We Like These Underlying Return On Capital Trends At DHT Holdings (NYSE:DHT)
We Like These Underlying Return On Capital Trends At DHT Holdings (NYSE:DHT)
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, we've noticed some promising trends at DHT Holdings (NYSE:DHT) so let's look a bit deeper.
我們應該尋找哪些趨勢？我們想確定可以長期價值成倍增長的股票？首先，我們希望看到經過驗證的 返回 關於正在增加的資本使用率（ROCE），其次是擴大 基礎 所用資本的比例。這向我們表明，它是一臺複合機器，能夠持續將其收益再投資到業務中併產生更高的回報。考慮到這一點，我們注意到DHT Holdings（紐約證券交易所代碼：DHT）的一些令人鼓舞的趨勢，因此讓我們更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for DHT Holdings, this is the formula:
如果你以前沒有與ROCE合作過，它會衡量公司從其業務中使用的資本中產生的 “回報”（稅前利潤）。要計算DHT Holdings的這個指標，公式如下：
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）
0.13 = US$193m ÷ (US$1.5b - US$57m) (Based on the trailing twelve months to December 2023).
0.13 = 1.93 億美元 ÷（15 億美元-5700 萬美元） （基於截至2023年12月的過去十二個月）。
Therefore, DHT Holdings has an ROCE of 13%. That's a relatively normal return on capital, and it's around the 15% generated by the Oil and Gas industry.
因此，DHT Holdings的投資回報率爲13％。這是相對正常的資本回報率，大約是石油和天然氣行業產生的15％。
In the above chart we have measured DHT Holdings' 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 DHT Holdings .
在上圖中，我們將DHT Holdings之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。如果您想了解分析師對未來的預測，則應查看我們的DHT Holdings免費分析師報告。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
DHT Holdings' ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 1,087% in that same time. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
DHT Holdings的投資回報率增長相當可觀。更具體地說，儘管該公司在過去五年中一直保持相對平穩的資本使用率，但同期投資回報率增長了1,087％。基本上，該業務正在從相同數量的資本中獲得更高的回報，這證明了公司的效率有所提高。但是，值得更深入地研究這個問題，因爲儘管提高業務效率是件好事，但這也可能意味着未來缺乏內部投資以實現有機增長的領域。
Our Take On DHT Holdings' ROCE
我們對DHT Holdings投資回報率的看法
To sum it up, DHT Holdings is collecting higher returns from the same amount of capital, and that's impressive. And a remarkable 228% total return over the last five years tells us that investors are expecting more good things to come in the future. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總而言之，DHT Holdings正在從相同數量的資本中獲得更高的回報，這令人印象深刻。在過去五年中，228％的驚人總回報率告訴我們，投資者預計未來還會有更多好事發生。話雖如此，我們仍然認爲前景良好的基本面意味着公司值得進一步的盡職調查。
DHT Holdings does have some risks though, and we've spotted 1 warning sign for DHT Holdings that you might be interested in.
但是，DHT Holdings確實存在一些風險，我們發現了DHT Holdings的一個警告信號，你可能會對此感興趣。
While DHT Holdings 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DHT Holdings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。