Returns At Dayforce (NYSE:DAY) Are On The Way Up
Returns At Dayforce (NYSE:DAY) Are On The Way Up
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. With that in mind, we've noticed some promising trends at Dayforce (NYSE:DAY) so let's look a bit deeper.
如果我們想確定下一個多功能裝袋機，有一些關鍵趨勢需要關注。理想情況下，企業將表現出兩種趨勢；首先是增長 返回 論資本使用率（ROCE），其次是增加 金額 所用資本的比例。基本上，這意味着公司擁有可以繼續進行再投資的盈利計劃，這是複合機器的特徵。考慮到這一點，我們注意到Dayforce（紐約證券交易所代碼：DAY）的一些令人鼓舞的趨勢，所以讓我們更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Dayforce, this is the formula:
如果你以前沒有與ROCE合作過，它會衡量公司從其業務中使用的資本中產生的 “回報”（稅前利潤）。要計算Dayforce的這個指標，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.036 = US$133m ÷ (US$11b - US$7.0b) (Based on the trailing twelve months to March 2024).
0.036 = 1.33億美元 ÷（110億美元-70億美元） （基於截至2024年3月的過去十二個月）。
So, Dayforce has an ROCE of 3.6%. Ultimately, that's a low return and it under-performs the Professional Services industry average of 14%.
因此，Dayforce的投資回報率爲3.6％。歸根結底，這是一個低迴報，其表現低於專業服務行業14％的平均水平。
In the above chart we have measured Dayforce'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 Dayforce for free.
在上圖中，我們將Dayforce之前的投資回報率與之前的表現進行了比較，但可以說，未來更爲重要。如果你願意，你可以免費查看報道Dayforce的分析師的預測。
What Can We Tell From Dayforce's ROCE Trend?
我們可以從Dayforce的投資回報率趨勢中得出什麼？
We're glad to see that ROCE is heading in the right direction, even if it is still low at the moment. The data shows that returns on capital have increased substantially over the last five years to 3.6%. Basically the business is earning more per dollar of capital invested and in addition to that, 45% more capital is being employed now too. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我們很高興看到投資回報率正朝着正確的方向前進，儘管目前投資回報率仍然很低。數據顯示，在過去五年中，資本回報率大幅上升至3.6％。基本上，企業每投資1美元的資本就能獲得更多的收入，除此之外，現在使用的資本也增加了45％。越來越多的資本所帶來的回報率不斷增加在多袋公司中很常見，這就是爲什麼我們印象深刻的原因。
On a side note, Dayforce's current liabilities are still rather high at 65% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
順便說一句，Dayforce的流動負債仍然相當高，佔總資產的65％。這實際上意味着供應商（或短期債權人）正在爲業務的很大一部分提供資金，因此請注意，這可能會帶來一些風險因素。理想情況下，我們希望看到這種情況減少，因爲這將意味着減少承擔風險的債務。
What We Can Learn From Dayforce's ROCE
我們可以從 Dayforce 的 ROCE 中學到什麼
To sum it up, Dayforce has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Since the total return from the stock has been almost flat over the last five years, there might be an opportunity here if the valuation looks good. With that in mind, we believe the promising trends warrant this stock for further investigation.
總而言之，Dayforce已經證明它可以對業務進行再投資，並從所使用的資本中獲得更高的回報，這太棒了。由於該股的總回報率在過去五年中幾乎持平，因此如果估值看起來不錯，這裏可能會有機會。考慮到這一點，我們認爲前景樂觀的趨勢值得對該股進行進一步調查。
Dayforce does have some risks though, and we've spotted 1 warning sign for Dayforce that you might be interested in.
但是，Dayforce確實存在一些風險，我們已經發現了一個你可能會感興趣的Dayforce警告信號。
While Dayforce may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管Dayforce目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這個免費清單。
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