Boise Cascade (NYSE:BCC) Is Very Good At Capital Allocation
Boise Cascade (NYSE:BCC) Is Very Good At Capital Allocation
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. 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 Boise Cascade's (NYSE:BCC) returns on capital, so let's have a look.
尋找一個有潛力大幅增長的企業並不容易，但如果我們觀察幾個關鍵的財務指標，這是有可能的。一種常見的方法是嘗試找到一家資本僱用量高的公司。這顯示它是一個複合機器，能夠持續地將其收益再投資於業務併產生更高的回報。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。如果你能看到這個，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。說到這個，我們注意到Boise Cascade（紐交所：BCC）的資本回報率有了很大的變化，讓我們來看看。
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。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Boise Cascade, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量的是一家公司從其業務中投入使用的資本所能產生的稅前利潤的金額。要爲Boise Cascade計算這個指標，可以使用以下公式：
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。
0.22 = US$641m ÷ (US$3.6b - US$685m) (Based on the trailing twelve months to March 2024).
0.22 = 6.41億美元 ÷ （36億美元 - 6.85億美元）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, Boise Cascade has an ROCE of 22%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此，Boise Cascade的ROCE爲22%。這是一個非常好的回報，而且不僅如此，它超過了行業中類似公司所賺取的13%的平均值。
In the above chart we have measured Boise Cascade's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Boise Cascade .
在上圖中，我們比較了Boise Cascade之前的ROCE和之前的表現，但未來才是更爲重要的事情。如果您想了解分析師的預測，請查看我們爲Boise Cascade提供的免費分析師報告。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
Boise Cascade is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 22%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 129%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
Boise Cascade正在顯示一些積極的趨勢。數據顯示，在過去的五年中，資本回報率已大幅提高至22％。公司每使用一美元的資本就能賺取更多的錢，值得注意的是，資本數量也增加了129%。在更多資本上逐步提高的回報率在多倍成長股中很常見，這就是爲什麼我們對此印象深刻的原因。
Our Take On Boise Cascade's ROCE
我們對Boise Cascade的ROCE的看法
In summary, it's great to see that Boise Cascade can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總之，看到Boise Cascade可以通過以不斷提高的回報率持續再投資資本來複合回報率是一件非常好的事，因爲這些是受追捧的多倍成長股的主要成分之一。而且，隨着該股票在過去的五年中表現異常出色，這些趨勢正在被投資者所考慮。話雖如此，我們仍然認爲這家公司有着有前途的基本面，值得進行進一步的盡職調查。
On a final note, we found 3 warning signs for Boise Cascade (1 can't be ignored) you should be aware of.
最後，我們發現了Boise Cascade的3個警告信號（其中1個不能忽略），您應該注意一下。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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
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@simplywallst.com。
譯文內容由第三人軟體翻譯。