Garmin (NYSE:GRMN) Has More To Do To Multiply In Value Going Forward
Garmin (NYSE:GRMN) Has More To Do To Multiply In Value Going Forward
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. That's why when we briefly looked at Garmin's (NYSE:GRMN) ROCE trend, we were pretty happy with what we saw.
如果我們想確定可以長期成倍增長的股票,我們應該尋找什麼趨勢?首先,我們希望確定不斷增長的已動用資本回報率(ROCE),然後確定不斷增加的資本使用基礎。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。這就是爲什麼當我們簡要研究Garmin(紐約證券交易所代碼:GRMN)的ROCE趨勢時,我們對所看到的情況感到非常滿意。
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. Analysts use this formula to calculate it for Garmin:
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)。分析師使用這個公式來計算 Garmin 的值:
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)
0.17 = US$1.3b ÷ (US$8.9b - US$1.6b) (Based on the trailing twelve months to June 2024).
0.17 = 13億美元 ÷(89億美元至16億美元)(基於截至2024年6月的過去十二個月)。
Therefore, Garmin has an ROCE of 17%. On its own, that's a standard return, however it's much better than the 14% generated by the Consumer Durables industry.
因此,Garmin的投資回報率爲17%。就其本身而言,這是標準回報,但要比耐用消費品行業產生的14%好得多。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240912/0-e125eeb25de9108264da5f4612040747-0-eb32011f07cf73cd3993574f2d4505cb.png/big)
In the above chart we have measured Garmin'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 Garmin .
在上圖中,我們將Garmin先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們爲Garmin提供的免費分析師報告。
The Trend Of ROCE
ROCE 的趨勢
While the current returns on capital are decent, they haven't changed much. Over the past five years, ROCE has remained relatively flat at around 17% and the business has deployed 61% more capital into its operations. Since 17% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
儘管目前的資本回報率不錯,但變化不大。在過去的五年中,投資回報率一直保持相對平穩,約爲17%,該業務在運營中投入的資金增加了61%。但是,由於17%的投資回報率適中,因此很高興看到企業能夠繼續以如此可觀的回報率進行再投資。在很長一段時間內,這樣的回報可能不會太令人興奮,但只要保持一致,它們可以在股價回報方面獲得回報。
The Bottom Line
底線
In the end, Garmin has proven its ability to adequately reinvest capital at good rates of return. And the stock has done incredibly well with a 138% return over the last five years, so long term investors are no doubt ecstatic with that result. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
最終,Garmin證明了其以良好的回報率對資本進行充分再投資的能力。在過去五年中,該股表現非常出色,回報率爲138%,因此,長期投資者無疑對這一結果欣喜若狂。因此,儘管投資者似乎意識到了這些令人鼓舞的趨勢,但我們仍然認爲該股值得進一步研究。
Like most companies, Garmin does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,Garmin確實存在一些風險,我們發現了一個你應該注意的警告信號。
While Garmin isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管Garmin的回報率並不高,但請查看這份免費清單,列出了資產負債表穩健的股本回報率高的公司。
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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。