Returns On Capital At Minerals Technologies (NYSE:MTX) Have Hit The Brakes
Returns On Capital At Minerals Technologies (NYSE:MTX) Have Hit The Brakes
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Minerals Technologies (NYSE:MTX) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
尋找一支多倍股，我們應該在業務中找到哪些潛在趨勢？首先，我們需要確定其資本利用率逐年增長，這證明該企業正在以逐漸增加的投資回報率重新投資利潤。考慮到這一點，Cimpress (NASDAQ:CMPR)的ROCE看起來非常不錯，因此讓我們看一下這種趨勢能告訴我們什麼。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）簡而言之，這些類型的業務是複利機器，意味着它們不斷以更高的回報率重新投資其收益。然而，就礦物技術（紐交所：MTX）的收益趨勢而言，我們並沒有對此感到特別興奮，但讓我們深入了解一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Minerals Technologies, this is the formula:
對於不確定ROCE是什麼的人，它衡量了一家公司可以從其業務中使用的資本產生多少稅前利潤。要計算礦物技術的這個指標，使用以下公式：
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。
0.10 = US$294m ÷ (US$3.3b - US$442m) (Based on the trailing twelve months to March 2024).
0.10 = 2.94億美元 ÷ （33億美元- 4.42億美元）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, Minerals Technologies has an ROCE of 10%. That's a relatively normal return on capital, and it's around the 8.8% generated by the Chemicals industry.
因此，礦物技術的ROCE爲10％。這是相對正常的資本回報，與化學品行業產生的8.8％左右相當。
In the above chart we have measured Minerals Technologies' 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 Minerals Technologies for free.
在上圖中，我們測量了礦物技術之前的ROCE與其之前的表現相比，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礦物技術的預測。
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。
There hasn't been much to report for Minerals Technologies' returns and its level of capital employed because both metrics have been steady for the past five years. 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 Minerals Technologies to be a multi-bagger going forward.
由於這種成熟而穩定的業務可能已經通過業務週期的階段，因此過去五年裏，礦物技術的收益率和資本僱用水平一直穩定，因此從未有太多報道。考慮到這一點，除非未來的投資再次增加，否則我們不認爲礦物技術將成爲一個多倍的贏家。
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。
We can conclude that in regards to Minerals Technologies' returns on capital employed and the trends, there isn't much change to report on. Although the market must be expecting these trends to improve because the stock has gained 58% 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.
就礦物技術的資本回報率和趨勢而言，我們無法報告太多變化。雖然市場可能希望這些趨勢改善，因爲股票在過去五年中上漲了58％。最終，如果基本趨勢持續下去，我們對其成爲多倍贏家並不抱有太大期望。
If you want to continue researching Minerals Technologies, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究礦物技術，則可能會對我們分析發現的兩個警告標誌感興趣。
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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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。