We Like These Underlying Return On Capital Trends At Magic Software Enterprises (NASDAQ:MGIC)
We Like These Underlying Return On Capital Trends At Magic Software Enterprises (NASDAQ:MGIC)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. So on that note, Magic Software Enterprises (NASDAQ:MGIC) looks quite promising in regards to its trends of return on capital.
如何找到可能會長期倍增的股票？首先，我們需要看到經過驗證的資本回報率（ROCE）在不斷增長，其次，資本投入的擴大。這表明它是一個複合機器，能夠不斷地將收益重新投入業務併產生更高的回報。在這方面，Magic Software Enterprises (納斯達克：MGIC) 在其資本回報率趨勢方面看起來相當有前途。
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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Magic Software Enterprises, this is the formula:
對於那些不了解的人來說，ROCE是衡量公司一年稅前利潤（其回報）與業務中使用的資本之間關係的指標。要計算這個指標，Magic Software Enterprises的公式如下：
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。
0.15 = US$57m ÷ (US$537m - US$162m) (Based on the trailing twelve months to March 2024).
0.15 = 5700萬美元 ÷ (53700萬美元 - 1.62億美元)（基於截至2024年3月的過去十二個月）。
Therefore, Magic Software Enterprises has an ROCE of 15%. In absolute terms, that's a satisfactory return, but compared to the Software industry average of 7.6% it's much better.
因此，Magic Software Enterprises的ROCE爲15％。從絕對意義上看，這是一個令人滿意的回報，但與軟件行業的平均水平7.6％相比要好得多。
In the above chart we have measured Magic Software Enterprises' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Magic Software Enterprises .
在上面的圖表中，我們測量了Magic Software Enterprises之前的ROCE與其之前的表現相比，但未來可能更重要。如果您想了解分析師未來的預測，請查看我們的免費分析師報告，了解Magic Software Enterprises的詳情。
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。
Magic Software Enterprises' ROCE growth is quite impressive. The figures show that over the last five years, ROCE has grown 54% whilst employing roughly the same amount of capital. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
Magic Software Enterprises的ROCE增長非常令人印象深刻。數據顯示，在過去的五年中，ROCE增長了54％，同時資本規模大致相同。基本上，這家公司從相同數量的資本中產生了更高的回報，這證明公司的效率有所提高。但是，有必要更深入地研究，因爲雖然業務效率提高了很棒，但也可能意味着在進行內部有機增長的投資時存在不足。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. The current liabilities has increased to 30% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
儘管如此，公司的流動負債在該時期有明顯增長，因此我們會將一些ROCE的增長歸因於此。流動負債已增加到總資產的30％，因此業務現在更多地由其供應商或短期債權人提供資金支持。保持關注這一點是值得的，因爲隨着流動負債佔總資產比例的增加，某些風險方面也會增加。
The Bottom Line On Magic Software Enterprises' ROCE
關於Magic Software Enterprises的ROCE：
To bring it all together, Magic Software Enterprises has done well to increase the returns it's generating from its capital employed. Considering the stock has delivered 40% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
綜上所述，Magic Software Enterprises已經成功地增加了其資本運用所產生的回報。考慮到該股票在過去的五年中爲其股東提供了40％的回報，可以認爲投資者尚未完全意識到有前景的趨勢。因此，如果價值和其他指標達標，探索更多關於這隻股票的信息可能會揭示一個很好的機會。
Like most companies, Magic Software Enterprises does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣，Magic Software Enterprises也存在一些風險，我們發現了1個警告標誌，您應該注意一下。
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。
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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。