Investors Met With Slowing Returns on Capital At Kinder Morgan (NYSE:KMI)
Investors Met With Slowing Returns on Capital At Kinder Morgan (NYSE:KMI)
0.065 = US$4.2b ÷ (US$71b - US$6.0b) 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. Although, when we looked at Kinder Morgan (NYSE:KMI), it didn't seem to tick all of these boxes.
如果我們想要找到能夠持有長期增值潛力的股票，應該關注哪些趨勢呢？首先，我們希望看到資本運作回報率（ROCE）有所增長，並且資本運作基礎在不斷擴大。基本上，這意味着公司擁有盈利的計劃，可以繼續進行再投資，這是一個連續複利的特點。然而，當我們研究了肯德爾摩根（紐交所：KMI）後，似乎並沒有完全達到這些要求。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Kinder Morgan:
對於那些不了解的人，ROCE是衡量公司年度稅前利潤（回報率）與業務中運用的資本的比例的一種指標。分析師使用以下公式來計算肯德爾摩根的ROCE：
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。
0.065 = US$4.2b ÷ (US$71b - US$6.0b) (Based on the trailing twelve months to June 2024).
0.065 = 42億美元 ÷ (710億美元 - 6.0億美元) （基於截至2024年6月的過去十二個月）。因此，金德爾摩根的ROCE爲6.5%。最終，這是一個較低的回報率，並且低於石油和天然氣行業的平均水平12%。
Thus, Kinder Morgan has an ROCE of 6.5%. Ultimately, that's a low return and it under-performs the Oil and Gas industry average of 12%.
因此，肯德爾摩根的ROCE爲6.5%。總的來說，這是一個較低的回報率，低於石油和天然氣行業的平均水平12%。
In the above chart we have measured Kinder Morgan's 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 Kinder Morgan for free.
在上圖中，我們已經測量了金德爾摩根的先前資本回報率與其先前業績，但未來被認爲更加重要。如果您願意，您可以免費查看分析師對金德爾摩根的預測。
What Does the ROCE Trend For Kinder Morgan Tell Us?
金德爾摩根的資本回報率趨勢告訴我們什麼？
Over the past five years, Kinder Morgan's ROCE and capital employed have both remained mostly flat. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Kinder Morgan to be a multi-bagger going forward. That being the case, it makes sense that Kinder Morgan has been paying out 86% of its earnings to its shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.
在過去五年中，金德爾摩根的資本回報率和資本僱用量幾乎保持不變。具有這些特點的企業往往是成熟穩定的運營，因爲它們已經過了增長階段。考慮到這一點，除非未來的投資再次增加，否則我們不會期待金德爾摩根在未來成爲多倍賺取者。鑑於此情況，金德爾摩根將其盈利的86%分配給股東是合理的。這些成熟企業通常擁有可靠的收入，而且沒有多處地方可以再投資，所以下一個最佳選擇就是將收益分配給股東。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
In summary, Kinder Morgan isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Although the market must be expecting these trends to improve because the stock has gained 42% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總之，金德爾摩根並沒有使其收益複利，但是在使用同等資本的情況下生成穩定回報。雖然市場可能期待這些趨勢改善，因爲該股在過去五年上漲了42%。最終，如果基本趨勢持續下去，我們不會對未來成爲多倍賺取者抱有太多期待。
Kinder Morgan does come with some risks though, we found 3 warning signs in our investment analysis, and 2 of those are potentially serious...
不過，金德爾摩根也存在一些風險，我們在投資分析中發現了3個警告信號，其中有2個可能是嚴重的...
While Kinder Morgan may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管金德爾摩根目前可能的回報率不是最高的，但我們已編制了一份目前獲得25%以上股本回報率的公司清單。在這裏查看這份免費清單。
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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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