Investors Shouldn't Overlook AutoNation's (NYSE:AN) Impressive Returns On Capital
Investors Shouldn't Overlook AutoNation's (NYSE:AN) Impressive Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at the ROCE trend of AutoNation (NYSE:AN) we really liked what we saw.
如果我們想發現那些能夠在長期內成倍增值的股票，我們應該尋找什麼趨勢？ 我們需要看到兩件事：首先是資本運作的增長。如果你看到這一點，通常意味着這是一家擁有出色業務模式和大量有利可圖的再投資機會的公司。所以在這方面，專業零售商Academy Sports and Outdoors（納斯達克股票代碼ASO）在其資本回報趨勢方面看起來相當有前途。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。簡單地說，這些類型的企業是複合機器，意味着它們不斷地將其收益以越來越高的回報率再投資。因此，當我們看到車之國公司（紐交所：AN）的資本回報率趨勢時，我們真的很喜歡我們看到的內容。
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. Analysts use this formula to calculate it for AutoNation:
僅爲澄清，如果您不確定，ROCE是評估公司在運營業務中投資的資本所獲得的稅前收入的指標。分析師使用以下公式來爲車之國公司計算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。
0.23 = US$1.5b ÷ (US$12b - US$5.4b) (Based on the trailing twelve months to March 2024).
0.23 = 15億美元÷（120億美元- 54億美元）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。.
So, AutoNation has an ROCE of 23%. That's a fantastic return and not only that, it outpaces the average of 12% earned by companies in a similar industry.
因此，車之國公司的ROCE爲23％。這是一個極好的回報率，而且不僅如此，它還超過了行業同類公司平均水平的12％。
Above you can see how the current ROCE for AutoNation 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 AutoNation .
以上您可以看到車之國公司當前ROCE與其以往資本回報率的比較，但過去能夠說的不多。如果您有興趣，您可以在我們的免費的車之國公司分析師報告中查看分析師預測。
So How Is AutoNation's ROCE Trending?
所以車之國公司的ROCE趨勢如何？
Investors would be pleased with what's happening at AutoNation. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 23%. Basically the business is earning more per dollar of capital invested and in addition to that, 33% more capital is being employed now too. So we're very much inspired by what we're seeing at AutoNation thanks to its ability to profitably reinvest capital.
投資者會對車之國公司正在發生的事情感到高興。數據表明，在過去五年中，資本投資所產生的回報率已經大幅增長至23％。基本上，該企業正在每投資一美元就賺取更多利潤，此外，現在還有33％以上的資本在使用。因此，我們非常欣賞車之國公司通過其盈利再投資資本的能力所展現出來的表現。
On a separate but related note, it's important to know that AutoNation has a current liabilities to total assets ratio of 45%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外一方面，重要的是要知道，車之國公司目前的流動負債與總資產比例爲45％，我們認爲這相當高。這可能會帶來一些風險，因爲該公司基本上是在與其供應商或其他類型的短期債權人相當大的依賴關係下運營。雖然這不一定是壞事，但如果這個比率較低，它可能是有益的。
Our Take On AutoNation's ROCE
我們對車之國公司的ROCE的看法
To sum it up, AutoNation has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. In light of that, we think it's worth looking further into this stock because if AutoNation can keep these trends up, it could have a bright future ahead.
總的來說，車之國公司已經證明它能夠再投資業務並在所投資的資本上獲得更高的回報，這是非常好的。並且隨着股票在過去五年中表現出色，這些趨勢正在被投資者所認可。鑑於這一點，我們認爲值得進一步研究這支股票，因爲如果車之國公司能夠保持這些趨勢，它將擁有一個輝煌的未來。
AutoNation does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those makes us a bit uncomfortable...
車之國公司確實存在一些風險，我們在我們的投資分析中發現了3個警示信號，其中有1個使我們有些不安...
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.
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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。
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。