Investors Could Be Concerned With Foot Locker's (NYSE:FL) Returns On Capital
Investors Could Be Concerned With Foot Locker's (NYSE:FL) Returns On Capital
What underlying fundamental trends can indicate that a company might be in decline? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. Having said that, after a brief look, Foot Locker (NYSE:FL) we aren't filled with optimism, but let's investigate further.
有哪些基本趨勢能表明公司可能處於衰退狀態?衰退中的企業通常有兩個基本趨勢,首先是資本僱用回報率(ROCE)下降和資本僱用基礎下降。這樣的趨勢最終意味着企業正在減少投資並且賺取的回報較少。話雖如此,簡單瀏覽後,我們並沒有看到富樂客(NYSE:FL)的樂觀情緒,但我們需要進一步調查。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。
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. The formula for this calculation on Foot Locker is:
對於不確定ROCE是什麼的人,它衡量的是公司從其業務中僱用的資本所能產生的稅前利潤數額。 Foot Locker的計算公式如下:
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。
0.025 = US$138m ÷ (US$6.9b - US$1.4b) (Based on the trailing twelve months to May 2024).
0.025 = US$13800萬 ÷(US$69億 - US$1.4b)(基於截至 2024 年 5 月的過去十二個月)。
So, Foot Locker has an ROCE of 2.5%. In absolute terms, that's a low return and it also under-performs the Specialty Retail industry average of 12%.
因此,富樂客的ROCE爲2.5%。絕對來說,這是一個相對較低的回報率,也低於專業零售行業平均水平12%。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240722/0-da7d2ba62aa6118f59186bbda920e487-0-5d32503ef288de322ba80ae0b54b62ea.png/big)
In the above chart we have measured Foot Locker's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Foot Locker for free.
在上面的圖表中,我們已經測量了富樂客以前的ROCE與其以前的表現,但未來可謂更爲重要。如果您願意,可以免費查看覆蓋富樂客的分析師預測。
What Can We Tell From Foot Locker's ROCE Trend?
從富樂客的ROCE趨勢中我們能得出哪些結論?
There is reason to be cautious about Foot Locker, given the returns are trending downwards. About five years ago, returns on capital were 13%, however they're now substantially lower than that as we saw above. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Foot Locker becoming one if things continue as they have.
考慮到回報率趨勢下降,對富樂客持謹慎態度是有理由的。大約五年前,資本回報率爲13%,但我們剛才看到,現在的回報率要低得多。與此同時,企業所僱用的資本在該時期內基本保持不變。表現出這些屬性的公司往往不是在縮小規模,而是處於成熟期並面臨來自競爭對手的利潤壓力。因此,由於這些趨勢通常不利於創造倍增機會,如果事態繼續發展下去,我們不會期待富樂客成爲倍增機會。
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。
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. Investors haven't taken kindly to these developments, since the stock has declined 30% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
總體而言,儘管相同資金投入所獲得的回報率較低,但這並不能表明該公司具有複利機器的跡象。投資者不會對這些趨勢持歡迎態度,因此股票跌幅已達30%,遠低於五年前的水平。由於這些領域內的趨勢並不好,我們可以考慮尋找其他機會。
If you're still interested in Foot Locker it's worth checking out our FREE intrinsic value approximation for FL to see if it's trading at an attractive price in other respects.
如果您仍然對富樂客感興趣,您可以查看我們免費的FL內在價值估算,以了解其是否以其他方面的優惠價格交易。
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。
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。