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Fluor (NYSE:FLR) Might Have The Makings Of A Multi-Bagger

Fluor (NYSE:FLR) Might Have The Makings Of A Multi-Bagger

福陆(纽约证券交易所代码:FLR)可能具有多功能装袋机的风格
Simply Wall St ·  05/24 02:43

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Speaking of which, we noticed some great changes in Fluor's (NYSE:FLR) returns on capital, so let's have a look.

如果你正在寻找一款多功能装袋机,有几件事需要注意。通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。说到这里,我们注意到福陆(纽约证券交易所代码:FLR)的资本回报率发生了一些重大变化,所以让我们来看看。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (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. To calculate this metric for Fluor, this is the formula:

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)。要计算福陆的这个指标,公式如下:

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)

0.11 = US$398m ÷ (US$6.7b - US$2.9b) (Based on the trailing twelve months to March 2024).

0.11 = 3.98亿美元 ÷(67亿美元-29亿美元) (基于截至2024年3月的过去十二个月)

So, Fluor has an ROCE of 11%. That's a relatively normal return on capital, and it's around the 12% generated by the Construction industry.

因此,福陆的投资回报率为11%。这是相对正常的资本回报率,约为建筑业产生的12%。

roce
NYSE:FLR Return on Capital Employed May 23rd 2024
纽约证券交易所:FLR 已动用资本回报率 2024 年 5 月 23 日

Above you can see how the current ROCE for Fluor compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Fluor .

上面你可以看到福陆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。如果您想了解分析师对未来的预测,则应查看我们的免费福陆分析师报告。

The Trend Of ROCE

ROCE 的趋势

You'd find it hard not to be impressed with the ROCE trend at Fluor. We found that the returns on capital employed over the last five years have risen by 151%. That's not bad because this tells for every dollar invested (capital employed), the company is increasing the amount earned from that dollar. Interestingly, the business may be becoming more efficient because it's applying 32% less capital than it was five years ago. Fluor may be selling some assets so it's worth investigating if the business has plans for future investments to increase returns further still.

你会发现福陆的投资回报率趋势很难不给你留下深刻的印象。我们发现,在过去五年中,使用的资本回报率增长了151%。这还不错,因为这表明每投资一美元(动用资本),公司就会增加从这美元中获得的收入。有趣的是,该业务可能会变得更有效率,因为它使用的资本比五年前减少了32%。福陆可能正在出售部分资产,因此值得调查该企业是否有未来投资计划,以进一步提高回报。

On a separate but related note, it's important to know that Fluor has a current liabilities to total assets ratio of 44%, which we'd consider pretty high. 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.

另一方面,重要的是要知道福陆的流动负债与总资产的比率为44%,我们认为这个比率相当高。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。

Our Take On Fluor's ROCE

我们对福陆投资回报率的看法

In summary, it's great to see that Fluor has been able to turn things around and earn higher returns on lower amounts of capital. Since the stock has returned a solid 47% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.

总而言之,很高兴看到福陆能够扭转局面,用较少的资本获得更高的回报。由于该股在过去五年中稳步回报了47%的股东,因此可以公平地说,投资者开始意识到这些变化。话虽如此,我们仍然认为前景良好的基本面意味着公司值得进一步的尽职调查。

If you'd like to know about the risks facing Fluor, we've discovered 1 warning sign that you should be aware of.

如果您想了解福陆面临的风险,我们发现了您应该注意的1个警告信号。

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.

对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。

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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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