Investors Shouldn't Overlook The Favourable Returns On Capital At Ternium (NYSE:TX)
Investors Shouldn't Overlook The Favourable Returns On Capital At Ternium (NYSE:TX)
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. That's why when we briefly looked at Ternium's (NYSE:TX) ROCE trend, we were very happy with what we saw.
想找到下一個多倍榜樣，需要注意以下關鍵趨勢。一種常見的方法是嘗試找到一個開多的公司。看到這種情況，通常意味着這是一家擁有出色的業務模式和大量盈利再投資機會的公司。因此，當我們簡要查看納斯達克nova（NASDAQ:NVMI）的資本回報率趨勢時，我們對我們看到的感到非常高興。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。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。簡單來說，這些類型的企業是複利機器，意味着它們不斷地將賺來的利潤以更高的回報率再投資。因此，當我們簡要地看一下特爾尼翁鋼鐵（NYSE：TX）的ROCE趨勢時，我們對所看到的非常滿意。
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 Ternium, this is the formula:
只是爲了澄清一下，如果您不確定，ROCE是評估公司在其業務中投資的資本中賺取多少稅前收入（以百分比方式）的度量標準。要爲特爾尼翁鋼鐵計算此度量標準，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。
0.20 = US$4.2b ÷ (US$25b - US$3.8b) (Based on the trailing twelve months to March 2024).
0.20 = 42億美元 ÷（250億美元- 38億美元）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, Ternium has an ROCE of 20%. In absolute terms that's a great return and it's even better than the Metals and Mining industry average of 8.9%.
因此，特爾尼翁鋼鐵的ROCE爲20％。從絕對意義上講，這是一個很好的回報，甚至比貴金屬行業板塊的平均水平8.9％更好。
In the above chart we have measured Ternium'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 Ternium .
在上圖中，我們測量了特爾尼翁鋼鐵以前的ROCE與其以前的表現，但未來才是更重要的。如果您有興趣，您可以查看我們爲特爾尼翁鋼鐵提供的免費分析師報告中的分析師預測。
What Does the ROCE Trend For Ternium Tell Us?
特爾尼翁鋼鐵的ROCE趨勢告訴我們什麼？
In terms of Ternium's history of ROCE, it's quite impressive. The company has employed 91% more capital in the last five years, and the returns on that capital have remained stable at 20%. Returns like this are the envy of most businesses and given it has repeatedly reinvested at these rates, that's even better. You'll see this when looking at well operated businesses or favorable business models.
就特爾尼翁鋼鐵的ROCE歷史情況而言，它相當令人印象深刻。在過去的五年中，該公司投入的資本增加了91％，而該資本的回報率仍保持在20％。像這樣的回報是大多數企業所羨慕的，而且它不斷以這樣的速度再投資，這更加美妙。當看到運營良好的企業或有利的業務模式時，您會看到這一點。
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 short, we'd argue Ternium has the makings of a multi-bagger since its been able to compound its capital at very profitable rates of return. And the stock has done incredibly well with a 127% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
簡而言之，我們認爲特爾尼翁鋼鐵具備成爲一隻多倍增長股票的條件，因爲它能夠以非常具有盈利性的回報率複合其資本。這隻股票在過去五年中的回報率達到了127％，因此長期投資者無疑對此結果感到非常滿意。因此，雖然股票基本面的積極趨勢可能已被投資者計算在內，但我們仍認爲這隻股票值得進一步研究。
Ternium does have some risks, we noticed 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
特爾尼翁鋼鐵確實存在一些風險，我們注意到了3個警告信號（以及一個不應該被忽視的信號），我們認爲您應該知道這些風險。
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。