Investors Should Be Encouraged By Pegasystems' (NASDAQ:PEGA) Returns On Capital
Investors Should Be Encouraged By Pegasystems' (NASDAQ:PEGA) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at the ROCE trend of Pegasystems (NASDAQ:PEGA) we really liked what we saw.
要找到一個多倍回報的股票,我們應該關注業務中的哪些潛在趨勢?在一個完美的世界裏,我們希望看到一家公司在其業務中投資更多的資本,並且理想情況下,這些資本所帶來的回報也在增加。這向我們表明,它是一臺複合收益的機器,能夠持續將其盈利再投資到業務中,併產生更高的回報。當我們查看Pegasystems(納斯達克:PEGA)的資本回報率趨勢時,我們對所看到的非常滿意。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Pegasystems, this is the formula:
對於那些不確定什麼是資本回報率(ROCE)的人來說,它衡量的是一家公司從其業務中投入的資本所能產生的稅前利潤。要計算Pegasystems的這個指標,公式是:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)
0.31 = US$172m ÷ (US$1.6b - US$1.0b) (Based on the trailing twelve months to September 2024).
0.31 = US$17200萬 ÷ (US$16億 - US$1.0b) (基於截至2024年9月的過去十二個月的數據)。
Therefore, Pegasystems has an ROCE of 31%. That's a fantastic return and not only that, it outpaces the average of 8.9% earned by companies in a similar industry.
因此,Pegasystems的資本回報率爲31%。這是一個很棒的回報,不僅如此,它還超過了類似行業公司所獲得的平均8.9%。
In the above chart we have measured Pegasystems' 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 Pegasystems for free.
在上圖中,我們將Pegasystems之前的資本回報率與其以前的表現進行了比較,但未來無疑更爲重要。如果您願意,可以免費查看覆蓋Pegasystems的分析師的預測。
What The Trend Of ROCE Can Tell Us
ROCE的趨勢可以告訴我們什麼
We're delighted to see that Pegasystems is reaping rewards from its investments and has now broken into profitability. While the business was unprofitable in the past, it's now turned things around and is earning 31% on its capital. On top of that, what's interesting is that the amount of capital being employed has remained steady, so the business hasn't needed to put any additional money to work to generate these higher returns. So while we're happy that the business is more efficient, just keep in mind that could mean that going forward the business is lacking areas to invest internally for growth. Because in the end, a business can only get so efficient.
我們很高興看到Pegasystems正在收穫投資的回報,並且現在已經實現了盈利。儘管這家企業過去是虧損的,但現在它已扭轉局面,資本回報率達到了31%。更有趣的是,使用的資本量保持穩定,因此企業不需要額外投資更多資金來產生更高的回報。因此,儘管我們對企業的效率提升感到高興,但請注意,這可能意味着未來企業缺乏內部投資增長的領域。因爲最終,企業的效率提升是有限的。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. The current liabilities has increased to 65% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
不過需要記錄的是,期間公司當前負債明顯增加,因此我們將ROCE的部分增長歸因於此。當前負債已增加至總資產的65%,因此企業現在更依賴於其供應商或短期債權人的資金。考慮到這個比例相當高,我們提醒投資者,當前負債達到這樣的水平在某些企業中可能會帶來一些風險。
The Key Takeaway
關鍵要點
In summary, we're delighted to see that Pegasystems has been able to increase efficiencies and earn higher rates of return on the same amount of capital. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 24% to shareholders. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
總之,我們很高興看到Pegasystems能夠提高效率,並在相同金額的資本上獲得更高的回報率。投資者可能還沒有被這些有利的基本趨勢所吸引,因爲在過去五年中,股票僅爲股東帶來了24%的回報。因此,深入了解這隻股票可能會發現良好的機會,如果估值和其他指標合適的話。
On a separate note, we've found 1 warning sign for Pegasystems you'll probably want to know about.
另外,我們發現了一個關於Pegasystems的警告信號,您可能想要了解一下。
Pegasystems is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
Pegasystems並不是唯一一家獲得高回報的股票。如果您想查看更多公司,請查看我們免費的高回報公司名單,這些公司有着穩健的基本面。
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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.
對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。
譯文內容由第三人軟體翻譯。