Genuine Parts (NYSE:GPC) Shareholders Will Want The ROCE Trajectory To Continue
Genuine Parts (NYSE:GPC) Shareholders Will Want The ROCE Trajectory To Continue
There are a few key trends to look for if we want to identify the next multi-bagger. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So when we looked at Genuine Parts (NYSE:GPC) and its trend of ROCE, we really liked what we saw.
如果我們想找到下一個多倍投資，有一些關鍵趨勢需要注意。通常，我們需要注意資本運營的增長趨勢。基本上，這意味着公司有盈利的計劃，可以繼續投資，這是一個複利機器的特徵。然而，經過簡要地查看數字，我們認爲 CommScope Holding Company（納斯達克代碼：commscope）未來並沒有成爲多倍投資的跡象，但讓我們來看看原因。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）總資產回報率（ROCE）是利潤和資產的比率，這表明這個業務以越來越高的回報率來再投資利潤，因此我們看Genuine Parts (NYSE:GPC) 的 ROCE 趨勢時，我們真的很喜歡我們看到的。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. Analysts use this formula to calculate it for Genuine Parts:
對於那些不確定 ROCE 是什麼的人來說，它衡量的是公司能夠從經營業務所使用的資本獲得多少稅前利潤。分析師使用以下公式來計算 Genuine Parts 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。
0.18 = US$1.8b ÷ (US$18b - US$8.6b) (Based on the trailing twelve months to March 2024).
0.18 = 18億美元 ÷ （180億美元 - 86億美元）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, Genuine Parts has an ROCE of 18%. By itself that's a normal return on capital and it's in line with the industry's average returns of 18%.
因此，Genuine Parts 的 ROCE 爲 18%。單獨看這個數值是普通的資本回報率，它與行業平均回報率 18% 相符。
Above you can see how the current ROCE for Genuine Parts compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Genuine Parts .
以上是 Genuine Parts 目前 ROCE 與其過去的資本回報率之間的比較情況，但從過去的數據中獲得的信息是有限的。如果您有興趣，您可以在我們爲 Genuine Parts 提供的免費分析師報告中查看分析師的預測。
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。
The trends we've noticed at Genuine Parts are quite reassuring. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 18%. 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 29%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我們注意到 Genuine Parts 的趨勢令人鼓舞。數據顯示，在過去五年中，它所使用的資本回報率已大幅增長至18%。這家公司有效地提高了每一美元使用資本所獲得的利潤，值得注意的是，使用的資本數量也增加了29%。在成長中的資本回報率上升是多倍增長股票中常見的情況，這就是爲什麼我們會印象深刻。
On a side note, Genuine Parts' current liabilities are still rather high at 47% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外值得一提的是，Genuine Parts 的流動負債仍然非常高，佔總資產的47%。這可能會帶來一些風險，因爲公司基本上是在極大地依賴其供應商或其他類型的短期債權人的運作。理想情況下，我們希望看到這個比例降低，因爲這意味着承擔風險的義務會減少。
What We Can Learn From Genuine Parts' ROCE
從 Genuine Parts 的 ROCE 中我們能學到些什麼？
To sum it up, Genuine Parts has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And with a respectable 55% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總的來說，Genuine Parts 已經證明它可以再投資營業利潤並獲得更高的資本回報率，這非常不錯。同樣，對於在過去五年持有該股的投資者，他們可以獲得相當可觀的55% 的回報，這表明這些業務的發展正在引起越來越多的關注。雖然如此，我們仍認爲這家公司的良好基本面意味着應進行進一步的盡職調查。
Genuine Parts does have some risks though, and we've spotted 2 warning signs for Genuine Parts that you might be interested in.
Genuine Parts 確實存在一些風險，我們已經發現了2個 Genuine Parts 的警示信號，你可能對它們感興趣。
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。
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譯文內容由第三人軟體翻譯。