Returns On Capital At Sylvamo (NYSE:SLVM) Have Hit The Brakes
Returns On Capital At Sylvamo (NYSE:SLVM) Have Hit The Brakes
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. However, after investigating Sylvamo (NYSE:SLVM), we don't think it's current trends fit the mold of a multi-bagger.
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。如果你看到這個，通常意味着這是一家擁有出色商業模式和充足盈利再投資機會的公司。然而，經過對紐交所股票SLVM的調查，我們認爲它目前的趨勢不符合多倍增長者的模式。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Sylvamo:
如果你以前沒有使用ROCE，則它衡量公司從其業務中使用的資本所生成的"回報"（稅前利潤）。 分析師使用以下公式計算Sylvamo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。
0.16 = US$354m ÷ (US$2.8b - US$649m) (Based on the trailing twelve months to March 2024).
0.16 = 美元3.54億 ÷ （美元28億 - 美元6.49億）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。.
So, Sylvamo has an ROCE of 16%. On its own, that's a standard return, however it's much better than the 13% generated by the Forestry industry.
因此，Sylvamo的ROCE爲16％。 單獨來看，這是一種標準回報，但比林業行業的13％要好得多。
Above you can see how the current ROCE for Sylvamo 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 Sylvamo .
你可以看到Sylvamo目前的ROCE與其以前的資本回報率相比如何，但過去只能了解那麼多。 如果您想了解分析師對Sylvamo未來的預測，請查看我們爲Sylvamo提供的免費分析師報告。
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。
We've noticed that although returns on capital are flat over the last four years, the amount of capital employed in the business has fallen 23% in that same period. 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. You could assume that if this continues, the business will be smaller in a few year time, so probably not a multi-bagger.
我們已經注意到儘管過去四年資本回報率保持穩定，但同期資本僱用量下降了23％。 對我們來說，這看起來不像一個多倍增長者，因爲公司似乎正在出售資產，而其回報並沒有增加。 您可以假設，如果這種情況繼續下去，該業務將在未來幾年內變得更小，因此可能不是多倍增長者。
The Key Takeaway
重要提示
In summary, Sylvamo isn't reinvesting funds back into the business and returns aren't growing. Although the market must be expecting these trends to improve because the stock has gained 70% over the last year. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總之，Sylvamo沒有將資金重新投資到業務中，回報不斷增長。儘管市場必須希望這些趨勢會改善，因爲該股票在過去一年中升值了70％，但除非這些潛在趨勢更加積極，否則我們不會抱太高的希望。
If you'd like to know about the risks facing Sylvamo, we've discovered 3 warning signs that you should be aware of.
如果您想了解Sylvamo面臨的風險，我們發現了3個警告信號，您應該了解。
While Sylvamo isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然Sylvamo的回報不是最高的，但請查看此免費公司列表，這些公司在實現穩健資產負債表的同時獲得了高回報。
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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.
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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。