DocuSign (NASDAQ:DOCU) Shareholders Will Want The ROCE Trajectory To Continue
DocuSign (NASDAQ:DOCU) Shareholders Will Want The ROCE Trajectory To Continue
What trends should we look for it we want to identify stocks that can 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Speaking of which, we noticed some great changes in DocuSign's (NASDAQ:DOCU) returns on capital, so let's have a look.
如果我們想要找到能夠在長期內增值的股票,我們應該尋找哪些趨勢呢?首先,我們會想要看到一個經得起考驗的資金回報率 (ROCE),它是不斷增加的;其次,是擴大的資金回報率基礎。基本上這意味着一個公司有利潤豐厚的舉措,可以繼續不斷地進行再投資,這是複利機器的特徵。說到這裏,我們注意到了 DocuSign (納斯達克:docusign) 在資本回報上有很大的變化,所以讓我們來看看。
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. The formula for this calculation on DocuSign is:
僅爲澄清,如果您不確定,ROCE 是一種用於評估公司在其商業運營中投資的資金所產生的稅前收入的指標。在 DocuSign 上計算此指標的公式是:
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。
0.068 = US$90m ÷ (US$2.9b - US$1.6b) (Based on the trailing twelve months to April 2024).
0.068 = 美元9000萬 ÷(美元29億 - 美元1.6b)(基於過去12個月至2024年4月)。
Therefore, DocuSign has an ROCE of 6.8%. In absolute terms, that's a low return but it's around the Software industry average of 8.2%.
因此,DocuSign 的 ROCE 爲6.8%。絕對產生的回報率並不高,但它大約與軟件行業平均水平相當。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240820/0-f3b6b4914a9985233f787e01f2945097-0-f52da259358cb905998a1120fc9a30f8.png/big)
Above you can see how the current ROCE for DocuSign compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering DocuSign for free.
您可以看到 DocuSign 目前的 ROCE 與其以前的資本回報率相比如何,但是從過去中你只能了解這些信息。如果您願意,您可以免費查看分析師對 DocuSign 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。
Shareholders will be relieved that DocuSign has broken into profitability. While the business was unprofitable in the past, it's now turned things around and is earning 6.8% on its capital. While returns have increased, the amount of capital employed by DocuSign has remained flat over the period. That being said, while an increase in efficiency is no doubt appealing, it'd be helpful to know if the company does have any investment plans going forward. So if you're looking for high growth, you'll want to see a business's capital employed also increasing.
股東們將鬆了一口氣,因爲 DocuSign 已經實現了盈利。儘管這家公司以前是沒有盈利的,但現在已經扭轉了局面,資本產生了6.8%的回報。儘管回報率已經增加,但 DocuSign 所使用的資本金額卻在這段時間內保持不變。也就是說,雖然效率的提高無疑很有吸引力,但如果該公司有任何投資計劃,了解這一點將非常有益。因此,如果您正在尋找高增長,您需要看到公司使用的資本也在增加。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 55% of the business, which is more than it was five years ago. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
順便說一下,我們注意到ROCE的提高似乎部分是由流動負債的增加推動的。實際上,這意味着供應商或短期債權人現在爲公司提供了55%的資金,這比五年前還要多。考慮到它的比率相當高,我們要提醒投資者,在某些業務中,擁有這樣的流動負債水平可能會帶來一些風險。
Our Take On DocuSign's ROCE
我們對 DocuSign 的 ROCE 的看法。
In summary, we're delighted to see that DocuSign has been able to increase efficiencies and earn higher rates of return on the same amount of capital. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 26% to shareholders. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
總的來說,我們很高興看到 DocuSign 能夠提高效率並在相同資本總額的情況下獲得更高的回報率。投資者可能還沒有對良好的基本趨勢產生印象,因爲在過去五年中,這隻股票只爲股東創造了26%的回報。因此,如果估值和其他指標符合標準,進一步了解這隻股票可能會揭示一個好機會。
While DocuSign looks impressive, no company is worth an infinite price. The intrinsic value infographic for DOCU helps visualize whether it is currently trading for a fair price.
儘管 DocuSign 看起來很不錯,但沒有任何一家公司的價值是無限的。DOCU 的內在價值信息圖可以幫助你了解它當前是否以公正的價格交易。
While DocuSign isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然 DocuSign 的回報率不是最高的,但是請查看此免費公司列表,這些公司在公司資產負債表方面具有優異的回報率和良好的資產負債表。
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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。
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