Investors Met With Slowing Returns on Capital At DaVita (NYSE:DVA)
Investors Met With Slowing Returns on Capital At DaVita (NYSE:DVA)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at DaVita (NYSE:DVA) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
應該關注那些具有長期增值潛力的股票，要想做到這一點，需要遵循以下所有規則：首先，我們希望看到一個資本運用的經過驗證。簡單地說，這些類型的企業是複合機器，這意味着它們不斷地將其收益以越來越高的回報率重新投資。鑑於這一點，當我們看到弘高科技（深圳）（SHSE：688279）及其ROCE的趨勢時，我們並不是很興奮。資產回報率：它是什麼？了解資本使用回報率（ROCE）如果你以前沒有接觸過ROCE，它衡量公司從資本使用中產生的“回報”（稅前利潤）。要爲洪恩計算此指標，這是公式:資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）簡單來說，這些類型的企業是複合機器，意味着它們不斷地以越來越高的回報率重新投資收益。儘管我們仔細研究了DaVita（紐交所：DVA）的回報趨勢，但並沒有引起我們的注意。
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。
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. The formula for this calculation on DaVita is:
對於不了解的人，ROCE是衡量一家公司每年稅前利潤（其回報）與業務所使用的資本的相對指標。在DaVita公司這個計算公式是:
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。
0.12 = US$1.7b ÷ (US$17b - US$2.6b) (Based on the trailing twelve months to March 2024).
0.12 = 17億美元 ÷ （170億美元 - 26億美元）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。.
Therefore, DaVita has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Healthcare industry average of 11%.
因此，DaVita的ROCE爲12％。就絕對值而言，這是一個相當正常的回報，並且與醫療保健行業的平均值11％相當接近。
In the above chart we have measured DaVita's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering DaVita for free.
在上面的圖表中，我們測量了DaVita以往的ROCE與其以前的表現，但未來可能更爲重要。如果您願意，您可以免費查看分析師對DaVita的預測。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
Over the past five years, DaVita's ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. With that in mind, unless investment picks up again in the future, we wouldn't expect DaVita to be a multi-bagger going forward.
在過去的五年中，DaVita的ROCE和資本僱用率基本保持不變。觀察成熟而穩定的企業時，往往會看到這種情況，因爲該企業已經過了業務週期的那個階段並且不再重新投資收益。考慮到這一點，除非未來再次進行投資，否則我們不希望DaVita繼續成爲多倍股。
On a side note, DaVita has done well to reduce current liabilities to 15% of total assets over the last five years. This can eliminate some of the risks inherent in the operations because the business has less outstanding obligations to their suppliers and or short-term creditors than they did previously.
附帶一提，過去五年中，DaVita成功將流動負債降至總資產的15％以下。這可以消除運營中所固有的一些風險，因爲企業與短期債權人的未清付款和債務較以前更少。
The Key Takeaway
重要提示
In a nutshell, DaVita has been trudging along with the same returns from the same amount of capital over the last five years. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 157% gain to shareholders who have held over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
簡而言之，過去五年中，DaVita的資本數量和回報率保持不變。投資者一定認爲未來有更好的機會，因爲其股價飆升了157％，爲那些持有五年以上的股東帶來了豐厚的收益。但是，如果這些基本趨勢的軌跡繼續下去，那麼我們認爲從這裏開始成爲多倍股的可能性不大。
One more thing: We've identified 2 warning signs with DaVita (at least 1 which shouldn't be ignored) , and understanding them would certainly be useful.
還有一件事：我們已經發現了DaVita的2個警示信號（至少一個不應忽視），了解它們肯定會很有用。
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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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。