Certara (NASDAQ:CERT) May Have Issues Allocating Its Capital
Certara (NASDAQ:CERT) May Have Issues Allocating Its Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. Having said that, from a first glance at Certara (NASDAQ:CERT) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果你正在尋找一家有多重增長機會的公司，需要關注幾個方面。首先，公司的資本回報率（ROCE）在增長，其次，公司的資本使用量在增加。如果滿足這兩個條件，通常意味着這是一家擁有出色的業務模式和盈利再投資機會的公司。儘管如此，從我們對納斯達克證券市場的 Certara (納斯達克代碼：certara) 的深入研究來看，公司的回報率趨勢似乎並沒有讓我們感到興奮，但讓我們再仔細研究一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. Analysts use this formula to calculate it for Certara:
ROCE 是指公司從其業務使用的資本中能夠創造多少稅前利潤。分析師使用以下公式計算 Certara 的 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。
0.0062 = US$8.7m ÷ (US$1.5b - US$129m) (Based on the trailing twelve months to June 2024).
0.0062 = 美元 $8,700,000 ÷ (美元 $15億 - 美元 $129,000,000)（截至2024年6月近12個月的數據）。因此，Certara 的 ROCE 爲 0.6%。就絕對數值而言，這是較低的回報率，並且低於醫療保健服務行業的平均水平 6.0%。
Therefore, Certara has an ROCE of 0.6%. In absolute terms, that's a low return and it also under-performs the Healthcare Services industry average of 6.0%.
因此，Certara 的 ROCE 不高。在傳統 ROCE 連續5年下滑的情況下，過去12個月中，營收並沒有因此增加反而表現平平，但這也可能反映了公司的長期投資。在未來的一段時間內，可能需要一些時間才能看到這些投資爲公司帶來的盈利變化。
In the above chart we have measured Certara'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 Certara for free.
在上面的圖表中，我們測量了 Certara 以往的 ROCE 表現，但未來可能更爲重要。如果您願意，您可以免費查看覆蓋 Certara 的分析師的預測。
What Can We Tell From Certara's ROCE Trend?
從 Certara 的 ROCE 趨勢中我們能夠得出什麼結論呢？
In terms of Certara's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 0.6% from 1.1% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
就 Certara 的歷史 ROCE 走勢而言，並不是非常樂觀。在過去的5年中，資本回報率從5年前的1.1%下降到了0.6%。與此同時，公司正在使用更多的資本，但在過去的12個月中，這並沒有在銷售額上產生顯著的影響，因此這可能反映了長期投資。在公司開始從這些投資中看到任何盈利變化之前，可能需要一些時間。
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。
In summary, Certara is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last three years, the stock has given away 57% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總的來說，Certara 正在將資金重新投入到業務增長中，但不幸的是，銷售額並沒有顯著增長。在過去的三年中，該股票已下跌57%，因此市場對這些趨勢加強表示並不看好。總之，這些內在趨勢並非 Typi 定型行業板塊，因此如果這是您尋找的公司，我們認爲您可能需要在其他地方試試手氣。
Certara could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for CERT on our platform quite valuable.
Certara 在其他方面可能會以有吸引力的價格上市，因此您可能會發現我們平台上針對 CERt 的自由內部價值估計非常有價值。
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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