Here's What's Concerning About BitFuFu's (NASDAQ:FUFU) Returns On Capital
Here's What's Concerning About BitFuFu's (NASDAQ:FUFU) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think BitFuFu (NASDAQ:FUFU) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果您不確定下一個多倍增長行業板塊從哪裏開始，以下是幾個關鍵趨勢值得關注。 其中一種常見方法是嘗試尋找一家資產類型爲所有板塊的公司。 簡單來說，這些業務都是複合機器，意味着它們不斷地將賺來的錢再投入到更高的收益率中。 然而，經過簡短的數字檢查後，我們認爲韋爾股份（SHSE:603501）未來不具備多倍增長的潛力，但讓我們看看原因。資本僱用回報率(ROCE)是什麼？ROCE是一個衡量公司一年的稅前利潤(回報)相對於其在業務中被僱用資本的指標。Enphase Energy的ROCE公式如下：Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)。其中，enphase energy的ROCE爲9.9%。雖然這個回報率較低，但它與行業平均回報率(9.7%)保持一致。蘋果ceo庫克大規模看跌股票，資產套現超過3億港元。數量資本使用的回報率。簡單來說，這些類型的企業是複利機器，這意味着它們正在不斷以更高的回報率再投資收益。不過，簡短地看了一下數字後，我們不認爲BitFuFu (納斯達克:FUFU) 在未來能成爲多倍股，但讓我們來看看這是爲什麼。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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 BitFuFu is:
只是爲了澄清，如果您不確定，ROCE 是評估一個公司在業務中投資的資本所賺取的稅前收入（以百分比計算）的指標。這個計算在BitFuFu 上的公式是：
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）
0.10 = US$24m ÷ (US$307m - US$76m) (Based on the trailing twelve months to March 2024).
0.10=2.4千萬美元 ÷ (3.07億美元 - 7600萬美元)在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Therefore, BitFuFu has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Software industry average of 7.2% it's much better.
因此，BitFuFu 的 ROCE 爲10%。從絕對值上來看，這是一個令人滿意的回報率，但與軟件行業平均水平的7.2%相比，它要好得多。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of BitFuFu.
雖然過去不能代表未來，但了解一個公司的歷史表現往往是有幫助的，這就是爲什麼我們有上面的圖表。如果您想深入了解歷史收益，請查看這些免費圖表，詳細說明BitFuFu 的營收和現金流表現。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
On the surface, the trend of ROCE at BitFuFu doesn't inspire confidence. To be more specific, ROCE has fallen from 46% over the last three years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
表面上看，BitFuFu 的 ROCE 趨勢並不令人信任。具體而言，ROCE 在過去三年中已從46%下降。儘管如此，考慮到收入和資產的增加，這可能表明公司正在投資於增長，而額外的資本導致了短期ROCE 的下降。如果增加的資本帶來了額外的回報，企業和股東將受益於長期而言。
On a side note, BitFuFu has done well to pay down its current liabilities to 25% of total assets. Since the ratio used to be 96%, that's a significant reduction and it no doubt explains the drop in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
值得一提的是，BitFuFu 已成功將其流動負債降至總資產的25%。由於比率曾經爲96%，這是一個顯著的降低，無疑可以解釋ROCE 下降的原因。這實際上意味着它們的供應商或短期債權人爲企業提供更少的資金，從而降低了某些風險因素。由於企業基本上是用自己的資金來資助更多的運營，您可以認爲這使得企業的產生 ROCE 的效率降低了。
What We Can Learn From BitFuFu's ROCE
從BitFuFu 的 ROCE 中我們可以學到什麼？
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for BitFuFu. And there could be an opportunity here if other metrics look good too, because the stock has declined 64% in the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
儘管短期內資本回報率下降，但我們發現BitFuFu 的營收和投資資本都有所增長，這是值得期待的。如果其他指標也看起來不錯，那麼這裏可能存在機會，因爲該股票在過去一年中下跌了64%。因此，我們認爲鑑於趨勢看起來令人鼓舞，進一步研究這支股票是值得的。
On a final note, we've found 1 warning sign for BitFuFu that we think you should be aware of.
最後，我們發現BitFuFu 存在一個警告信號，我們認爲您應該知道。
While BitFuFu 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 BitFuFu 目前可能沒有最高的回報率，但我們已編制了一個目前獲得超過25%股本回報率的公司清單。請查看這裏的免費清單。
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