Ferrari (NYSE:RACE) Is Very Good At Capital Allocation
Ferrari (NYSE:RACE) Is Very Good At Capital Allocation
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. So when we looked at the ROCE trend of Ferrari (NYSE:RACE) we really liked what we saw.
尋找具有潛力大幅增長的企業並不容易，但是如果我們看一下幾個關鍵的財務指標，這是可能的。在其他事情中，我們需要看到兩件事：第一，當資本利用回報率（ROCE）不斷增長；第二，公司資本利用的金額在擴大。最終，這表明這是一家在不斷以遞增的利率重新投資利潤的企業。所以當我們看着法拉利(NYSE:RACE)的ROCE趨勢時，我們真的很喜歡我們所看到的。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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 Ferrari:
對於那些不了解ROCE的人來說，它是衡量企業年度稅前利潤（即回報），相對於企業資本利用的量。分析師用這個公式來計算法拉利的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。
0.26 = €1.7b ÷ (€8.6b - €2.2b) (Based on the trailing twelve months to March 2024).
0.26 = €1.7b ÷ (€8.6b - €2.2b) (基於截至2024年3月的過去十二個月)。
So, Ferrari has an ROCE of 26%. In absolute terms that's a great return and it's even better than the Auto industry average of 8.7%.
那麼，法拉利的ROCE爲26％。從絕對值來看，這是一個很好的回報，甚至比汽車行業平均水平的8.7％好。
NYSE:RACE Return on Capital Employed June 26th 2024
紐交所：RACE Return on Capital Employed June 26th 2024
In the above chart we have measured Ferrari's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Ferrari .
在上面的圖表中，我們測量了法拉利以前的ROCE與其以前的業績，但未來可能更重要。如果您想看看分析師預測未來的情況，您應該查看我們免費的法拉利分析師報告。
What Can We Tell From Ferrari's ROCE Trend?
從法拉利的ROCE趨勢中我們能了解什麼？
Ferrari is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 26%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 48%. So we're very much inspired by what we're seeing at Ferrari thanks to its ability to profitably reinvest capital.
法拉利展現出一些積極的趨勢。數據顯示，過去五年間資本回報率大幅提高至26％。該公司使用的每一美元資本創造的利潤已經增多，值得注意的是，資本量也增加了48%。因此，我們非常受法拉利的啓發，因爲它能夠有利潤地重新投資資本。
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 summary, it's great to see that Ferrari can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And a remarkable 165% total return over the last five years tells us that investors are expecting more good things to come in the future. In light of that, we think it's worth looking further into this stock because if Ferrari can keep these trends up, it could have a bright future ahead.
總之，很高興看到法拉利能夠以遞增的利率持續地重新投資資本，並因此使回報有所增長，因爲這些是高度追逐的多袋子的關鍵成分之一。在過去的五年中，法拉利卓越的165%總回報告訴我們，投資者期望未來有更多的好事發生。鑑於這一點，我們認爲值得進一步研究這支股票，因爲如果法拉利能夠保持這些趨勢，它可能會擁有一個輝煌明天。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for RACE on our platform that is definitely worth checking out.
在ROCE的另一面，我們必須考慮估值。這就是爲什麼我們在平台上有一個免費的內在價值估算，值得一看。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素，因此請查看我們的免費股票列表，其中列出了盈利能力強、資產負債表堅實的股票。
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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？關注內容？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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。