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ComfortDelGro (SGX:C52) Is Finding It Tricky To Allocate Its Capital

ComfortDelGro (SGX:C52) Is Finding It Tricky To Allocate Its Capital

ComfortDelGro(新加坡证券交易所股票代码:C52)发现分配资本很棘手
Simply Wall St ·  05/21 15:16

When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. So after we looked into ComfortDelGro (SGX:C52), the trends above didn't look too great.

在投资方面,有一些有用的财务指标可以在企业可能遇到麻烦时向我们发出警告。通常,我们会看到两者的趋势 返回 在资本使用率(ROCE)下降时,这通常与下降同时发生 金额 所用资本的比例。归根结底,这意味着该公司每投资1美元的收入减少了,最重要的是,它正在缩小其使用的资本基础。因此,在我们调查了ComfortDelGro(新加坡证券交易所股票代码:C52)之后,上述趋势看起来并不太好。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (ROCE)

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. To calculate this metric for ComfortDelGro, this is the formula:

为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算 ComfortDelGro 的这个指标,公式如下:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)

0.074 = S$266m ÷ (S$4.7b - S$1.1b) (Based on the trailing twelve months to December 2023).

0.074 = 2.66亿新元 ÷(47亿新元-11亿新元) (基于截至2023年12月的过去十二个月)

Therefore, ComfortDelGro has an ROCE of 7.4%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.6%.

因此,ComfortDelGro的投资回报率为7.4%。这本身就是很低的资本回报率,但与该行业6.6%的平均回报率一致。

roce
SGX:C52 Return on Capital Employed May 21st 2024
新加坡证券交易所:C52 2024 年 5 月 21 日动用资本回报率

In the above chart we have measured ComfortDelGro's 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 ComfortDelGro for free.

在上图中,我们将ComfortDelGro先前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你愿意,你可以免费查看报道ComfortdelGro的分析师的预测。

What Does the ROCE Trend For ComfortDelGro Tell Us?

ComfortDelgro 的投资回报率趋势告诉我们什么?

In terms of ComfortDelGro's historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 11% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect ComfortDelGro to turn into a multi-bagger.

就ComfortDelGro的历史ROCE运动而言,这种趋势并不能激发信心。不幸的是,资本回报率已从五年前的11%有所下降。在资本使用方面,该企业使用的资本量与当时大致相同。这种组合可能表明一家成熟的企业仍有资金部署的领域,但由于新的竞争或利润率降低,获得的回报并不那么高。如果这些趋势继续下去,我们预计ComfortDelGro不会变成多袋机。

What We Can Learn From ComfortDelGro's ROCE

我们可以从 ComfortDelGro 的 ROCE 中学到什么

In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. It should come as no surprise then that the stock has fallen 31% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

归根结底,相同数量的资本回报率下降的趋势通常并不表示我们正在考虑成长型股票。因此,该股在过去五年中下跌了31%也就不足为奇了,因此投资者似乎已经意识到了这些变化。由于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。

On a final note, we've found 1 warning sign for ComfortDelGro that we think you should be aware of.

最后,我们发现了ComfortDelGro的1个警告信号,我们认为你应该注意这个信号。

While ComfortDelGro 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.

尽管ComfortDelGro目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

译文内容由第三方软件翻译。


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