Biglari Holdings (NYSE:BH.A) Is Looking To Continue Growing Its Returns On Capital
Biglari Holdings (NYSE:BH.A) Is Looking To Continue Growing Its Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. Speaking of which, we noticed some great changes in Biglari Holdings' (NYSE:BH.A) returns on capital, so let's have a look.
如果我們想找到潛在的多袋裝袋機，通常有一些潛在的趨勢可以提供線索。理想情況下，企業將表現出兩種趨勢；首先是增長 返回 論資本使用率（ROCE），其次是增加 金額 已動用資本的百分比。如果你看到這一點，那通常意味着它是一家擁有良好商業模式和大量有利可圖的再投資機會的公司。說到這裏，我們注意到Biglari Holdings（紐約證券交易所代碼：BH.A）的資本回報率發生了一些重大變化，所以讓我們來看看吧。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（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 Biglari Holdings:
如果你以前沒有與ROCE合作過，它可以衡量一家公司從其業務中使用的資本中產生的 “回報”（稅前利潤）。分析師使用以下公式爲Biglari Holdings計算公式：
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）
0.063 = US$43m ÷ (US$827m - US$142m) (Based on the trailing twelve months to September 2023).
0.063 = 4300 萬美元 ¥（8.27 億美元至 1.42 億美元） （基於截至2023年9月的過去十二個月）。
Therefore, Biglari Holdings has an ROCE of 6.3%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 9.1%.
因此，Biglari Holdings的投資回報率爲6.3％。歸根結底，這是一個低迴報，其表現低於酒店業9.1％的平均水平。
See our latest analysis for Biglari Holdings
查看我們對Biglari Holdings的最新分析
Historical performance is a great place to start when researching a stock so above you can see the gauge for Biglari Holdings' ROCE against it's prior returns. If you're interested in investigating Biglari Holdings' past further, check out this free graph of past earnings, revenue and cash flow.
在研究股票時，歷史表現是一個不錯的起點，因此在上方你可以看到Biglari Holdings的投資回報率與先前回報率的衡量標準。如果您有興趣進一步調查Biglari Holdings的過去，請查看這張免費的過去收益、收入和現金流圖表。
The Trend Of ROCE
ROCE 的趨勢
Like most people, we're pleased that Biglari Holdings is now generating some pretax earnings. While the business is profitable now, it used to be incurring losses on invested capital five years ago. In regards to capital employed, Biglari Holdings is using 20% less capital than it was five years ago, which on the surface, can indicate that the business has become more efficient at generating these returns. Biglari Holdings could be selling under-performing assets since the ROCE is improving.
像大多數人一樣，我們很高興Biglari Holdings現在創造了一些稅前收益。儘管該業務現在已實現盈利，但五年前它曾蒙受過投資資本損失。在已動用資本方面，Biglari Holdings使用的資本比五年前減少了20％，從表面上看，這可以表明該業務在產生這些回報方面的效率已有所提高。自投資回報率改善以來，Biglari Holdings可能會出售表現不佳的資產。
The Bottom Line On Biglari Holdings' ROCE
Biglari Holdings 投資回報率的底線
From what we've seen above, Biglari Holdings has managed to increase it's returns on capital all the while reducing it's capital base. Since the stock has only returned 19% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
從上面看到的情況來看，Biglari Holdings設法提高了資本回報率，同時縮小了資本基礎。由於該股在過去五年中僅向股東回報了19％，因此投資者可能尚未認識到前景良好的基本面。因此，如果估值和其他指標相提並論，進一步探索這隻股票可能會發現一個好機會。
On a final note, we found 2 warning signs for Biglari Holdings (1 is concerning) you should be aware of.
最後一點，我們發現Biglari Holdings有兩個警告信號（其中一個令人擔憂），你應該注意。
While Biglari Holdings 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Biglari Holdings的回報率不是最高的，但請查看這份免費清單，列出了資產負債表穩健且股本回報率很高的公司。
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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.
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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。