Why You Should Care About Amphenol's (NYSE:APH) Strong Returns On Capital
Why You Should Care About Amphenol's (NYSE:APH) Strong Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. So, when we ran our eye over Amphenol's (NYSE:APH) trend of ROCE, we really liked what we saw.
尋找能夠長期增值的股票，需要注意一些早期趨勢。通常來說，要關注企業資本利用回報（ROCE）的增長趨勢，並與之同時關注資本投資的擴張規模。如果你看到這種情況，通常意味着這是一家有着良好商業模式並具有豐富的可盈利再投資機會的公司。因此，當我們審視安諾電子（紐交所：APH）的ROCE趨勢時，我們非常喜歡我們看到的東西。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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 Amphenol, this is the formula:
如果你不確定ROCE是什麼，它是用來衡量公司能夠從其業務中利用的資本投入產生的稅前利潤的。計算安諾電子的這個指標的公式如下：
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。
0.20 = US$2.7b ÷ (US$17b - US$3.4b) (Based on the trailing twelve months to March 2024).
按照2024年3月的最近12個月計算，0.20 = 27億美元 ÷ (170億美元 - 3.4億美元)。因此，安諾電子的ROCE爲20％。這是一個很棒的回報率，不僅如此，它也超過了同樣行業公司獲得的平均回報率10％。
Therefore, Amphenol has an ROCE of 20%. That's a fantastic return and not only that, it outpaces the average of 10% earned by companies in a similar industry.
紐交所：APH資本利用回報2024年7月11日的情況如上圖所示。我們對安諾電子的過往ROCE表現進行了衡量，但未來更加重要。如果你想了解分析師的預測，請查看我們針對安諾電子的免費分析師報告。
In the above chart we have measured Amphenol'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 Amphenol .
安諾電子的資本利用回報表現令人印象深刻。在過去的五年中，ROCE大致保持在20％左右，並且企業將55％的資本投入到了其業務中。由於回報率如此之高，因此即使企業可以繼續保持這些趨勢，我們也不會驚訝地看到它成爲一個多倍增長者。
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。
It's hard not to be impressed by Amphenol's returns on capital. Over the past five years, ROCE has remained relatively flat at around 20% and the business has deployed 55% more capital into its operations. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
關於安諾電子的ROCE，我們得出的結論是：該公司在不斷增加投資的情況下，仍能提供高回報率，這令人非常滿意。對於長期投資者而言，過去五年中所獲得的203％的回報率令人感到滿意。因此，儘管投資者似乎已經認識到這些有前途的趨勢，但我們仍然相信該股票值得進一步研究。
The Bottom Line On Amphenol's ROCE
雖然安諾電子看起來令人印象深刻，但沒有哪個公司的價值是無限的。APH的內在價值信息圖有助於了解該公司是否以合理的價格進行交易。
Amphenol has demonstrated its proficiency by generating high returns on increasing amounts of capital employed, which we're thrilled about. And long term investors would be thrilled with the 203% return they've received over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
業務非常優秀，能夠爲不斷增加的資本投入提供高回報率，這點我們非常滿意。而且長期投資者在過去的五年中獲得了203％的回報，這也是令人高興的。因此，儘管投資者似乎已經認識到這些有前途的趨勢，但我們仍然相信該股票值得進一步研究。
While Amphenol looks impressive, no company is worth an infinite price. The intrinsic value infographic for APH helps visualize whether it is currently trading for a fair price.
雖然安諾電子看起來很不錯，但沒有哪個公司的價值是無限的。APH的內在價值信息圖有助於了解該公司是否以合理的價格進行交易。
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.
對本文有反饋？關注內容？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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。