Investors Could Be Concerned With CI&T's (NYSE:CINT) Returns On Capital
Investors Could Be Concerned With CI&T's (NYSE:CINT) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at CI&T (NYSE:CINT), it didn't seem to tick all of these boxes.
你知道有一些財務指標可以爲潛在的多袋人提供線索嗎?理想情況下,企業將呈現兩個趨勢;首先是使用資本回報率(ROCE)的增長,其次是所用資本的增加。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。但是,當我們查看Ci&T(紐約證券交易所代碼:CINT)時,它似乎並沒有勾選所有這些方框。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for CI&T:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用這個公式來計算 CI&T 的值:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.11 = R$253m ÷ (R$2.8b - R$552m) (Based on the trailing twelve months to March 2024).
0.11 = 2.53億雷亞爾 ÷(28億雷亞爾至5.52億雷亞爾)(基於截至2024年3月的過去十二個月)。
Therefore, CI&T has an ROCE of 11%. By itself that's a normal return on capital and it's in line with the industry's average returns of 11%.
因此,Ci&T的投資回報率爲11%。這本身就是正常的資本回報率,與該行業11%的平均回報率一致。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240721/0-2ce68c0b8bf67018c4fa8dd268bebe4b-0-9b243495390b1da419ba75a98ba6f357.png/big)
Above you can see how the current ROCE for CI&T 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 CI&T for free.
在上面你可以看到Ci&T當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,你可以免費查看報道Ci&T的分析師的預測。
The Trend Of ROCE
ROCE 的趨勢
When we looked at the ROCE trend at CI&T, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 11% from 58% five years ago. However it looks like CI&T 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們查看Ci&T的投資回報率趨勢時,我們並沒有獲得太大的信心。在過去五年中,資本回報率從五年前的58%下降到11%。但是,看來Ci&T可能正在進行再投資以實現長期增長,因爲儘管動用資本有所增加,但該公司的銷售額在過去12個月中沒有太大變化。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
On a related note, CI&T has decreased its current liabilities to 20% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是,Ci&T已將其流動負債減少至總資產的20%。這可以部分解釋投資回報率下降的原因。更重要的是,這可以降低業務風險的某些方面,因爲現在公司的供應商或短期債權人爲其運營提供的資金減少了。有人會聲稱這降低了企業產生投資回報率的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Bottom Line On CI&T's ROCE
CI&T 投資回報率的底線
Bringing it all together, while we're somewhat encouraged by CI&T's reinvestment in its own business, we're aware that returns are shrinking. Additionally, the stock's total return to shareholders over the last year has been flat, which isn't too surprising. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
綜上所述,儘管CI&T對自有業務的再投資使我們感到有些鼓舞,但我們意識到回報正在萎縮。此外,該股去年的股東總回報率持平,這並不奇怪。無論如何,該股票不具有上面討論的多袋裝股票的特徵,因此,如果您正在尋找這種特徵,我們認爲您在其他地方會更幸運。
If you're still interested in CI&T it's worth checking out our FREE intrinsic value approximation for CINT to see if it's trading at an attractive price in other respects.
如果您仍然對Ci&T感興趣,值得查看我們的免費CiNT內在價值近似值,看看它在其他方面的交易價格是否具有吸引力。
While CI&T isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管Ci&T的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。
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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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接聯繫我們。或者,也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對這篇文章有反饋嗎?擔心內容嗎?直接聯繫我們。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。