Photronics (NASDAQ:PLAB) Shareholders Will Want The ROCE Trajectory To Continue
Photronics (NASDAQ:PLAB) Shareholders Will Want The ROCE Trajectory To Continue
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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, Photronics (NASDAQ:PLAB) looks quite promising in regards to its trends of return on capital.
如果你不確定從哪裏開始尋找下一個暴漲的股票，有幾個關鍵趨勢你應該留意。首先，我們希望看到資本運用回報率（ROCE）有所增長，其次是資本運用的基礎不斷擴大。這表明公司是一個複合投資機器，能夠不斷將盈利重新投資到業務中，併產生更高的回報。因此，在這一點上，福尼克斯（納斯達克：PLAB）在資本回報的趨勢方面看起來非常有前景。
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. Analysts use this formula to calculate it for Photronics:
只是爲了澄清，如果您不確定，ROCE是用於評估公司在其業務中投入的資本上賺取多少稅前收入（以百分比表示）的指標。 分析師使用這個公式來爲福尼克斯計算它：
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。
0.16 = US$230m ÷ (US$1.6b - US$191m) (Based on the trailing twelve months to July 2024).
0.16 = 2.3億美元 ÷（16億美元 - 1.91億美元）（根據截至2024年7月的過去十二個月）。
Thus, Photronics has an ROCE of 16%. In absolute terms, that's a satisfactory return, but compared to the Semiconductor industry average of 9.0% it's much better.
因此，福尼克斯的ROCE爲16％。就絕對值而言，這是一個令人滿意的回報，但與半導體行業平均值9.0％相比，表現更爲出色。
In the above chart we have measured Photronics' 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 Photronics for free.
在上面的圖表中，我們已經測量了Photronics以往的ROCE與其以往的表現，但未來可能更重要。如果您願意，您可以免費查看分析師對Photronics的預測。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
The trends we've noticed at Photronics are quite reassuring. Over the last five years, returns on capital employed have risen substantially to 16%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 52%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我們在Photronics公司注意到的趨勢非常令人放心。在過去的五年中，資本利用率的回報大幅上升至16%。公司每投入一美元的資本賺取的利潤更多，並且值得注意的是，資本金額也增加了52%。這可能表明在公司內部有很多投資資本的機會，並且以越來越高的利率進行投資，這是一種常見的倍增者組合。
What We Can Learn From Photronics' ROCE
我們可以從Photronics的ROCE中學到什麼
In summary, it's great to see that Photronics can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
總之，很高興看到Photronics能夠通過不斷以增加的回報率再投資資本來複利，因爲這是那些備受追捧的倍增者的關鍵要素之一。而且，由於過去五年股票表現相當不錯，這些趨勢已經被投資者所考慮。因此，鑑於該股票已經證明了具有良好前景的趨勢，值得進一步研究該公司，看看這些趨勢是否有可能持續下去。
On a separate note, we've found 1 warning sign for Photronics you'll probably want to know about.
另外，我們發現Photronics有1個警告信號，您可能希望了解。
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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