Returns At Clorox (NYSE:CLX) Appear To Be Weighed Down
Returns At Clorox (NYSE:CLX) Appear To Be Weighed Down
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Having said that, while the ROCE is currently high for Clorox (NYSE:CLX), we aren't jumping out of our chairs because returns are decreasing.
如果想要找出下一個多倍股，有一些關鍵趨勢需要查看。理想情況下，一個公司應該表現出兩個趨勢；首先是資產的增長。最終，這表明這是一個在以遞增的收益率重新投資利潤的公司。這就是爲什麼當我們簡要地研究Amcor（紐交所：AMCR）的ROCE趨勢時，我們對所看到的感到非常滿意。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。如果你看到這個條件單，通常意味着這是一家擁有出色商業模式和豐富盈利再投資機會的公司。話雖如此，儘管高樂氏的資本僱用回報率（ROCE）目前很高（紐交所：CLX），但我們並不驚訝，因爲它正在下降。
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. Analysts use this formula to calculate it for Clorox:
ROCE是一個評估公司在其業務中投資到的資本上賺取多少稅前收入的指標。分析師使用這個公式來計算高樂氏的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。
0.23 = US$915m ÷ (US$5.8b - US$1.8b) (Based on the trailing twelve months to March 2024).
0.23 = 9.15億美元÷ (58億美元 - 18億美元)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, Clorox has an ROCE of 23%. In absolute terms that's a very respectable return and compared to the Household Products industry average of 19% it's pretty much on par.
因此，高樂氏的ROCE爲23%。在絕對數值上，這是一個非常可觀的回報率，並且與居家用品行業平均水平的19%相當吻合。
In the above chart we have measured Clorox'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 Clorox .
在上面的圖表中，我們測量了高樂氏以前的ROCE與其以前的表現相比，但未來可能更爲重要。如果您想了解分析師對未來的預測，請查看我們針對高樂氏的免費分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，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。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
There hasn't been much to report for Clorox's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So while the current operations are delivering respectable returns, unless capital employed increases we'd be hard-pressed to believe it's a multi-bagger going forward. That being the case, it makes sense that Clorox has been paying out 73% of its earnings to its shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.
過去五年裏，高樂氏的回報率和資本僱用水平都保持穩定，因此沒有太多值得報道的。具有這些特徵的企業往往是成熟而穩定的運營，因爲它們已經過了增長階段。因此，儘管當前的運營正在提供可觀的回報，但除非資本僱用增加，否則我們很難相信其未來還會是一個多倍投資機會。鑑於此，高樂氏將其收入的73%支付給其股東是有意義的。這些成熟的企業通常具有可靠的收入，沒有太多地方可以再投資，因此最好的選擇是將收益投入股東的口袋。
The Key Takeaway
重要提示
While Clorox has impressive profitability from its capital, it isn't increasing that amount of capital. And with the stock having returned a mere 2.3% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
儘管高樂氏的資本利潤率具有令人印象深刻的盈利能力，但它並未增加資本的數量。另外，過去五年中股票的回報僅爲2.3%，您可以說他們已經意識到這些平淡無奇的趨勢。因此，如果您在尋找多倍收益的投資機會，我們認爲您在其他地方會更加幸運。
If you want to know some of the risks facing Clorox we've found 3 warning signs (1 doesn't sit too well with us!) that you should be aware of before investing here.
如果您想了解高樂氏面臨的一些風險，我們已經找到了三個警示標誌（其中一個對我們來說不太好！）您在投資這裏之前應該知道。
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。