Investors Met With Slowing Returns on Capital At Norwegian Cruise Line Holdings (NYSE:NCLH)
Investors Met With Slowing Returns on Capital At Norwegian Cruise Line Holdings (NYSE:NCLH)
What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Norwegian Cruise Line Holdings (NYSE:NCLH), it didn't seem to tick all of these boxes.
如果我們想找到那些能在長期內增值的股票，應該關注哪些趨勢？在完美世界中，我們希望看到一家公司將更多的資本投入到業務中，理想情況下，從那些資本中獲得的回報也在增加。簡而言之，這些類型的企業是複合機器，意味着它們不斷地以越來越高的回報率重新投資其收益。但是，當我們看挪威郵輪控股公司 (NYSE:NCLH)時，它似乎不符合這些準則的全部。
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。
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. To calculate this metric for Norwegian Cruise Line Holdings, this is the formula:
只是爲了澄清，如果您不確定，ROCE是衡量一家公司在其業務中投資的資本獲得多少稅前收入的指標。要計算挪威郵輪控股公司的該指標，可以使用以下公式：
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。
0.086 = US$1.1b ÷ (US$20b - US$6.6b) (Based on the trailing twelve months to March 2024).
0.086 = US$11億 ÷ (US$200億 - US$6.6b) (基於截至2024年3月的過去12個月)。
Thus, Norwegian Cruise Line Holdings has an ROCE of 8.6%. In absolute terms, that's a low return but it's around the Hospitality industry average of 11%.
因此，挪威郵輪控股公司的ROCE爲8.6%。就絕對值而言，這是一個較低的回報，但它接近酒店業的11%行業平均水平。
Above you can see how the current ROCE for Norwegian Cruise Line Holdings 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 Norwegian Cruise Line Holdings .
在上面，您可以看到挪威郵輪控股公司的當前ROCE與其以往資本回報的比較情況，但是過去的數據只能告訴我們這麼多。如果您感興趣，可以在我們爲挪威郵輪控股公司提供的免費分析師報告中查看分析師的預測。
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。
There hasn't been much to report for Norwegian Cruise Line Holdings' returns and its level of capital employed because both metrics have been steady for the past five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at Norwegian Cruise Line Holdings in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
在過去的五年中，挪威郵輪控股公司的回報率和資本投入水平都保持穩定，沒有太多進展。這告訴我們該公司沒有再重新投資，因此它很可能已經走出了增長階段。因此，除非我們看到挪威郵輪控股公司的ROCE和其他投資得到實質性的變化，否則我們認爲它不太可能成爲多倍幾何級數股票。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 33% of total assets, this reported ROCE would probably be less than8.6% because total capital employed would be higher.The 8.6% ROCE could be even lower if current liabilities weren't 33% of total assets, because the the formula would show a larger base of total capital employed. So while current liabilities isn't high right now, keep an eye out in case it increases further, because this can introduce some elements of risk.
另外，儘管ROCE趨勢的變化可能並不引人注目，但有趣的是，過去五年中，當前負債實際上已經增加了。這很有趣，因爲如果當前負債未增加到總資產的33%，那麼這種報告的ROCE可能會低於8.6%，因爲總投入資本會更高。如果當前負債不高，但請注意，如果它進一步增加，可能會引入一些風險因素。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
We can conclude that in regards to Norwegian Cruise Line Holdings' returns on capital employed and the trends, there isn't much change to report on. And investors appear hesitant that the trends will pick up because the stock has fallen 62% in the last five years. Therefore based on the analysis done in this article, we don't think Norwegian Cruise Line Holdings has the makings of a multi-bagger.
綜上所述，就挪威郵輪控股公司的資本回報和趨勢而言，沒有太多新進展可以報告。而投資者似乎也不太願意看到這些趨勢在上升，因爲過去的五年中該股票下跌了62%。因此，基於在本文中所做的分析，我們不認爲挪威郵輪控股公司具備成爲多倍幾何級數股票的潛力。
Norwegian Cruise Line Holdings does have some risks though, and we've spotted 1 warning sign for Norwegian Cruise Line Holdings that you might be interested in.
挪威郵輪控股公司確實存在一些風險，而我們還發現了一些您可能感興趣的風險預警。 （此處未提供翻譯服務）
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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。