We Think Gartner (NYSE:IT) Might Have The DNA Of A Multi-Bagger
We Think Gartner (NYSE:IT) Might Have The DNA Of A Multi-Bagger
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. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, 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. With that in mind, the ROCE of Gartner (NYSE:IT) looks great, so lets see what the trend can tell us.
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。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）基本上，這意味着公司有利可圖的倡議，可以繼續投資，這是一個複合機器的特徵。考慮到這一點，加特納（NYSE: IT）的ROCE看起來非常棒，讓我們看看這種趨勢能告訴我們什麼。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. To calculate this metric for Gartner, this is the formula:
對於那些不知道ROCE是什麼的人來說，這是衡量公司每年稅前利潤（回報）與經營中使用的資本相對的指標。要爲加特納計算這一指標，可以使用以下公式：
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。
0.28 = US$1.1b ÷ (US$7.7b - US$3.6b) (Based on the trailing twelve months to March 2024).
0.28 = 11億美元 ÷ （77億美元 - 36億美元）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。.
So, Gartner has an ROCE of 28%. In absolute terms that's a great return and it's even better than the IT industry average of 11%.
因此，加特納的ROCE爲28%。就絕對值而言，這是一個不錯的回報，甚至比IT行業平均水平11%更好。
In the above chart we have measured Gartner'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 Gartner .
在上圖中，我們測量了加特納之前的ROCE與其之前的表現，但未來可能更重要。如果您有興趣，可以查看我們爲加特納提供的免費分析師報告中的分析師預測。
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。
Gartner's ROCE growth is quite impressive. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 213% over the last five years. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
加特納的ROCE增長非常令人印象深刻。從數據上可以看到，儘管企業中使用的資本保持相對穩定，但五年來產生的ROCE卻上升了213%。因此，企業現在可能正在收穫其過去投資的全部好處，因爲使用的資本並沒有發生明顯變化。雖然這很好，但有必要深入研究一下，因爲雖然企業更加高效了，但這也可能意味着未來內部有機增長需要投資的領域不足。
Another thing to note, Gartner has a high ratio of current liabilities to total assets of 47%. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
還要注意的一點是，加特納的流動負債與總資產的比率很高，達到了47％。這可能會帶來一些風險，因爲公司基本上是在相當大程度上依賴其供應商或其他類型的短期債權人經營的。理想情況下，我們希望看到這一比率降低，因爲這意味着承擔風險的義務更少。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
In summary, we're delighted to see that Gartner has been able to increase efficiencies and earn higher rates of return on the same amount of capital. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總之，我們很高興看到加特納能夠提高效率並在同等資本基礎上獲得更高的回報率。而且，隨着股票在過去五年表現得異常出色，這些趨勢正在被投資者考慮。儘管如此，我們仍然認爲有前途的基本面意味着公司值得進一步的盡職調查。還有一件事，我們發現了兩個警告信號，這對面臨的加特納可能很有趣。
One more thing, we've spotted 2 warning signs facing Gartner that you might find interesting.
還有一件事，我們發現了兩個面臨加特納的警告信號，您可能會感興趣。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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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。
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