Returns On Capital Are Showing Encouraging Signs At Avnet (NASDAQ:AVT)
Returns On Capital Are Showing Encouraging Signs At Avnet (NASDAQ:AVT)
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Speaking of which, we noticed some great changes in Avnet's (NASDAQ:AVT) returns on capital, so let's have a look.
如果我們想尋找一隻股票，在長期內能夠增值，我們應該尋找什麼樣的基本趨勢呢？理想情況下，一家企業將展現兩種趨勢；首先是資本的增長。基本上這意味着一個公司擁有可以繼續投資的盈利倡議，這是複合機器的特質。鑑於此，我們看到的伊克賽爾服務 (NASDAQ:EXLS) 的趨勢非常有前途，所以讓我們來看一下。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。如果你看到這句話，它通常意味着這是一個具有良好商業模式和衆多有利可圖的再投資機會的公司。說到這裏，我們注意到安富利（納斯達克：AVT）資本回報率有很大變化，下面讓我們來看一看。
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. To calculate this metric for Avnet, this is the formula:
如果您不確定，ROCE是評估公司在其業務中投入的資本上賺取多少稅前收入的指標（以百分比表示）。要爲安富利計算此指標，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。
0.13 = US$988m ÷ (US$12b - US$4.5b) (Based on the trailing twelve months to March 2024).
0.13 = 9.88億美元 ÷ （120億美元-4.5億美元）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, Avnet has an ROCE of 13%. That's a relatively normal return on capital, and it's around the 11% generated by the Electronic industry.
因此，安富利的ROCE爲13％。這是相當正常的資本回報率，並且大致接近電子行業產生的11％。
In the above chart we have measured Avnet'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 Avnet .
在上圖中，我們已經測量了安富利的前一個ROCE與其前一績效相比，但未來可能更重要。如果您感興趣，可以在我們的免費分析師報告中查看分析師的預測。
So How Is Avnet's ROCE Trending?
那麼安富利的ROCE趨勢如何呢？
Avnet is showing promise given that its ROCE is trending up and to the right. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 33% in that same time. 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.
安富利正在表現出前途，因爲其ROCE正在向上和向右趨勢。更具體地說，儘管公司在過去五年中將資本投入保持相對穩定，但在同一時間內ROCE增長了33％。因此，很可能該業務現在正在收穫其過去投資的全部收益，因爲投入資本並沒有發生顯著變化。從這個意義上說，該公司表現良好，值得探究管理團隊對長期增長前景的計劃。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 36% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
順便說一句，我們注意到ROCE的改善部分似乎是由流動負債的增加推動的。流動負債佔總資產的36％，因此企業現在更多地由其供應商或短期債權人資助。值得關注的是，隨着流動負債佔總資產的比例增加，某些風險方面也會增加。
The Bottom Line On Avnet's ROCE
總之，安富利從同等資本中獲得了更高的回報，這是令人印象深刻的。考慮到該股票在過去五年中爲股東提供了38％的回報，可能有理由認爲投資者尚未完全意識到有前途的趨勢。鑑於這一點，我們將進一步研究這隻股票，以查看它是否還具有更多可能在長期內成倍增長的特徵。
To sum it up, Avnet is collecting higher returns from the same amount of capital, and that's impressive. Considering the stock has delivered 38% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. Given that, we'd look further into this stock in case it has more traits that could make it multiply in the long term.
還有一件事：我們已經確定了安富利的3個警告信號（至少有1個是重要的），了解這些肯定會很有用。
One more thing: We've identified 3 warning signs with Avnet (at least 1 which is significant) , and understanding these would certainly be useful.
雖然安富利目前可能沒有實現最高回報，但我們已經編制了一份目前獲得超過25％股權回報率的公司列表。在這裏查看免費列表。
While Avnet may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
開空資產。如果看到這句話，通常意味着這是一個具有出色商業模式和充足的盈利再投資機會的企業。讓我們來看看安富利的資本回報率，可能會注意到一些差異。
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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。