The Returns At Medtronic (NYSE:MDT) Aren't Growing
The Returns At Medtronic (NYSE:MDT) Aren't Growing
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. Having said that, from a first glance at Medtronic (NYSE:MDT) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
查找多倍股時，我們應該查看業務中的基本趨勢。理想情況下，一個業務會表現出兩個趨勢;首先，資本使用量不斷增長。簡而言之，這些類型的企業就像複利計算機器，意味着他們會不斷地再投資，以更高的回報率。我們注意到，在浙江維爾科技（SZSE:002590）看到一些有希望的趨勢，讓我們深入了解一下。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?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。如果你看到這個，通常意味着這是一家擁有強大業務模式和大量盈利再投資機會的公司。然而，從美敦力（紐交所：MDT）首次亮相，我們並沒有看到回報率如何趨勢，但讓我們深入了解一下。
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 Medtronic:
對於不了解的人，ROCE是衡量公司每年稅前利潤（回報）與在業務中使用的資本相對比的指標。分析師使用這個公式來爲美敦力計算它:
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。
0.081 = US$6.4b ÷ (US$90b - US$11b) (Based on the trailing twelve months to April 2024).
0.081 = 64億美元 ÷（900億美元 - 11億美元）(基於截至2024年4月的過去十二個月).
Therefore, Medtronic has an ROCE of 8.1%. Ultimately, that's a low return and it under-performs the Medical Equipment industry average of 10%.
因此，美敦力的ROCE爲8.1％，這是一個較低的回報率，低於醫療設備行業板塊的平均水平10％。
In the above chart we have measured Medtronic'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 Medtronic .
在上圖中，我們測量了美敦力的先前ROCE與其先前表現相比，但未來可能更重要。如果你想查看分析師對未來的預測，可以查看我們的美敦力免費分析師報告。
So How Is Medtronic's ROCE Trending?
那麼美敦力的ROCE如何發展？
Over the past five years, Medtronic's ROCE and capital employed have both remained mostly flat. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Medtronic to be a multi-bagger going forward. With fewer investment opportunities, it makes sense that Medtronic has been paying out a decent 47% of its earnings to shareholders. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
在過去的五年裏，美敦力的ROCE和資本僱用都基本保持不變。具有這些特徵的企業往往是成熟和穩定的運營，因爲它們已經過了成長階段。考慮到未來的投資機會較少，除非未來的投資再次增加，否則我們不希望美敦力成爲一個大收益者。鑑於企業沒有進行自我投資，將部分收益分配給股東是有意義的。
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 a nutshell, Medtronic has been trudging along with the same returns from the same amount of capital over the last five years. And in the last five years, the stock has given away 10% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
簡而言之，美敦力在過去的五年中一直以相同的資本獲得相同的回報。在過去的五年中，該股票下跌了10％，因此市場並沒有對這些趨勢增強抱有太大的希望。總體而言，我們對於潛在的增值機會並不太感興趣，認爲可能有更好的多倍增長機會。
If you'd like to know about the risks facing Medtronic, we've discovered 2 warning signs that you should be aware of.
如果您想了解美敦力面臨的風險，我們已經發現了2個警示信號，您應該注意。
While Medtronic 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.
雖然美敦力目前可能沒有獲得最高回報率，但我們已經編制了一份目前獲得超過25％股權回報的公司列表。在這裏查看免費列表。
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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。