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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

以下是萬寶華集團(紐約證券交易所代碼:MAN)資本回報率令人擔憂的地方
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.

如果我們想要避免一家正在衰落的業務,那麼有哪些趨勢可以提前警告我們呢?一家潛在下降的業務通常會顯示出兩種趨勢,一個是正在下降的資本比率,這表明公司從其投資中產生的利潤較少,其總資產正在減少。因此,在查看萬寶盛華(紐交所:MAN)的趨勢後,我們並不是太有希望。資產回報率:它是什麼?以IPG Photonics(納斯達克:IPGP)爲例,您可以看到當前ROCE與其過去資本回報的比較情況,但是從過去所能得到的信息是有限的。如果您想看看分析師對未來的預測,可以查看我們免費的分析師報告:IPG Photonics。資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)資產使用率下降,這表明公司從其投資中產生的利潤較少,其總資產正在減少。因此,在查看萬寶盛華(紐交所:MAN)的趨勢後,我們並不是太有希望。

What Is Return On Capital Employed (ROCE)?

資本僱用回報率(ROCE)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. Analysts use this formula to calculate it for ManpowerGroup:

如果您以前沒有使用 ROCE,它衡量公司從其業務中所使用的資本中生成的“回報”(稅前利潤)。分析師們使用這個公式來計算萬寶盛華的 ROCE:0.10 = 4.08 億美元 ÷(85 億美元 - 45 億美元)

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

資本僱用回報率=利息和稅前收益(EBIT)÷(總資產-流動負債)

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

因此,萬寶盛華的 ROCE 爲 10%。從絕對值的角度來看,這是一個相當標準的回報,但與專業服務行業的平均水平相比,它有所下降。在Elevance Health上,我們已經注意到的趨勢是相當令人放心的。數據顯示,過去五年資產回報率大幅提高至15%。投資所用資產的規模也增加了30%。這表明有很多機會進行內部資本投資,並以更高的速度不斷增長,這種組合在多倍增長方面很常見。.

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.

NYSE:MAN 資本使用回報率 2024 年 5 月 21 日。上面您可以看到萬寶盛華當前的 ROCE 與其之前的資本回報率相比如何,但是從過去只能得到有限的信息。如果您願意,可以免費查看覆蓋萬寶盛華的分析師的預測。

roce
NYSE:MAN Return on Capital Employed May 21st 2024
NYSE:MAN 資本使用回報率 2024 年 5 月 21 日。

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.

上面您可以看到萬寶盛華當前的 ROCE 與其之前的資本回報率相比如何,但是從過去只能得到有限的信息。如果您願意,可以免費查看覆蓋萬寶盛華的分析師的預測。

What Can We Tell From ManpowerGroup's ROCE Trend?

從萬寶盛華的 ROCE 趨勢中我們能告知什麼?

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.

考慮到萬寶盛華的回報率正在下降,我們有理由持謹慎態度。不幸的是,資本回報率從五年前獲得的 17% 已經減少。與此同時,公司在業務中使用的資本相對穩定。表現出這些特徵的公司通常不會縮小,但可能處於成熟階段並面臨來自競爭對手的利潤壓力。因此,因爲這些趨勢通常不利於創造多倍收益,如果事情繼續像現在這樣發展,我們不會對萬寶盛華抱有太大期望。

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.

順便說一句,萬寶盛華的流動負債仍然相當高,佔總資產的 53%。這實際上意味着供應商(或短期債權人)正在爲企業的大部分資金提供資金,因此請注意這可能會引入一些風險因素。雖然這不一定是一件壞事,但如果這個比率較低,它可能會有益。

The Bottom Line

還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。

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.

總的來說,萬寶盛華從相同的資本中創造的回報較低,這是不幸的。而且,股票在過去五年中基本持平,因此投資者似乎也不太滿意。由於這些領域不利的潛在趨勢,我們應考慮尋找其他投資機會。

On a separate note, we've found 3 warning signs for ManpowerGroup you'll probably want to know about.

另外,我們發現 ManpowerGroup 存在 3 個警示信號,您可能會想知道一下。

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.

儘管萬寶盛華沒有獲得最高回報,但請查看此處的免費公司列表,這些公司在平衡表上獲得了高回報和堅實的資產負債表。

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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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

譯文內容由第三人軟體翻譯。


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