公司列表。在這裏查看這個免費列表。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。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。