Under The Bonnet, Terex's (NYSE:TEX) Returns Look Impressive
Under The Bonnet, Terex's (NYSE:TEX) Returns Look Impressive
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. So when we looked at the ROCE trend of Terex (NYSE:TEX) we really liked what we saw.
如果你正在尋找一個multi-bagger，有一些事情要注意。理想情況下，一家公司會顯示兩個趨勢; 首先是不斷增長的資本投入。如果你看到這一點，通常意味着這是一家擁有出色商業模式和大量盈利再投資機會的公司。因此，在這一點上，電科網安（深圳證券交易所：002268）在資本回報趨勢方面似乎相當有前途。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。簡言之，這些類型的企業是『複利機器』，意味着他們不斷地以越來越高的回報率重投其收益。因此，當我們觀察 Terex（紐交所：TEX）的 ROCE 趨勢時，我們真的很喜歡看到的內容。所有板塊都應該跟進。
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。
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 Terex is:
只是爲了澄清一下，如果你不確定的話，ROCE 是一種用於評估公司在其業務中投資的資本上賺取多少稅前收入（以百分比形式）的度量標準。Terex 的計算公式是：
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。
0.24 = US$641m ÷ (US$3.8b - US$1.1b) (Based on the trailing twelve months to March 2024).
0.24 = 6.41 億美元 ÷（38 億美元 - 11 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, Terex has an ROCE of 24%. In absolute terms that's a great return and it's even better than the Machinery industry average of 13%.
因此，Terex 的 ROCE 是 24%。從絕對意義上來說，這是一個很棒的回報，甚至比機械行業平均水平（13%）還要好。所有板塊都應該跟進。
Above you can see how the current ROCE for Terex compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Terex .
在上面，你可以看到 Terex 的當前 ROCE 如何與其過去的資本回報相比，但從過去能得到的信息是有限的。如果您想了解分析師對未來的預測，您應該查看我們免費的 Terex 分析師報告。
So How Is Terex's ROCE Trending?
那麼 Terex 的 ROCE 走勢如何？
Terex'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 67% 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. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
Terex 的 ROCE 增長相當驚人。從數據上看，我們可以看到，儘管企業中投資的資本保持相對穩定，但 ROCE 的增長率在過去五年中上升了 67%。因此，鑑於資本投入並沒有發生重大變化，這意味着業務現在正在充分受益於其過去的投資。在這個意義上，公司表現不錯，值得進一步調查管理團隊對長期增長前景的規劃。所有行業板塊都應該關注。
What We Can Learn From Terex's ROCE
我們可以從 Terex 的 ROCE 得到什麼啓示？
To bring it all together, Terex has done well to increase the returns it's generating from its capital employed. Since the stock has returned a solid 97% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. Therefore, we think it would be worth your time to check if these trends are going to continue.
綜上所述，Terex 在增加其資本投入所產生的回報方面做得很好。由於股票在過去五年爲股東帶來了可觀的 97% 的回報，可以說投資者開始認識到這些變化。因此，我們認爲值得您花時間查看這些趨勢是否會繼續。Terex 的確存在一些風險，我們在投資分析中發現了 2 個警示信號，其中 1 個相當重要……可以看看所有摩爾多瓦的業務。
Terex does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is significant...
Terex 確實存在一些風險，我們在投資分析中發現了 2 個警示信號，其中 1 個相當重要……所有板塊都應該關注。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果您想尋找更多獲得高回報的股票，請查看這個免費股票列表，這些股票不僅有紮實的資產負債表，而且還有高回報率。
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