Here's What To Make Of Cerence's (NASDAQ:CRNC) Decelerating Rates Of Return
Here's What To Make Of Cerence's (NASDAQ:CRNC) Decelerating Rates Of Return
If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. In light of that, when we looked at Cerence (NASDAQ:CRNC) and its ROCE trend, we weren't exactly thrilled.
如果你正在尋找一款多功能裝袋機，有幾件事需要注意。一種常見的方法是嘗試找一家公司 回報 論資本使用率（ROCE）在增加的同時增長 金額 所用資本的比例。如果你看到這一點，這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。有鑑於此，當我們研究Cerence（納斯達克股票代碼：CRNC）及其投資回報率趨勢時，我們並不十分興奮。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
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 Cerence:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。分析師使用這個公式來計算 Cerence 的值：
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）
0.037 = US$42m ÷ (US$1.3b - US$120m) (Based on the trailing twelve months to December 2023).
0.037 = 420萬美元 ÷（13億美元-1.2億美元） （基於截至2023年12月的過去十二個月）。
Therefore, Cerence has an ROCE of 3.7%. Ultimately, that's a low return and it under-performs the Software industry average of 7.2%.
因此，Cerence的投資回報率爲3.7％。歸根結底，這是一個低迴報，其表現低於軟件行業7.2％的平均水平。
In the above chart we have measured Cerence's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Cerence .
在上圖中，我們將Cerence先前的投資回報率與之前的表現進行了比較，但可以說，未來更爲重要。如果您有興趣，可以在我們爲Cerence提供的免費分析師報告中查看分析師的預測。
What Does the ROCE Trend For Cerence Tell Us?
Cerence 的 ROCE 趨勢告訴我們什麼？
Things have been pretty stable at Cerence, with its capital employed and returns on that capital staying somewhat the same for the last five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So unless we see a substantial change at Cerence in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
Cerence的情況一直相當穩定，在過去五年中，其資本使用率和資本回報率基本保持不變。在研究一家成熟而穩定的企業時，這種情況並不少見，因爲該企業可能已經過了商業週期的這一階段，因此沒有對收益進行再投資。因此，除非我們看到Cerence在投資回報率方面發生重大變化並進行額外投資，否則我們不會屏住呼吸成爲一家多口袋公司。
Our Take On Cerence's ROCE
我們對 Cerence 的 ROCE 的看法
We can conclude that in regards to Cerence's returns on capital employed and the trends, there isn't much change to report on. And investors may be expecting the fundamentals to get a lot worse because the stock has crashed 85% over the last three years. Therefore based on the analysis done in this article, we don't think Cerence has the makings of a multi-bagger.
我們可以得出結論，就Cerence的已動用資本回報率和趨勢而言，沒有太大變化可報告。投資者可能預計基本面會變得更糟，因爲該股在過去三年中暴跌了85％。因此，根據本文中的分析，我們認爲Cerence不具備多裝袋機的實力。
One more thing to note, we've identified 2 warning signs with Cerence and understanding these should be part of your investment process.
還有一件事需要注意，我們已經與Cerence確定了兩個警告信號，並了解這些信號應該是您投資過程的一部分。
While Cerence 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Cerence目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這個免費清單。
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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。