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Here's What's Concerning About ManpowerGroup's (NYSE:MAN) Returns On Capital

Here's What's Concerning About ManpowerGroup's (NYSE:MAN) Returns On Capital

以下是万宝华集团(纽约证券交易所代码:MAN)资本回报率令人担忧的地方
Simply Wall St ·  05/22 03:26

If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. This indicates the company is producing less profit from its investments and its total assets are decreasing. So after glancing at the trends within ManpowerGroup (NYSE:MAN), we weren't too hopeful.

如果我们想避开一家衰退的企业,有哪些趋势可以提前警告我们?可能陷入衰退的企业通常表现出两种趋势,a 返回 关于资本使用率(ROCE)正在下降,而且 基础 使用的资本也在下降。这表明该公司的投资利润减少了,总资产也在减少。因此,在看了万宝盛华集团(纽约证券交易所代码:MAN)内部的趋势之后,我们并不抱太大希望。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(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 ManpowerGroup:

如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用这个公式来计算万宝盛华集团的利润:

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)

0.10 = US$408m ÷ (US$8.5b - US$4.5b) (Based on the trailing twelve months to March 2024).

0.10 = 4.08亿美元 ÷(85亿美元-45亿美元) (基于截至2024年3月的过去十二个月)

Therefore, ManpowerGroup has an ROCE of 10%. In absolute terms, that's a pretty standard return but compared to the Professional Services industry average it falls behind.

因此,万宝盛华集团的投资回报率为10%。从绝对值来看,这是一个相当标准的回报,但与专业服务行业的平均水平相比,它落后了。

roce
NYSE:MAN Return on Capital Employed May 21st 2024
纽约证券交易所:MAN 2024年5月21日动用资本回报率

Above you can see how the current ROCE for ManpowerGroup compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering ManpowerGroup for free.

上面你可以看到万宝盛宝集团当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你愿意,你可以免费查看报道万宝盛华集团的分析师的预测。

What Can We Tell From ManpowerGroup's ROCE Trend?

我们可以从万宝盛华集团的投资回报率趋势中得出什么?

There is reason to be cautious about ManpowerGroup, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 17% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on ManpowerGroup becoming one if things continue as they have.

鉴于回报率呈下降趋势,有理由对万宝盛华集团持谨慎态度。不幸的是,资本回报率已从五年前的17%有所下降。同时,在此期间,该业务使用的资本基本保持不变。表现出这些属性的公司往往不会萎缩,但它们可能已经成熟,面临竞争对利润的压力。因此,由于这些趋势通常不利于创建多袋机,因此,如果情况继续保持现状,我们就不会屏住呼吸等待万宝盛华集团合而为一。

On a side note, ManpowerGroup's current liabilities are still rather high at 53% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

顺便说一句,万宝盛华集团的流动负债仍然相当高,占总资产的53%。这实际上意味着供应商(或短期债权人)正在为业务的很大一部分提供资金,因此请注意,这可能会带来一些风险因素。虽然这不一定是坏事,但如果这个比率较低,可能会有好处。

The Bottom Line

底线

In summary, it's unfortunate that ManpowerGroup is generating lower returns from the same amount of capital. And, the stock has remained flat over the last five years, so investors don't seem too impressed either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

总而言之,不幸的是,万宝盛华集团从相同数量的资本中获得的回报较低。而且,该股在过去五年中一直保持平稳,因此投资者似乎也没有留下太深刻的印象。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 separate note, we've found 3 warning signs for ManpowerGroup you'll probably want to know about.

另一方面,我们发现了你可能想知道的万宝集团的3个警告信号。

While ManpowerGroup isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

尽管万宝盛华集团的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。

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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。

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