CDW (NASDAQ:CDW) Looks To Prolong Its Impressive Returns
CDW (NASDAQ:CDW) Looks To Prolong Its Impressive Returns
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. Ergo, when we looked at the ROCE trends at CDW (NASDAQ:CDW), we liked what we saw.
如果我們想要找到那些能夠長期增值的股票,我們應該關注哪些趨勢呢?首先,我們希望找到不斷增長的資本利潤率(ROCE),並且與此同時,不斷增長的資本使用基數。這向我們展示了這是一個複利機器,能夠不斷將其收益再投資到業務中併產生更高的回報。因此,當我們看到CDW(納斯達克: CDW)的ROCE趨勢時,我們對所看到的情況感到滿意。
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。
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. The formula for this calculation on CDW is:
對於那些不確定ROCE是什麼的人,ROCE衡量了公司能夠從資本使用中產生多少稅前利潤。在CDW的計算公式是:
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。
0.23 = US$1.7b ÷ (US$14b - US$6.2b) (Based on the trailing twelve months to June 2024).
0.23 = 17億美元 ÷ (140億美元 - 62億美元)(基於截至2024年6月的過去十二個月)
Thus, CDW has an ROCE of 23%. In absolute terms that's a great return and it's even better than the Electronic industry average of 9.7%.
因此,CDW的ROCE爲23%。從絕對值來看,這是一個很好的回報,甚至比電子行業的平均水平9.7%還要好。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240906/0-df9813d8ca431c35175d277780ea1848-0-99b5e4c0461d1677ebdced11ac1ac88d.png/big)
In the above chart we have measured CDW's 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 CDW .
在上圖中,我們對比了CDW以前的ROCE與以前的表現,但未來可能更重要。如果您想了解分析師對未來的預測,請查看我們爲CDW提供的免費分析師報告。
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。
We'd be pretty happy with returns on capital like CDW. Over the past five years, ROCE has remained relatively flat at around 23% and the business has deployed 67% more capital into its operations. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
我們對CDW這樣的資本回報率很滿意。在過去的五年中,ROCE保持在23%左右的相對穩定水平,企業將更多的資本投入到運營中。有了這麼高的回報率,企業能夠持續以如此吸引人的回報率再投資。如果這些趨勢能夠持續下去,我們不會感到驚訝,如果該公司成爲一個多倍人。
On a separate but related note, it's important to know that CDW has a current liabilities to total assets ratio of 46%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是,CDW的流動負債佔總資產的比率爲46%,我們認爲這相當高。這意味着供應商(或短期債權人)爲公司的大部分資金提供了資金,因此請注意這可能會引入一些風險。理想情況下,我們希望看到這一比率下降,這意味着承擔風險的義務越少越好。
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 short, we'd argue CDW has the makings of a multi-bagger since its been able to compound its capital at very profitable rates of return. And long term investors would be thrilled with the 101% return they've received over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
簡而言之,我們認爲CDW具備成爲多倍牛股的條件,因爲它能夠以非常有利可圖的回報率複合其資本。長期投資者會對他們在過去五年中獲得的101%回報率感到滿意。因此,儘管投資者似乎已經認識到這些有前途的趨勢,但我們仍然認爲這支股票值得進一步研究。
One more thing, we've spotted 1 warning sign facing CDW that you might find interesting.
另外,我們發現了1個警告信號,與CDW相關,您可能會感興趣。
CDW is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
CDW不是唯一一個收益率高的股票。如果您想了解更多,請查看我們的免費高收益率公司清單,其中有穩健的基本面。
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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.
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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。
譯文內容由第三人軟體翻譯。