There Are Reasons To Feel Uneasy About RB Global's (NYSE:RBA) Returns On Capital
There Are Reasons To Feel Uneasy About RB Global's (NYSE:RBA) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating RB Global (NYSE:RBA), we don't think it's current trends fit the mold of a multi-bagger.
要找到一個多倍收益的股票，我們應該從業務中尋找哪些基本趨勢呢？首先，我們需要看到已有的資本使用證明。簡而言之，這些類型的企業是複合機器，意味着他們在不斷地以越來越高的回報率再投資他們的收益。考慮到這一點，好時（NYSE:HSY）的ROCE現在看起來很有吸引力，讓我們看看收益的趨勢能告訴我們什麼。資產回報率：它是什麼？了解資本使用回報率（ROCE）如果你以前沒有接觸過ROCE，它衡量公司從資本使用中產生的“回報”（稅前利潤）。要爲洪恩計算此指標，這是公式:資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）這表明它是一個複利機器，能夠不斷將盈利再投資到業務中，產生更高的回報率。然而，在調查RB Global（NYSE：RBA）後，我們認爲其目前的趨勢不符合多倍增長的模式。
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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on RB Global is:
對於不了解的人來說，ROCE是一家公司每年稅前利潤（其收益）相對於業務中使用的資本的一種度量。RB Global此計算的公式是：
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。
0.075 = US$792m ÷ (US$12b - US$1.5b) (Based on the trailing twelve months to March 2024).
0.075 = 美元792m ÷ （美元12b-美元1.5b）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。.
So, RB Global has an ROCE of 7.5%. In absolute terms, that's a low return and it also under-performs the Commercial Services industry average of 9.8%.
因此，RB Global的ROCE爲7.5%。從絕對值來看，這是一個較低的回報率，並且也低於商業服務行業的平均水平（9.8%）。
In the above chart we have measured RB Global'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 RB Global .
在上圖中，我們已經測量了RB Global的先前ROCE與其先前表現相比，但未來可能更重要。如果您想查看分析師對RB Global的預測，請查看我們的免費分析師報告。
So How Is RB Global's ROCE Trending?
那麼RB Global的ROCE趨勢如何？
On the surface, the trend of ROCE at RB Global doesn't inspire confidence. Around five years ago the returns on capital were 11%, but since then they've fallen to 7.5%. 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. If these investments prove successful, this can bode very well for long term stock performance.
表面上看，RB Global的ROCE的趨勢並不令人滿意。大約五年前，資本回報率爲11％，但自那以後，它們已經下降到7.5％。雖然，考慮到營業額和業務中使用的資產數量都增加了，這可能表明公司正在投資於創業板，而額外的資本已導致ROCE短期降低。如果這些投資獲得成功，這將對長期股票表現非常有利。
On a related note, RB Global has decreased its current liabilities to 12% of total assets. So we could link some of this to the decrease 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.
在相關注意事項中，RB Global已將其流動負債降至總資產的12％。因此，我們可以將其中的一部分鏈接到ROCE的下降。實際上，這意味着他們的供應商或短期債權人爲業務提供的資金較少，這減少了某些風險因素。由於公司基本上是用自己的資金資助其運營，因此您可以認爲這使該業務在產生ROCE方面不太有效率。
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。
While returns have fallen for RB Global in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And long term investors must be optimistic going forward because the stock has returned a huge 125% to shareholders in the last five years. So while investors seem to be recognizing these promising trends, we would look further into this stock to make sure the other metrics justify the positive view.
雖然RB Global的回報率近期下降，但我們看到銷售額正在增長，而且公司正在重新投資其業務。長期投資者在股票未來表現方面必須持樂觀態度，因爲股票在過去五年中給股東帶來了巨大的125％的回報。因此，在投資者似乎意識到這些有前景的趨勢的同時，我們將進一步查看股票，以確保其他指標證明積極情況。
RB Global does have some risks though, and we've spotted 2 warning signs for RB Global that you might be interested in.
雖然RB Global目前可能沒有獲得最高的回報率，但我們已編制了一份目前獲得超過25％股本回報率的公司列表。在此免費列表中查看。
While RB Global 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.
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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。