Ciena's (NYSE:CIEN) Returns On Capital Not Reflecting Well On The Business
Ciena's (NYSE:CIEN) Returns On Capital Not Reflecting Well On The Business
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. Although, when we looked at Ciena (NYSE:CIEN), it didn't seem to tick all of these boxes.
如果我們想找到一隻長期可以翻倍的股票，我們應該尋找哪些潛在趨勢呢？首先，我們想看到的是資本回報率(ROCE)得到證實並且持續上升；其次，是不斷擴大的資本投資基礎。簡單來說，這些類型的企業是終身複利的機器，也就是說它們在以越來越高的回報率不斷地再投資其盈利。但是，當我們看 Ciena (紐交所:CIEN) 的時候，它似乎沒有完全符合這些情況。
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. The formula for this calculation on Ciena is:
只是爲了澄清，如果您不確定，ROCE是評估公司在其業務中投入的資本所獲得的稅前收入(以百分比表示)的一個指標。這個計算公式在Ciena上的計算如下:
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。
0.06 = US$282m ÷ (US$5.6b - US$912m) (Based on the trailing twelve months to April 2024).
0.06= 2.82億美元 ÷ (56億美元 - 9.12億美元) (基於截至2024年4月的過去十二個月)。因此，Ciena的ROCE爲6.0%。就絕對數而言，這是一個較低的回報率，而且它也表現不及通信-半導體行業平均水平8.1%。
Therefore, Ciena has an ROCE of 6.0%. In absolute terms, that's a low return and it also under-performs the Communications industry average of 8.1%.
紐交所:CIEN資本回報率2024年7月11日，您可以看到Ciena的當前資本回報率如何與其之前的回報率相比，但過去只能說明有限的信息。如果您願意，您可以免費查看分析師對Ciena的預測。
Above you can see how the current ROCE for Ciena compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Ciena for free.
那麼Ciena的ROCE趨勢如何呢？就Ciena過去的ROCE變化而言，趨勢並不太好。大約五年前，資本回報率達到了11%，但自那以後下降到了6.0%。另一方面，在過去一年中，公司在沒有相應銷售改善的情況下增加了更多的資本投資，這可能表明這些投資是長線投資。公司可能需要一些時間才能從這些投資中看到任何盈利的變化。
So How Is Ciena's ROCE Trending?
綜上所述，雖然我們對Ciena對自己業務的再投資有些鼓勵，但我們意識到回報率正在縮水。而且，股票在過去五年中僅爲股東提供了7.3%的回報，您可以說他們已經意識到這些平庸的趨勢。因此，如果您正在尋找多倍增收的機會，潛在的趨勢表明您可能在其他地方更有機會。
In terms of Ciena's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 11%, but since then they've fallen to 6.0%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
Ciena在其他方面的交易可能是有吸引力的，因此您可能會發現我們的平台上對CIEN的自由內在價值估值非常有價值。
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。
Bringing it all together, while we're somewhat encouraged by Ciena's reinvestment in its own business, we're aware that returns are shrinking. And with the stock having returned a mere 7.3% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
雖然Ciena目前的回報率可能不是最高的，但我們已經編制了一份比目前回報率更高的公司列表。請點擊這裏查看免費列表。
Ciena could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for CIEN on our platform quite valuable.
請使用moomoo賬號登錄查看
While Ciena 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.
若果我們想找到一支長期可以翻倍的股票，我們應該關注什麼趨勢？首先，我們希望看到資本回報率（ROCE）得到證實並持續上升，其次，希望看到資本投入基礎不斷擴大。簡而言之，這些類型的公司是複利機器，意味着他們將持續以越來越高的回報重新投資其盈利。雖然我們看 Ciena (紐交所:CIEN) 時，發現其未符合上述全部條件。只是爲了澄清，若您對 ROCE 的度量單位不確定，ROCE 是一個度量公司在其業務中投入的資本所獲得的稅前收入（以百分比表示）的指標。在 Ciena 中這個計算公式爲：0.06 = US$28200 萬 ÷ (US$56 億- US$91.2m)（根據過去12個月至2024年4月的數據） Ciena 的 ROCE 爲 6.0%。絕對數而言，這是一個較低的回報率，遠遠低於 8.1% 的通信-半導體行業平均水平。
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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。