Some Investors May Be Worried About C.H. Robinson Worldwide's (NASDAQ:CHRW) Returns On Capital
Some Investors May Be Worried About C.H. Robinson Worldwide's (NASDAQ:CHRW) Returns On Capital
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. In light of that, from a first glance at C.H. Robinson Worldwide (NASDAQ:CHRW), we've spotted some signs that it could be struggling, so let's investigate.
如果您正在關注一個成熟的業務且已經過了增長階段，那麼會出現哪些潛在的趨勢呢？ 衰退中的企業通常有兩個基本趨勢，首先是資本使用回報率（ROCE）的下降，其次是資本使用量的下降。基本上，公司在其投資上賺的錢越來越少，同時它也在減少其總資產。 所以，對於茂業商業（SHSE：600828），我們對事情的發展並不是太樂觀。資產回報率：它是什麼？其資本使用回報率（ROCE）和資本使用量降低。基本上，公司在其投資上賺的錢越來越少，同時還在減少其總資產。 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，該公司在其投資上賺取較少的利潤，同時還減少了其總資產。有跡象表明，羅賓遜物流（納斯達克：CHRW）可能在掙扎，讓我們來調查一下。
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 C.H. Robinson Worldwide is:
對於那些不確定什麼是ROCE的人來說，它衡量了公司從其業務中所使用的資本所能產生的稅前利潤量。這個計算公式在C.H. Robinson Worldwide的情況是：
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。
0.16 = US$511m ÷ (US$5.5b - US$2.3b) (Based on the trailing twelve months to March 2024).
0.16 = 5.11億美元 ÷ (55億美元 - 23億美元)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。.
Therefore, C.H. Robinson Worldwide has an ROCE of 16%. On its own, that's a standard return, however it's much better than the 10% generated by the Logistics industry.
因此，羅賓遜物流的ROCE爲16%。就其本身而言，這是一個標準的回報率，但它比物流行業生成的10%要好得多。
Above you can see how the current ROCE for C.H. Robinson Worldwide 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 C.H. Robinson Worldwide for free.
上面你可以看到C.H. Robinson Worldwide目前的ROCE與以前的資本回報率相比如何，但過去能看到的東西是有限的。如果您想，您可以免費查看覆蓋羅賓遜物流的分析師的預測。
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。
There is reason to be cautious about C.H. Robinson Worldwide, given the returns are trending downwards. About five years ago, returns on capital were 29%, however they're now substantially lower than that as we saw above. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on C.H. Robinson Worldwide becoming one if things continue as they have.
鑑於資本回報率正在下降，有理由對C.H. Robinson Worldwide持謹慎態度。大約五年前，資本回報率爲29％，然而，正如我們所看到的那樣，它們現在遠低於那個水平。最重要的是，值得注意的是，企業中使用的資本保持相對穩定。由於回報率正在下降，而企業擁有相同數量的資產，這可能意味着它是一家沒有在過去五年中有多少增長的成熟企業。因此，由於這些趨勢通常不利於創造多袋收益，如果事情繼續下去，我們不會把羅賓遜物流作爲一個令人興奮的企業。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 42%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 16%. And with current liabilities at these levels, suppliers or short-term creditors are effectively funding a large part of the business, which can introduce some risks.
在此同時，我們注意到流動負債與總資產之比已經上升到42％，這影響了資本使用回報率。如果沒有這種增加，ROCE可能會比16％更低。隨着流動負債處於這種水平，供應商或短期債權人有效地資助了業務的很大一部分，這可能會帶來一些風險。
Our Take On C.H. Robinson Worldwide's ROCE
關於羅賓遜物流的資本使用回報率我們的看法
In summary, it's unfortunate that C.H. Robinson Worldwide is generating lower returns from the same amount of capital. Despite the concerning underlying trends, the stock has actually gained 14% over the last five years, so it might be that the investors are expecting the trends to reverse. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
總之，令人遺憾的是，羅賓遜物流正在從相同數量的資本中獲得更低的回報。儘管存在令人擔憂的潛在趨勢，但股票在過去的五年中實際上增長了14％，因此投資者可能正在期待趨勢逆轉。無論如何，我們不喜歡這些趨勢，如果它們持續存在，我們認爲您可能會在其他地方找到更好的投資。
If you want to continue researching C.H. Robinson Worldwide, you might be interested to know about the 3 warning signs that our analysis has discovered.
如果您想繼續研究羅賓遜物流，您可能會對我們的分析發現的三個警告信號感興趣。
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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