Returns At H.B. Fuller (NYSE:FUL) Are On The Way Up
Returns At H.B. Fuller (NYSE:FUL) Are On The Way Up
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. With that in mind, we've noticed some promising trends at H.B. Fuller (NYSE:FUL) so let's look a bit deeper.
我們在尋找長期股票投資中可以產生價值收益的投資標的時需要關注一些趨勢。首先，我們需要看到資本回報率（ROCE）在增長，其次，公司資本的總量也需要有所增加。這說明該企業正在以逐漸增長的回報率將利潤再投資。因此，在這方面，我們注意到富樂（NYSE: FUL）的一些有希望的趨勢，下面讓我們來更加深入了解。
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. The formula for this calculation on H.B. Fuller is:
如果你不確定什麼是ROCE，它衡量的是公司能夠從其業務中使用的資本產生的稅前利潤的額度。在富樂的計算公式中，我們看到ROCE的值爲0.098（截至2024年6月的最近12個月數據），大約是化學品行業8.8%的平均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。
0.098 = US$417m ÷ (US$4.9b - US$684m) (Based on the trailing twelve months to June 2024).
因此，在富樂的ROCE爲9.8%。單獨看這個數據比較低，但與化學品行業的8.8%平均ROCE相比則不低。
Thus, H.B. Fuller has an ROCE of 9.8%. On its own, that's a low figure but it's around the 8.8% average generated by the Chemicals industry.
你可以看到上面的圖表比較富樂當前的ROCE與它以前的資本回報率，但是過去的數據信息僅能提供有限的參考價值。如果您感興趣，您可以查看我們針對富樂免費的分析師報告中的專家預測情況。
Above you can see how the current ROCE for H.B. Fuller 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 H.B. Fuller .
在上圖中，你可以看到富樂目前的ROCE與其以前的資本回報率相比，但我們只能從過去得到有限的信息參考。如果您感興趣，您可以查看我們針對富樂免費的分析師報告中的專家預測情況。
So How Is H.B. Fuller's ROCE Trending?
那麼，富樂的ROCE趨勢如何呢？
H.B. Fuller's ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 35% in that same time. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
富樂的ROCE增長非常令人印象深刻。具體來說，儘管該公司在過去五年中將資本靜態地保持不變，但在同一時期內，ROCE增長了35%。因此，我們認爲，企業提高了效率，產生了更高的回報，同時也不需要進行額外的投資。在這方面，情況看起來很好，因此值得探討管理層對增長計劃的看法。
What We Can Learn From H.B. Fuller's ROCE
我們可以從富樂的ROCE中學到什麼呢？
To sum it up, H.B. Fuller is collecting higher returns from the same amount of capital, and that's impressive. And with a respectable 82% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. In light of that, we think it's worth looking further into this stock because if H.B. Fuller can keep these trends up, it could have a bright future ahead.
總之，富樂從同樣數量的資本中獲得更高的回報，這令人印象深刻。持有富樂股票的人在過去五年中獲得了可觀的82%回報率，這表明這些趨勢正在逐漸引起人們的關注。考慮到這一點，我們認爲值得進一步深入研究這隻股票，因爲如果富樂能夠保持這些趨勢，則其未來可能會非常光明。
If you'd like to know more about H.B. Fuller, we've spotted 2 warning signs, and 1 of them is potentially serious.
如果您想了解更多關於富樂的信息，我們已經發現了2個警告信號，其中1個可能是嚴重的。
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。