Boston Beer Company's (NYSE:SAM) Returns On Capital Not Reflecting Well On The Business
Boston Beer Company's (NYSE:SAM) Returns On Capital Not Reflecting Well On The Business
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Boston Beer Company (NYSE:SAM), it didn't seem to tick all of these boxes.
如果你不確定下一個井噴股票的選股方向，那麼有幾個關鍵的趨勢是需要關注的。其中，我們需要看到兩個因素：首先，資本投入增長；其次，業務能夠不斷將收益再投入並獲得更高的回報。因此，當我們簡要了解中國科培教育集團（HKG:1890）的ROCE趨勢時，我們非常滿意所看到的。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。這最終表明這是一個在以增加的回報率重新投資利潤的公司。然而，當我們研究波斯頓啤酒公司（紐交所：SAM）時，它似乎沒有完全符合這些條件。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. The formula for this calculation on Boston Beer Company is:
只是爲了澄清，如果您不確定，ROCE是評估公司在其業務所投資的資本上獲得多少稅前收入（以百分比計算）的衡量標準。針對波斯頓啤酒公司的這個計算公式是：
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。
0.13 = US$151m ÷ (US$1.4b - US$211m) (Based on the trailing twelve months to March 2024).
因此，波斯頓啤酒公司的ROCE爲13％。孤立地看，這是一個相當標準的回報，但與飲料行業平均17％相比，它並不是那麼好。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, Boston Beer Company has an ROCE of 13%. In isolation, that's a pretty standard return but against the Beverage industry average of 17%, it's not as good.
在上面，您可以看到波斯頓啤酒公司當前ROCE與其過去資本回報率的比較，但從過去獲得的信息有限。如果您有興趣，您可以在我們免費的波斯頓啤酒公司分析師報告中查看分析師的預測。
Above you can see how the current ROCE for Boston Beer Company 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 Boston Beer Company .
雖然您可以看到波斯頓啤酒公司當前的ROCE與其以往的資本回報率相比如何，但過去能告訴我們的只有那麼多。如果您有興趣，您可以在我們免費的波斯頓啤酒公司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。
When we looked at the ROCE trend at Boston Beer Company, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 13% from 24% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
當我們觀察波士頓啤酒公司的ROCE趨勢時，我們並沒有獲得太多信心。在過去的五年中，資本回報降至13％，而在五年前爲24％。同時，企業正在利用更多的資本，但在過去的12個月內，這並沒有對銷售額有太大影響，因此這可能反映了更長期的投資。該公司可能需要一些時間才能從這些投資中看到任何盈利變化。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
In summary, Boston Beer Company is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 22% so the market doesn't look too hopeful on these trends strengthening any time soon. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
總之，波斯頓啤酒公司正在爲了增長重新投資資金，但不幸的是，銷售額似乎還沒有太大提高。在過去的五年中，股票下跌了22％，因此市場並不看好這些趨勢很快就會變得更加強勁。無論如何，這支股票都沒有上面討論過的多袋特徵，因此如果您正在尋找這樣的特徵，我們認爲您可以在其他地方更加幸運。
While Boston Beer Company doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for SAM on our platform.
雖然波斯頓啤酒公司在這方面並不太亮眼，但還是值得看看公司是否以有吸引力價格交易。您可以在我們平台上免費獲取SAM內在價值的估值。
While Boston Beer Company isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然波斯頓啤酒公司沒有獲得最高回報，但是請查看這個免費的公司列表，這些公司具有健康的資產負債表，並獲得了高回報率。
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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.
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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。
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譯文內容由第三人軟體翻譯。