PepsiCo's (NASDAQ:PEP) Returns Have Hit A Wall
PepsiCo's (NASDAQ:PEP) Returns Have Hit A Wall
Did you know there are some financial metrics that can provide clues of a potential 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. That's why when we briefly looked at PepsiCo's (NASDAQ:PEP) ROCE trend, we were pretty happy with what we saw.
您知道有些財務指標可以提供潛在倍增者的線索嗎？通常，我們會注意到資本利用率增長的趨勢。簡而言之，這些類型的企業是複利機器，意味着它們不斷以越來越高的回報率再投資其收益。然而，經過調查金德爾摩根（紐交所：KMI）後，我們認爲它目前的趨勢不符合倍增者的模式。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）資本投入回報率（ROCE）是測量公司年利潤（投資回報），相對於業務資本投入的指標，它表明公司是一個複合機器，能夠不斷地將盈利再投入業務中，獲得更高的回報。因此，當我們簡要研究百事可樂（納斯達克：PEP）的ROCE趨勢時，看到它的表現我們是非常滿意的。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 PepsiCo:
對於那些不知道的人，ROCE是衡量公司年利潤（回報），相對於業務資本投入的一種指標。分析師使用以下公式計算百事可樂（PepsiCo）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。
0.19 = US$14b ÷ (US$100b - US$30b) (Based on the trailing twelve months to March 2024).
0.19=140億美元÷（1000億美元-300億美元）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, PepsiCo has an ROCE of 19%. That's a relatively normal return on capital, and it's around the 17% generated by the Beverage industry.
因此，百事可樂的ROCE爲19%。這是一個相對正常的資本回報率，與飲料行業的17%左右相當。
Above you can see how the current ROCE for PepsiCo compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for PepsiCo .
您可以看到百事可樂當前的ROCE如何與其過去的資本回報率相比，但是從過去看到的信息非常有限。如果您想了解分析師對未來的預測，您應該查看我們的免費分析師報告，報告中關於百事可樂的內容詳細敘述。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. Over the past five years, ROCE has remained relatively flat at around 19% and the business has deployed 24% more capital into its operations. Since 19% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
ROCE的趨勢並不突出，但總體回報率還不錯。在過去的五年裏，ROCE基本持平在19％左右，並且業務投入了24％的資本。由於19％是一箇中等的ROCE，因此看到這樣的業務能夠以這樣的回報率持續投資，這是很好的。在長時間內，這樣的回報可能並不會太令人興奮，但如果持續保持一致，可以產生股價回報。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In the end, PepsiCo has proven its ability to adequately reinvest capital at good rates of return. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
最終，百事可樂已經證明了其以良好的回報率充分投資的能力。由於股票在過去的五年中大幅上漲，市場可能預計這一趨勢將繼續。因此，儘管積極的基本趨勢可能已經爲投資者所考慮，但我們仍認爲這支股票值得進一步研究。
One more thing, we've spotted 3 warning signs facing PepsiCo that you might find interesting.
還有一件事，我們發現了三個面臨的警告，這可能會讓你感興趣百事可樂。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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。