Returns At Black Hills (NYSE:BKH) Appear To Be Weighed Down
Returns At Black Hills (NYSE:BKH) Appear To Be Weighed Down
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Black Hills (NYSE:BKH) and its ROCE trend, we weren't exactly thrilled.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始，那麼你應該留意一些關鍵趨勢。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。簡而言之，這些類型的企業是複合機器，這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此，當我們研究黑山（紐約證券交易所代碼：BKH）及其投資回報率趨勢時，我們並不十分興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（ROCE）？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Black Hills, this is the formula:
對於那些不知道的人來說，ROCE是衡量公司年度稅前利潤（其回報率）的指標，相對於該業務使用的資本。要計算黑山的這個指標，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）
0.056 = US$468m ÷ (US$9.6b - US$1.2b) (Based on the trailing twelve months to December 2023).
0.056 = 4.68億美元 ÷（96億美元-12億美元） （基於截至2023年12月的過去十二個月）。
So, Black Hills has an ROCE of 5.6%. On its own, that's a low figure but it's around the 4.9% average generated by the Integrated Utilities industry.
因此，黑山的投資回報率爲5.6％。就其本身而言，這是一個很低的數字，但約爲綜合公用事業行業的4.9％的平均水平。
In the above chart we have measured Black Hills' 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 Black Hills .
在上圖中，我們將Black Hills之前的投資回報率與之前的表現進行了對比，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，則應查看我們的免費Black Hills分析師報告。
How Are Returns Trending?
退貨趨勢如何？
The returns on capital haven't changed much for Black Hills in recent years. The company has employed 34% more capital in the last five years, and the returns on that capital have remained stable at 5.6%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
近年來，黑山的資本回報率沒有太大變化。在過去五年中，該公司僱用的資本增加了34％，該資本的回報率一直穩定在5.6％。鑑於該公司增加了動用資本金額，看來已經進行的投資根本無法提供很高的資本回報率。
What We Can Learn From Black Hills' ROCE
我們可以從 Black Hills 的 ROCE 中學到什麼
In conclusion, Black Hills has been investing more capital into the business, but returns on that capital haven't increased. Unsurprisingly then, the total return to shareholders over the last five years has been flat. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總之，Black Hills一直在向該業務投入更多資金，但該資本的回報率並未增加。因此，毫不奇怪，在過去五年中，股東的總回報率一直持平。總而言之，多裝袋機的固有趨勢並不常見，因此，如果您想要這樣做，我們認爲您在其他地方可能會有更多的運氣。
Black Hills does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those can't be ignored...
但是，黑山確實存在一些風險，我們在投資分析中發現了兩個警告信號，其中一個不容忽視...
While Black Hills 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Black Hills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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