Here's What To Make Of Matthews International's (NASDAQ:MATW) Decelerating Rates Of Return
Here's What To Make Of Matthews International's (NASDAQ:MATW) Decelerating Rates Of Return
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Matthews International (NASDAQ:MATW) and its ROCE trend, we weren't exactly thrilled.
我們尋找股票長期價值翻番的早期趨勢，需要看到兩個方面：首先是不斷增加的資本僱用回報率（ROCE），其次是資本僱用行業板塊的不斷擴張。這最終證明了這是一個能夠以逐步增加的投資回報率重新投資利潤的企業。考慮到這一點，我們對V2X（紐交所：VVX）的回報趨勢不是很滿意，但讓我們更深入地了解一下。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。如果你看到一家公司的資本運用效率很高，通常意味着這是一個具有良好業務模式和豐富利潤再投資機會的公司。因此，當我們看到馬修國際（納斯達克MATW）ROCE的趨勢時，並沒有激起我們的興趣。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Matthews International:
年收益率資本回報率（ROCE）是一種衡量公司年度稅前利潤投入資本的指標。分析師使用以下公式計算馬修國際公司的ROCE：
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。
0.058 = US$89m ÷ (US$1.9b - US$359m) (Based on the trailing twelve months to March 2024).
0.058 = 8900萬美元 ÷（19億美元 - 3.59億美元）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。.
Thus, Matthews International has an ROCE of 5.8%. In absolute terms, that's a low return and it also under-performs the Commercial Services industry average of 9.7%.
所以，馬修國際的ROCE爲5.8%。在絕對值上，這個回報率很低，也低於商業服務行業的平均水平9.7%。
In the above chart we have measured Matthews International's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Matthews International for free.
在上面的圖表中，我們將馬修國際的ROCE與其以往表現進行了比較，但未來可能更加重要。如果你願意，可以免費查看覆蓋馬修國際的分析師的預測。
So How Is Matthews International's ROCE Trending?
那麼，馬修國際的ROCE走勢如何？
Over the past five years, Matthews International's ROCE has remained relatively flat while the business is using 24% 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. Not only that, but the low returns on this capital mentioned earlier would leave most investors unimpressed.
在過去的五年中，馬修國際的ROCE保持相對穩定，而公司使用的資本比以前減少了24%。對我們而言，這看起來不像是一個多倍投資者，因爲該公司似乎正在出售資產，而其回報率並沒有增加。不僅如此，早先提到的資本低迴報率會讓大多數投資者印象不深。
The Key Takeaway
重要提示
It's a shame to see that Matthews International is effectively shrinking in terms of its capital base. And in the last five years, the stock has given away 17% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
看到馬修國際在資本基礎方面有效的收縮是令人遺憾的。在過去的五年中，該股票下跌了17%，因此市場不看好這些趨勢很快加強。總的來說，我們對潛在的趨勢並不是太有啓發，我們認爲在其他地方可能會有更好的機會找到多倍收益。
If you want to know some of the risks facing Matthews International we've found 3 warning signs (1 is a bit concerning!) that you should be aware of before investing here.
如果你想了解馬修國際面臨的一些風險，我們發現了三個警示信號（其中一個是有點令人擔憂的！）在投資這裏之前，你應該意識到這些風險。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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。