Return Trends At Quanta Services (NYSE:PWR) Aren't Appealing
Return Trends At Quanta Services (NYSE:PWR) Aren't Appealing
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So, when we ran our eye over Quanta Services' (NYSE:PWR) trend of ROCE, we liked what we saw.
我們應該尋找哪些早期趨勢,以識別那些可能在長期內增值的股票?除其他事項外,我們希望看到兩件事情;首先,資本僱用回報率(ROCE)增長,其次,公司僱用資本的擴張。如果您看到這一點,通常意味着這是一傢俱有良好商業模式和豐富盈利再投資機會的公司。因此,當我們審視廣達服務(紐交所:PWR)的ROCE趨勢時,我們對所看到的感到滿意。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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. Analysts use this formula to calculate it for Quanta Services:
只是爲了澄清,如果您不確定,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(以百分比形式)的指標。分析師使用此公式爲廣達服務計算此值:
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。
0.11 = US$1.2b ÷ (US$16b - US$5.3b) (Based on the trailing twelve months to June 2024).
0.11 = 12億美元 ÷(160億美元 - 53億美元)(基於2024年6月前十二個月)。
Thus, Quanta Services has an ROCE of 11%. By itself that's a normal return on capital and it's in line with the industry's average returns of 11%.
因此,廣達服務的ROCE爲11%。單獨看,這是一個正常的資本回報率,並且與行業平均11%的回報相符。
In the above chart we have measured Quanta Services' 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 Quanta Services .
在上面的圖表中,我們已經衡量了廣達服務之前的資本回報率與之前的表現,但未來可能更重要。如果您想了解分析師們對未來的預測,請查看我們爲廣達服務提供的免費分析師報告。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
While the returns on capital are good, they haven't moved much. Over the past five years, ROCE has remained relatively flat at around 11% and the business has deployed 74% more capital into its operations. 11% is a pretty standard return, and it provides some comfort knowing that Quanta Services has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
雖然資本回報率不錯,但沒有太多變化。在過去五年中,資本回報率保持在大約11%左右,並且業務將74%的資本投入運營。11%是相當標準的回報率,知道廣達服務一直能賺取這麼多有些安心。這個水平上的穩定回報可能不那麼令人興奮,但如果能在長期內保持,通常會爲股東帶來不錯的回報。
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。
The main thing to remember is that Quanta Services has proven its ability to continually reinvest at respectable rates of return. And long term investors would be thrilled with the 709% 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.
最重要的是要記住,廣達服務已經證明了其能夠以可觀的回報率持續再投資。而長期投資者將爲過去五年內獲得的709%的回報感到高興。因此,儘管投資者似乎已經意識到這些有希望的趨勢,但我們仍認爲這支股票值得進一步研究。
One more thing, we've spotted 2 warning signs facing Quanta Services that you might find interesting.
還有一件事,我們發現廣達服務面臨着2個警告信號,這可能會吸引您的興趣。
While Quanta Services isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然廣達服務的回報率不是最高的,請查看這份免費的公司列表,這些公司在股東權益回報率和穩健資產負債表方面有着高回報。
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。