A Look Into Edwards Lifesciences' (NYSE:EW) Impressive Returns On Capital
A Look Into Edwards Lifesciences' (NYSE:EW) Impressive Returns On Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. That's why when we briefly looked at Edwards Lifesciences' (NYSE:EW) ROCE trend, we were very happy with what we saw.
如果你正在尋找一個多倍股，有一些事情要注意。一種常見的方法是嘗試找到一家擁有充足的資本營運的公司。這表明它是一個複利機器，能夠不斷地將其收益再投入到業務中，從而產生更高的回報。考慮到這一點，我們注意到Hao Tian International Construction Investment Group (HKG:1341)出現了一些有前途的趨勢，讓我們再深入探究一下。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。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。這表明它是一個複合機器，能夠不斷地將其盈利再投入業務中，併產生更高的回報。因此，當我們簡要查看愛德華生命科學公司（NYSE：EW）的ROCE趨勢時，我們對所看到的感到非常滿意。
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. Analysts use this formula to calculate it for Edwards Lifesciences:
對於那些不確定ROCE是什麼的人來說，它衡量公司在其業務中使用的投資資本中能夠生成的稅前利潤的數量。分析師使用這個公式來計算愛德華生命科學的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。
0.21 = US$1.8b ÷ (US$9.7b - US$1.1b) (Based on the trailing twelve months to March 2024).
在上圖中，我們測量了愛德華生命科學以前的ROCE與其以前的表現，但未來可能更爲重要。如果您想看看分析師預測未來的情況，您應該查看我們的免費分析師報告——愛德華生命科學。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, Edwards Lifesciences has an ROCE of 21%. In absolute terms that's a great return and it's even better than the Medical Equipment industry average of 10%.
因此，愛德華生命科學的ROCE爲21%。就絕對值而言，這是一個很好的回報，甚至比醫療設備行業的平均水平10%更好。
In the above chart we have measured Edwards Lifesciences' 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 Edwards Lifesciences .
在上面的圖表中，我們測量了愛德華生命科學之前的ROCE對其之前的業績進行比較，但未來可能更重要。如果您想看看分析師對愛德華生命科學的預測，請查看我們爲愛德華生命科學提供的免費分析師報告。
What Can We Tell From Edwards Lifesciences' ROCE Trend?
我們能從愛德華生命科學的ROCE趨勢中得出什麼結論？
We'd be pretty happy with returns on capital like Edwards Lifesciences. Over the past five years, ROCE has remained relatively flat at around 21% and the business has deployed 79% more capital into its operations. Now considering ROCE is an attractive 21%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. You'll see this when looking at well operated businesses or favorable business models.
我們對像愛德華生命科學這樣的資本回報率非常滿意。在過去的五年中，ROCE保持相對穩定，約爲21%，該企業將79%的資本投入到其運營中。現在考慮到ROCE爲21%，這種組合實際上非常有吸引力，因爲它意味着企業可以持續投入資金併產生這些高回報。當看到經營良好的企業或有利的商業模式時，這一點會更加明顯。
The Key Takeaway
重要提示
In short, we'd argue Edwards Lifesciences has the makings of a multi-bagger since its been able to compound its capital at very profitable rates of return. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
簡而言之，我們認爲愛德華生命科學具備複合其資本以非常有利的回報率的潛力。因爲股票在過去五年中大幅上漲，市場似乎預計這一趨勢將繼續。因此，雖然積極的基本趨勢可能已經被投資者考慮進去，但我們仍然認爲這支股票值得進一步研究。
One more thing to note, we've identified 1 warning sign with Edwards Lifesciences and understanding it should be part of your investment process.
還有一件事情需要注意，我們已經發現了愛德華生命科學的一個警示信號，理解它應該成爲您的投資過程的一部分。
Edwards Lifesciences is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
愛德華生命科學並不是唯一賺取高回報的股票。如果您想了解更多信息，請查看我們列出的具有堅實基本面和賺取高股本回報的公司的免費列表。
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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。
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譯文內容由第三人軟體翻譯。