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Paycom Software (NYSE:PAYC) Is Reinvesting To Multiply In Value

Paycom Software (NYSE:PAYC) Is Reinvesting To Multiply In Value

Paycom Software(紐約證券交易所代碼:PAYC)正在進行再投資以增加價值
Simply Wall St ·  05/24 02:37

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. With that in mind, the ROCE of Paycom Software (NYSE:PAYC) looks attractive right now, so lets see what the trend of returns can tell us.

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?首先,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。考慮到這一點,Paycom Software(紐約證券交易所代碼:PAYC)的投資回報率目前看起來很有吸引力,所以讓我們看看回報趨勢能告訴我們什麼。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (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. The formula for this calculation on Paycom Software is:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。在 Paycom 軟件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)

0.32 = US$577m ÷ (US$4.7b - US$2.9b) (Based on the trailing twelve months to March 2024).

0.32 = 5.77億美元 ÷(47億美元-29億美元) (基於截至2024年3月的過去十二個月)

Therefore, Paycom Software has an ROCE of 32%. In absolute terms that's a great return and it's even better than the Professional Services industry average of 14%.

因此,Paycom Software的投資回報率爲32%。從絕對值來看,這是一個不錯的回報,甚至比專業服務行業14%的平均水平還要好。

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

In the above chart we have measured Paycom Software's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Paycom Software .

在上圖中,我們將Paycom Software之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。如果您想了解分析師對未來的預測,則應查看我們的免費Paycom Software分析師報告。

What Does the ROCE Trend For Paycom Software Tell Us?

Paycom軟件的投資回報率趨勢告訴我們什麼?

In terms of Paycom Software's history of ROCE, it's quite impressive. The company has consistently earned 32% for the last five years, and the capital employed within the business has risen 209% in that time. Returns like this are the envy of most businesses and given it has repeatedly reinvested at these rates, that's even better. You'll see this when looking at well operated businesses or favorable business models.

就Paycom Software的投資回報率歷史而言,它給人留下了深刻的印象。在過去五年中,該公司的收入一直保持32%,在此期間,公司內部使用的資本增長了209%。這樣的回報令大多數企業羨慕不已,鑑於它一再以這樣的利率進行再投資,那就更好了。在查看運營良好的企業或有利的商業模式時,你會看到這一點。

On a separate but related note, it's important to know that Paycom Software has a current liabilities to total assets ratio of 62%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

另一方面,重要的是要知道Paycom Software的流動負債與總資產的比率爲62%,我們認爲這個比率相當高。這可能會帶來一些風險,因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。雖然這不一定是壞事,但如果這個比率較低,可能會有好處。

What We Can Learn From Paycom Software's ROCE

我們可以從 Paycom Software 的 ROCE 中學到什麼

In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. However, despite the favorable fundamentals, the stock has fallen 12% over the last five years, so there might be an opportunity here for astute investors. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.

最終,該公司已經證明了它可以以高回報率對資本進行再投資,你會記得這是多口袋者的特徵。但是,儘管基本面良好,但該股在過去五年中仍下跌了12%,因此對於精明的投資者來說,這裏可能有機會。這就是爲什麼鑑於基本面很有吸引力,我們認爲值得進一步研究這隻股票。

Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation for PAYC that compares the share price and estimated value.

但是,在得出任何結論之前,我們需要知道當前股價將獲得什麼價值。在這裏,您可以查看我們對PAYC的免費內在價值估算,該估算值比較了股價和估計價值。

If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.

如果您想看到其他公司獲得高回報,請在此處查看我們的免費高回報且資產負債表穩健的公司名單。

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.

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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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