Returns On Capital At Republic Services (NYSE:RSG) Have Stalled
Returns On Capital At Republic Services (NYSE:RSG) Have Stalled
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So, when we ran our eye over Republic Services' (NYSE:RSG) trend of ROCE, we liked what we saw.
如果您正在尋找更高投資回報的股票，有幾點需要關注。通常來說，我們希望能夠注意到 ROCE（資本僱用回報率）不斷增長的趨勢，同時，資本僱用的基數也在不斷擴大。如果能看到這種情況，通常意味着這家公司擁有出色的商業模式，並且有許多有利可圖的再投資機會。因此，我們檢查了共和廢品處理公司（NYSE:RSG）的 ROCE 趨勢，並且非常認同它。
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。
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. The formula for this calculation on Republic Services is:
爲了澄清一下，如果您不確定，ROCE 是用於評估公司在商業運營中投資的資本所賺取的稅前收入的一個度量標準（以百分比方式表示）。對於共和廢品處理公司，這個計算公式是：
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。
0.11 = US$3.0b ÷ (US$32b - US$4.5b) (Based on the trailing twelve months to June 2024).
0.11 = 美元 30 億 ÷（美元 320 億 - 美元 4.5 億）（截至 2024 年 6 月的過去 12 個月）。
Thus, Republic Services has an ROCE of 11%. That's a relatively normal return on capital, and it's around the 9.7% generated by the Commercial Services industry.
因此，共和廢品處理公司的 ROCE 是 11%。這是一個相對正常的資本回報率，和商業服務業板塊產生的 9.7% 左右相當。
In the above chart we have measured Republic Services' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Republic Services .
在上圖中，我們對共和廢品處理公司的之前 ROCE 進行了測量，但未來可能更加重要。如果您有興趣，可以在我們爲共和廢品處理公司提供的免費分析師報告中查看分析師的預測。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
While the returns on capital are good, they haven't moved much. The company has consistently earned 11% for the last five years, and the capital employed within the business has risen 49% in that time. Since 11% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
儘管資本回報率很好，但它們並沒有變化太多。公司在過去五年中一直賺取 11% 的資本回報率，並且企業中使用的資本在這段時間內增長了 49%。由於 11% 是一箇中等的回報率，因此看到企業可以以這樣的良好回報率持續再投資是非常好的。長期來看，像這樣的回報並不會太引人注目，但是通過不懈的持續，它們可以轉化爲股價回報。
Our Take On Republic Services' ROCE
我們對共和廢品處理公司的 ROCE 的看法
To sum it up, Republic Services has simply been reinvesting capital steadily, at those decent rates of return. And the stock has done incredibly well with a 139% return over the last five years, so long term investors are no doubt ecstatic with that result. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
總而言之，共和廢品處理公司不斷以相當的良好回報率再投資，股票在過去五年中表現出衆，獲得了 139% 的回報，因此，長期投資者對此結果無疑感到非常高興。因此，儘管股票可能比以前更“昂貴”，但我們認爲強勁的基本面使這個股票值得進一步研究。
On a final note, we've found 2 warning signs for Republic Services that we think you should be aware of.
最後，我們已經發現了共和廢品處理公司的 2 個警示信號，我們認爲您應該予以注意。
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。