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Some Investors May Be Worried About HEICO's (NYSE:HEI) Returns On Capital

Some Investors May Be Worried About HEICO's (NYSE:HEI) Returns On Capital

一些投資者可能會擔心HEICO(紐約證券交易所代碼:HEI)的資本回報率
Simply Wall St ·  05/23 21:45

If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at HEICO (NYSE:HEI), it didn't seem to tick all of these boxes.

如果你正在尋找一款多功能裝袋機,有幾件事需要注意。一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 所用資本的比例。歸根結底,這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。但是,當我們查看HEICO(紐約證券交易所代碼:HEI)時,它似乎並沒有勾選所有這些方框。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on HEICO is:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。在 HEICO 上進行此計算的公式爲:

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)

0.10 = US$693m ÷ (US$7.3b - US$604m) (Based on the trailing twelve months to January 2024).

0.10 = 6.93億美元 ÷(73億美元-6.04億美元) (基於截至2024年1月的過去十二個月)

So, HEICO has an ROCE of 10%. By itself that's a normal return on capital and it's in line with the industry's average returns of 9.8%.

因此,HEICO的投資回報率爲10%。這本身就是正常的資本回報率,與該行業9.8%的平均回報率一致。

roce
NYSE:HEI Return on Capital Employed May 23rd 2024
紐約證券交易所:HEI 2024年5月23日動用資本回報率

In the above chart we have measured HEICO's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for HEICO .

在上圖中,我們將HEICO先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果您有興趣,可以在我們的免費HEICO分析師報告中查看分析師的預測。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

When we looked at the ROCE trend at HEICO, we didn't gain much confidence. To be more specific, ROCE has fallen from 15% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.

當我們查看HEICO的投資回報率趨勢時,我們並沒有獲得太大的信心。更具體地說,投資回報率已從過去五年的15%下降。但是,鑑於已動用資本和收入均有所增加,由於短期回報,該業務目前似乎正在追求增長。如果這些投資被證明是成功的,這對長期股票表現來說可能是個好兆頭。

The Bottom Line On HEICO's ROCE

HEICO 投資回報率的底線

In summary, despite lower returns in the short term, we're encouraged to see that HEICO is reinvesting for growth and has higher sales as a result. And the stock has followed suit returning a meaningful 85% to shareholders over the last five years. So should these growth trends continue, we'd be optimistic on the stock going forward.

總而言之,儘管短期內回報率較低,但我們欣慰地看到,HEICO正在進行再投資以實現增長,從而提高了銷售額。在過去五年中,該股緊隨其後,股東的回報率高達85%。因此,如果這些增長趨勢繼續下去,我們將對該股的未來持樂觀態度。

On a separate note, we've found 1 warning sign for HEICO you'll probably want to know about.

另一方面,我們找到了一個你可能想知道的 HEICO 警告標誌。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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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