The Returns At Acuity Brands (NYSE:AYI) Aren't Growing
The Returns At Acuity Brands (NYSE:AYI) Aren't Growing
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. That's why when we briefly looked at Acuity Brands' (NYSE:AYI) ROCE trend, we were pretty happy with what we saw.
尋找一個具有潛力大幅增長的業務並不容易，但只要我們看幾個主要的財務指標，就有可能找到。理想情況下，一個企業會顯示出兩種趨勢：首先是不斷增長的資本僱用回報率（ROCE），其次是逐漸增加的資本僱用量。如果你看到了這個，通常意味着這是一個擁有出色業務模型和豐富賺錢再投資機會的公司。這就是爲什麼當我們簡短地看了Acuity Brands（紐交所股票代碼：AYI）的ROCE趨勢時，我們對所看到的情況感到非常滿意。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Acuity Brands is:
對於那些不確定ROCE是什麼的人來說，它衡量的是一家公司在其業務中使用的資本所能產生的稅前利潤金額。在Acuity Brands上的這個計算公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.18 = US$515m ÷ (US$3.5b - US$598m) (Based on the trailing twelve months to February 2024).
0.18 = 51.5億美元 ÷ （35億美元 - 5.98億美元）（基於截至2024年2月的過去十二個月）
Therefore, Acuity Brands has an ROCE of 18%. On its own, that's a standard return, however it's much better than the 13% generated by the Electrical industry.
因此，Acuity Brands的ROCE爲18%。獨立看它是標準回報，但它比電力行業的13%要好得多。
NYSE:AYI Return on Capital Employed June 4th 2024
紐交所股票代碼：AYI ROCE 2024年6月4日
Above you can see how the current ROCE for Acuity Brands 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 Acuity Brands for free.
在上面的圖表中，您可以看到Acuity Brands當前ROCE與其之前的資本回報相比，但過去的事情只能提供有限的信息。如果您想，您可以免費查看分析師對Acuity Brands的預測。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
While the returns on capital are good, they haven't moved much. The company has employed 22% more capital in the last five years, and the returns on that capital have remained stable at 18%. Since 18% 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.
雖然資本回報率很好，但沒有太大的變動。公司在過去五年中增加了22%的資本，但資本的回報率保持在18%左右。由於18%是一個適度的ROCE，所以看到一個業務能夠以這樣不錯的回報率持續進行再投資是很好的。這個數據區間內的穩定回報可能不令人着迷，但如果能夠長期保持，它們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。
The main thing to remember is that Acuity Brands has proven its ability to continually reinvest at respectable rates of return. And the stock has followed suit returning a meaningful 92% to shareholders over the last five years. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
要記住的主要事情是，Acuity Brands已經證明了其能夠以可觀的回報率不斷進行再投資的能力。股票也取得了相應的回報，爲股東在過去五年內帶來了92%的顯著回報。因此，即使股票價格比以前更“昂貴”，我們認爲強大的基本面仍然支持進一步研究這隻股票。
On a separate note, we've found 1 warning sign for Acuity Brands you'll probably want to know about.
另外要注意的是，我們已經發現Acuity Brands有1個警告信號，你可能想了解一下。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
譯文內容由第三人軟體翻譯。