Investors Shouldn't Overlook The Favourable Returns On Capital At YETI Holdings (NYSE:YETI)
Investors Shouldn't Overlook The Favourable Returns On Capital At YETI Holdings (NYSE:YETI)
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. Ergo, when we looked at the ROCE trends at YETI Holdings (NYSE:YETI), we liked what we saw.
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。這顯示它是一個複合機器，能夠不斷地將其收益重新投資到業務中，併產生更高的回報。因此，當我們查看YETI Holdings（紐交所：YETI）的ROCE趨勢時，我們喜歡所看到的內容。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for YETI Holdings, this is the formula:
如果您以前沒有使用過ROCE，則它是衡量公司利用其業務中的資本所產生的“回報”（稅前利潤）的指標。要爲YETI Holdings計算此指標，所需公式爲：
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。
0.29 = US$236m ÷ (US$1.1b - US$299m) (Based on the trailing twelve months to March 2024).
0.29 = 2.36億美元 ÷（11億美元 - 2.99億美元）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, YETI Holdings has an ROCE of 29%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此，YETI Holdings的ROCE爲29%。那是一個驚人的回報，不僅如此，它還超過了類似行業公司所賺取的13%的平均回報。
In the above chart we have measured YETI Holdings' 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 YETI Holdings .
在上圖中，我們已經測量了YETI Holdings的前期ROCE與其前期表現，但未來可能更重要。如果您有興趣，您可以查看我們針對YETI Holdings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。
It's hard not to be impressed by YETI Holdings' returns on capital. The company has employed 154% more capital in the last five years, and the returns on that capital have remained stable at 29%. Returns like this are the envy of most businesses and given it has repeatedly reinvested at these rates, that's even better. If YETI Holdings can keep this up, we'd be very optimistic about its future.
YETI Holdings的資本回報率讓人印象深刻。公司在過去五年中投入了154%的資本，而該資本的回報率始終保持在29%左右。像這樣的回報是大多數企業羨慕的，鑑於它已反覆以這些利率進行再投資，這是更好的。如果YETI Holdings能夠繼續保持這種勢頭，我們對其未來將非常樂觀。
Our Take On YETI Holdings' ROCE
我們對YETI Holdings的ROCE的看法
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. In light of this, the stock has only gained 37% over the last five years for shareholders who have owned the stock in this period. That's why it could be worth your time looking into this stock further to discover if it has more traits of a multi-bagger.
最終，公司已經證明了它可以以高回報率重新投資其資本，您應該記得這是一個多倍增長器的特徵。鑑於此，對於在此期間持有該股票的股東來說，該股票僅增長了37％。這就是爲什麼您應該花時間進一步研究這隻股票，以了解它是否具有多倍增長器的更多特徵。
While YETI Holdings looks impressive, no company is worth an infinite price. The intrinsic value infographic for YETI helps visualize whether it is currently trading for a fair price.
儘管YETI Holdings看起來令人印象深刻，但沒有任何公司的價值是無限的。 YETI的內在價值信息圖可幫助您了解其當前是否以公平價格交易。
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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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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。