Nordson's (NASDAQ:NDSN) Returns Have Hit A Wall
Nordson's (NASDAQ:NDSN) Returns Have Hit A Wall
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. So, when we ran our eye over Nordson's (NASDAQ:NDSN) trend of ROCE, we liked what we saw.
如果您正在尋找成倍增長的業務板塊，則應注意以下幾點。此外，我們將看到兩個方面，首先是增長的資本回報率（ROCE），其次是企業的資本投資擴張。如果您看到這一點，通常意味着這是一個具有良好業務模型和豐富有利可圖的再投資機會的公司。因此，當我們審視Nordson（NASDAQ：NDSN）的ROCE趨勢時，我們看到了令人滿意的情況。
What Is Return On Capital Employed (ROCE)?
資本僱用回報率(ROCE)是什麼？
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 Nordson is:
只是爲了澄清，如果您不確定，ROCE是一種用於評估公司在其業務中投資的資本上賺取多少稅前收入（以百分比計算）的指標。此計算公式針對Nordson如下:
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）
0.15 = US$692m ÷ (US$5.2b - US$536m) (Based on the trailing twelve months to April 2024).
0.15 = US$692m ÷ (US$5.2b - US$536m)（基於截至2024年4月的過去十二個月）。
Therefore, Nordson has an ROCE of 15%. That's a relatively normal return on capital, and it's around the 13% generated by the Machinery industry.
因此，Nordson的ROCE爲15%。這是一個相對正常的資本回報率，與機械行業產生的13％左右相當。
NasdaqGS:NDSN Return on Capital Employed June 4th 2024
NasdaqGS:NDSN Return on Capital Employed **** 2024
In the above chart we have measured Nordson'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 Nordson .
在上圖中，我們對Nordson以往的ROCE表現進行了衡量，但未來的表現可能更爲重要。如果您有興趣，可以查看我們在免費的Nordson分析師報告中看到的分析師預測。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. Over the past five years, ROCE has remained relatively flat at around 15% and the business has deployed 53% more capital into its operations. Since 15% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
ROCE的趨勢並不引人注目，但總體回報率還不錯。在過去的五年中，ROCE保持在15％左右，企業將53％的資本投入運營中。由於15％是適度的ROCE，因此很高興看到企業能夠以這些適度的回報率持續再投資。這種穩定的回報率可能不那麼激動人心，但如果能夠長期保持，通常會給股東帶來不錯的回報。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In the end, Nordson has proven its ability to adequately reinvest capital at good rates of return. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
最終，Nordson證明了其能夠以良好的回報率充分再投資資本的能力。由於這隻股票在過去的五年中大幅上漲，市場似乎預計這一趨勢將繼續。因此，即使這隻股票現在可能比以前更“昂貴”，我們認爲強大的基本面證明了繼續研究這隻股票。
Nordson does have some risks though, and we've spotted 1 warning sign for Nordson that you might be interested in.
Nordson確實存在一些風險，我們已經發現了Nordson的1項警告信號，您可能會感興趣。
While Nordson may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然Nordson目前可能沒有賺取最高回報率，但我們已編制了一份賺取超過25％的股權回報率公司清單。請查看此免費列表。
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