Here's What To Make Of Gap's (NYSE:GPS) Decelerating Rates Of Return
Here's What To Make Of Gap's (NYSE:GPS) Decelerating Rates Of Return
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. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. Although, when we looked at Gap (NYSE:GPS), it didn't seem to tick all of these boxes.
如果你不確定下一個井噴股票的選股方向，那麼有幾個關鍵的趨勢是需要關注的。其中，我們需要看到兩個因素：首先，資本投入增長；其次，業務能夠不斷將收益再投入並獲得更高的回報。因此，當我們簡要了解中國科培教育集團（HKG:1890）的ROCE趨勢時，我們非常滿意所看到的。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）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。資本回報率高。這表明它是一個複合機器，能夠不斷將其收益再投入業務中，併產生更高的回報。雖然，當我們查看Gap（紐交所:GPS）時，似乎並沒有完全符合這些要求。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. To calculate this metric for Gap, this is the formula:
只是爲了澄清，如果您不確定，ROCE是一種評估公司在其業務中投入的資本上賺取多少稅前收入（以百分比計算）的指標。要爲Gap計算這個指標，這是公式：
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。
0.099 = US$802m ÷ (US$11b - US$2.8b) (Based on the trailing twelve months to May 2024).
0.099 = 8.02億美元 ÷（110億美元 - 28億美元）（截至2024年5月的過去十二個月）.
Thus, Gap has an ROCE of 9.9%. Ultimately, that's a low return and it under-performs the Specialty Retail industry average of 13%.
因此，Gap的資本回報率爲9.9％。最終，這是一個低迴報，並且表現不及13％的專業零售行業平均水平。
Above you can see how the current ROCE for Gap 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 Gap .
上面您可以看到Gap的當前資本回報率與其先前資本回報率相比如何，但是從過去得出的結論有其侷限性。如果您想了解分析師對未來的預測，可以查看我們爲Gap提供的免費分析師報告。
What Can We Tell From Gap's ROCE Trend?
從Gap的ROCE趨勢中我們能得到什麼信息？
Over the past five years, Gap's ROCE has remained relatively flat while the business is using 25% less capital than before. To us that doesn't look like a multi-bagger because the company appears to be selling assets and it's returns aren't increasing. In addition to that, since the ROCE doesn't scream "quality" at 9.9%, it's hard to get excited about these developments.
在過去的五年中，Gap的資本回報率基本持平，而公司使用的資本比以前少25％。對我們而言，這看起來並不像一個多賺幾倍的公司，因爲公司似乎正在出售資產，其回報率並未增加。另外，由於ROCE在9.9％時並不突出“質量”，因此很難對這些發展感到興奮。
Our Take On Gap's ROCE
我們對Gap的資本回報率的看法
It's a shame to see that Gap is effectively shrinking in terms of its capital base. Although the market must be expecting these trends to improve because the stock has gained 65% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
看到Gap在其資本基礎方面實際上正在縮小，這真是太可惜了。儘管市場可能預計這些趨勢會得到改善，因爲該股在過去五年中上漲了65％。但如果這些基本趨勢的軌跡繼續下去，我們認爲從這裏開始成爲多賺幾倍的可能性不高。
Like most companies, Gap does come with some risks, and we've found 2 warning signs that you should be aware of.
像大多數公司一樣，Gap確實存在一些風險，我們發現了2個警告信號，您應該注意。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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