The Returns At Waste Connections (NYSE:WCN) Aren't Growing
The Returns At Waste Connections (NYSE:WCN) Aren't Growing
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Although, when we looked at Waste Connections (NYSE:WCN), it didn't seem to tick all of these boxes.
如果想標識下一個幾倍股，就應該注重以下幾個關鍵趨勢。首先，我們需要找出資本使用增長。如果您看到這一點，通常意味着這是一傢俱有出色業務模式和大量盈利再投資機會的公司。說到這一點，我們注意到通用股份（SHSE：601500）的資本回報率有很大變化，讓我們來看一下。資產回報率：它是什麼？資本僱用回報率 (ROCE) 是一種早期趨勢，可以用來識別有可能在長期內翻倍增值的股票，然後在此基礎上，要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器，能夠不斷地將其收益再投入業務，從而產生更高的回報。因此，在這點上，Materialise (納斯達克:MTLS) 看起來相當有前途，因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）如果你看到這個，通常意味着這是一傢俱有出色商業模型和充足盈利再投資機會的公司。然而，當我們看Waste Connections (紐交所：WCN)時，它似乎沒有滿足所有要求。
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. Analysts use this formula to calculate it for Waste Connections:
對於那些不知道的人，ROCE是一家公司每年稅前利潤（即回報）相對於業務中使用的資本的衡量標準。分析師用這個公式來計算Waste Connections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。
0.08 = US$1.4b ÷ (US$19b - US$1.6b) (Based on the trailing twelve months to March 2024).
0.08 = 美國$14億÷（美國$190億-美國$16億）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。.
Thus, Waste Connections has an ROCE of 8.0%. On its own, that's a low figure but it's around the 9.9% average generated by the Commercial Services industry.
因此，Waste Connections的ROCE爲8.0%。單獨來看，這是一項較低的數字，但它大致在商業服務行業平均9.9%的水平之上。
Above you can see how the current ROCE for Waste Connections 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 Waste Connections .
你可以看到Waste Connections當前的ROCE與過去的回報率相比如何，但從過去的數據中你只能看到有限的信息。如果你想看看分析師們未來的預測，你應該查看我們免費的Waste Connections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。
In terms of Waste Connections' historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 8.0% and the business has deployed 44% more capital into its operations. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就Waste Connections的歷史ROCE趨勢而言，它並沒有引起足夠的關注。在過去的五年中，ROCE保持在8.0%左右水平，並且企業將44%的資本投入到了經營中。鑑於該公司增加了投入的資本量，看起來這些投資並沒有提供高回報率。
The Bottom Line On Waste Connections' ROCE
Waste Connections ROCE的底線
In summary, Waste Connections has simply been reinvesting capital and generating the same low rate of return as before. Although the market must be expecting these trends to improve because the stock has gained 88% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總之，Waste Connections簡單地再投資資本併產生同樣低的回報率。儘管市場必須期望這些趨勢會改善，因爲該股票在過去的五年中上漲了88%。但如果基本趨勢持續下去，我們對其未來成爲多倍收益者並不看好。
On a separate note, we've found 1 warning sign for Waste Connections you'll probably want to know about.
另外，我們發現Waste Connections有1個警告標誌是您可能想知道的。
While Waste Connections 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.
雖然Waste Connections目前可能賺取不到最高的回報率，但我們已編制了一份目前賺取超過25%權益回報率的公司名單。在這裏檢查這個免費的列表。
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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
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@simplywallst.com。
譯文內容由第三人軟體翻譯。