There's Been No Shortage Of Growth Recently For Duke Energy's (NYSE:DUK) Returns On Capital
There's Been No Shortage Of Growth Recently For Duke Energy's (NYSE:DUK) Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. So when we looked at Duke Energy (NYSE:DUK) and its trend of ROCE, we really liked what we saw.
如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?一種常見的方法是嘗試尋找一家動用資本回報率(ROCE)不斷增加且所用資本不斷增加的公司。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。因此,當我們研究杜克能源(紐約證券交易所代碼:DUK)及其投資回報率的趨勢時,我們真的很喜歡我們所看到的。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Duke Energy is:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 「回報」(稅前利潤)。杜克能源公司的計算公式爲:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.047 = US$7.8b ÷ (US$182b - US$15b) (Based on the trailing twelve months to June 2024).
0.047 = 78億美元 ÷(1,820億美元至150億美元)(基於截至2024年6月的過去十二個月)。
Thus, Duke Energy has an ROCE of 4.7%. On its own that's a low return on capital but it's in line with the industry's average returns of 4.7%.
因此,杜克能源的投資回報率爲4.7%。這本身就是很低的資本回報率,但與該行業4.7%的平均回報率一致。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240911/0-aa42df6810a4a2c39249f02a17ffd2a0-0-8971a839cb07955f507f7af0d319a78e.png/big)
In the above chart we have measured Duke Energy's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Duke Energy .
在上圖中,我們將杜克能源公司先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果您有興趣,可以在我們的杜克能源免費分析師報告中查看分析師的預測。
How Are Returns Trending?
退貨趨勢如何?
Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. The figures show that over the last five years, ROCE has grown 21% whilst employing roughly the same amount of capital. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
儘管投資回報率的絕對值仍然很低,但很高興看到它正朝着正確的方向前進。數字顯示,在過去五年中,ROCE增長了21%,同時僱用了大致相同數量的資本。因此,由於所使用的資本沒有太大變化,該企業現在很可能正在從過去的投資中獲得全部收益。在這方面,情況看起來不錯,因此值得探討管理層對未來增長計劃的看法。
The Key Takeaway
關鍵要點
In summary, we're delighted to see that Duke Energy has been able to increase efficiencies and earn higher rates of return on the same amount of capital. Since the stock has returned a solid 53% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. In light of that, we think it's worth looking further into this stock because if Duke Energy can keep these trends up, it could have a bright future ahead.
總而言之,我們很高興看到杜克能源能夠提高效率,並在相同金額的資本中獲得更高的回報率。由於該股在過去五年中穩步回報了53%的股東,因此可以公平地說,投資者已開始意識到這些變化。有鑑於此,我們認爲值得進一步研究這隻股票,因爲如果杜克能源能夠保持這些趨勢,它可能會有一個光明的未來。
On a final note, we found 3 warning signs for Duke Energy (1 shouldn't be ignored) you should be aware of.
最後,我們發現了杜克能源的3個警告信號(其中一個不容忽視),你應該注意。
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.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。