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Returns On Capital At Marriott Vacations Worldwide (NYSE:VAC) Have Stalled

Returns On Capital At Marriott Vacations Worldwide (NYSE:VAC) Have Stalled

萬豪度假環球的資本回報率(紐交所:VAC)已經停滯
Simply Wall St ·  10/01 21:53

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Marriott Vacations Worldwide (NYSE:VAC) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

尋找一個有潛力實現大幅增長的業務並不容易,但如果我們關注一些關鍵的財務指標,是有可能的。首先,我們希望找到一個不斷增長的資本僱用回報率(ROCE),然後再加上一個日益增長的資本僱用基礎。最終,這表明這是一個以不斷增加的回報率再投資利潤的業務。然而,在簡要查看數字之後,我們認爲萬豪度假環球(紐交所:VAC)未來不具備成爲多袋股的特質,但讓我們看看爲什麼會這樣。

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. To calculate this metric for Marriott Vacations Worldwide, this is the formula:

只是爲了澄清,如果你不確定,ROCE是評估公司在其業務中投資的資本上賺取多少稅前收入(以百分比表示)的指標。要爲萬豪度假環球計算這一指標,公式如下:

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。

0.057 = US$506m ÷ (US$9.6b - US$795m) (Based on the trailing twelve months to June 2024).

0.057 = 5.06億美元 ÷(960億美元 - 7.95億美元)(基於截至2024年6月的過去十二個月)。

So, Marriott Vacations Worldwide has an ROCE of 5.7%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 10%.

因此,萬豪度假環球的ROCE爲5.7%。最終,這是一個較低的回報率,低於酒店行業的平均水平10%。

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NYSE:VAC Return on Capital Employed October 1st 2024
紐交所:VAC 資本僱用回報率2024年10月1日

In the above chart we have measured Marriott Vacations Worldwide'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 Marriott Vacations Worldwide .

在上面的圖表中,我們已經測量了萬豪度假環球公司以往的ROCE與以往的表現,但未來可能更重要。如果您想了解分析師對未來的預測,請查看我們爲萬豪度假環球公司提供的免費分析師報告。

What Does the ROCE Trend For Marriott Vacations Worldwide Tell Us?

萬豪度假環球公司的ROCE趨勢告訴我們什麼?

Over the past five years, Marriott Vacations Worldwide'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 Marriott Vacations Worldwide to be a multi-bagger going forward. This probably explains why Marriott Vacations Worldwide is paying out 41% of its income to shareholders in the form of dividends. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.

在過去的五年中,萬豪度假環球公司的ROCE和資本利用率基本保持不變。具有這些特徵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,否則我們不會期望萬豪度假環球公司在未來能夠成倍增長。這也許可以解釋爲什麼萬豪度假環球公司將其收入的41%以分紅派息形式分配給股東。鑑於公司不再對自身進行再投資,將一部分收益分配給股東是合理的。

The Key Takeaway

重要提示

In summary, Marriott Vacations Worldwide isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Since the stock has declined 22% over the last five years, investors may not be too optimistic on this trend improving either. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.

總之,萬豪度假環球公司並未使其盈利複利增長,而是在相同的資本利用率下獲得穩定的回報。由於過去五年股價下跌了22%,投資者對這一趨勢改善並不看好。總的來說,這些固有趨勢並不典型於成倍增長股,所以如果您尋求這樣的投資,我們認爲您可能在其他地方更有好運。

If you want to know some of the risks facing Marriott Vacations Worldwide we've found 4 warning signs (1 is significant!) that you should be aware of before investing here.

如果您想了解萬豪度假環球公司面臨的一些風險,我們發現了4個警示信號(其中1個很重要!),在投資之前您應該注意。

While Marriott Vacations Worldwide 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.

雖然萬豪度假環球公司當前可能沒有獲得最高回報,但我們已經整理了一份目前獲得25%以上淨資產回報率的公司名單。在這裏查看這份免費名單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
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。


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