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Pinnacle West Capital (NYSE:PNW) Could Be Struggling To Allocate Capital

Pinnacle West Capital (NYSE:PNW) Could Be Struggling To Allocate Capital

Pinnacle West Capital(紐約證券交易所代碼:PNW)可能難以配置資本
Simply Wall St ·  05/22 19:27

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Pinnacle West Capital (NYSE:PNW) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果我們想找到一隻可以長期成倍增長的股票,我們應該尋找哪些潛在趨勢?在一個完美的世界中,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中獲得的回報也在增加。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。但是,在簡短地研究了這些數字之後,我們認爲Pinnacle West Capital(紐約證券交易所代碼:PNW)在未來不具備多口袋投資者的實力,但讓我們來看看爲什麼會這樣。

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. The formula for this calculation on Pinnacle West Capital is:

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。Pinnacle West Capital的計算公式爲:

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)

0.041 = US$883m ÷ (US$25b - US$3.1b) (Based on the trailing twelve months to March 2024).

0.041 = 8.83億美元 ÷(250億美元-31億美元) (基於截至2024年3月的過去十二個月)

Therefore, Pinnacle West Capital has an ROCE of 4.1%. On its own, that's a low figure but it's around the 4.8% average generated by the Electric Utilities industry.

因此,Pinnacle West Capital的投資回報率爲4.1%。就其本身而言,這是一個很低的數字,但約爲電力公用事業行業的4.8%的平均水平。

roce
NYSE:PNW Return on Capital Employed May 22nd 2024
紐約證券交易所:PNW 已動用資本回報率 2024 年 5 月 22 日

Above you can see how the current ROCE for Pinnacle West Capital 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 Pinnacle West Capital for free.

上面你可以看到Pinnacle West Capital當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,你可以免費查看報道Pinnacle West Capital的分析師的預測。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

The trend of ROCE doesn't look fantastic because it's fallen from 5.2% five years ago, while the business's capital employed increased by 34%. Usually this isn't ideal, but given Pinnacle West Capital conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Pinnacle West Capital's earnings and if they change as a result from the capital raise. Additionally, we found that Pinnacle West Capital's most recent EBIT figure is around the same as the prior year, so we'd attribute the drop in ROCE mostly to the capital raise.

ROCE的趨勢看起來並不理想,因爲它從五年前的5.2%下降了,而該企業的使用資本增長了34%。通常,這並不理想,但鑑於Pinnacle West Capital在發佈最新業績之前進行了融資,這可能至少部分地促進了已動用資本數字的增加。籌集的資金可能尚未投入使用,因此值得關注的是,Pinnacle West Capital的收益未來會發生什麼,以及這些收益是否會因籌集資金而發生變化。此外,我們發現Pinnacle West Capital最新的息稅前利潤與去年大致相同,因此我們將投資回報率的下降主要歸因於籌集資金。

Our Take On Pinnacle West Capital's ROCE

我們對Pinnacle West Capital投資回報率的看法

Bringing it all together, while we're somewhat encouraged by Pinnacle West Capital's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 2.2% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

綜上所述,儘管Pinnacle West Capital對自有業務的再投資使我們感到有些鼓舞,但我們意識到回報正在萎縮。投資者可能會意識到這些趨勢,因爲在過去五年中,該股向股東的總回報率僅爲2.2%。因此,如果你正在尋找一臺多袋裝機,我們認爲你在其他地方會有更多的運氣。

Pinnacle West Capital does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is potentially serious...

但是,Pinnacle West Capital確實存在一些風險,我們在投資分析中發現了2個警告信號,其中一個可能很嚴重...

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。

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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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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