Steel Dynamics (NASDAQ:STLD) Is Reinvesting To Multiply In Value
Steel Dynamics (NASDAQ:STLD) Is Reinvesting To Multiply In Value
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Ergo, when we looked at the ROCE trends at Steel Dynamics (NASDAQ:STLD), we liked what we saw.
如果你不確定如何尋找下一個多倍股票，那麼有一些關鍵趨勢你應該注意。最理想的情況是，一家公司將展示兩種趨勢；首先是日益增長的資本僱用回報率（ROCE），其次是日益增長的資本僱用量。這最終證明了它是一家以日益增長的回報率再投資利潤爲核心的企業。因此，當我們查看Steel Dynamics（NASDAQ：STLD）的ROCE趨勢時，我們對看到的內容感到滿意。
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。
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 Steel Dynamics 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資的資本上創造多少稅前收入的度量標準（以百分比表示）。該計算公式適用於Steel Dynamics：
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。
0.24 = US$3.1b ÷ (US$15b - US$2.3b) (Based on the trailing twelve months to March 2024).
0.24 = US$31億 ÷ (US$150億 - US$2.3b) （基於過去12個月截至2024年3月）。因此，Steel Dynamics的ROCE爲24％。這是一個極好的回報率，不僅如此，它還超過了同一行業公司獲得的平均回報率8.8％。
So, Steel Dynamics has an ROCE of 24%. That's a fantastic return and not only that, it outpaces the average of 8.8% earned by companies in a similar industry.
在上圖中，我們已經測量了Steel Dynamics的ROCE之前的表現，但未來可能更爲重要。如果您願意，您可以免費查看涵蓋Steel Dynamics的分析師的預測。
In the above chart we have measured Steel Dynamics' 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 Steel Dynamics for free.
我們對類似於Steel Dynamics的資本回報率非常滿意。該公司在過去五年中使用的資本增加了86％，而該資本的回報率保持在24％的穩定水平。現在考慮ROCE是24％，這種組合實際上非常吸引人，因爲它意味着企業可以持續投入資金併產生高額回報。如果Steel Dynamics能夠保持這一水平，我們對其未來非常樂觀。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
We'd be pretty happy with returns on capital like Steel Dynamics. The company has employed 86% more capital in the last five years, and the returns on that capital have remained stable at 24%. Now considering ROCE is an attractive 24%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. If Steel Dynamics can keep this up, we'd be very optimistic about its future.
簡而言之，我們認爲Steel Dynamics具有成爲多倍股的特點，因爲它已經能夠以非常有利潤的回報率複利其資本。長期投資者會對過去五年獲得的367％的回報感到高興。因此，儘管積極的基本趨勢可能已被投資者考慮，但我們仍然認爲這支股票值得進一步探究。
The Bottom Line On Steel Dynamics' ROCE
還有一件事：我們已經確定了Steel Dynamics的2個警告信號（其中至少有1個是我們不太滿意的），了解它們肯定會有所幫助。
In short, we'd argue Steel Dynamics has the makings of a multi-bagger since its been able to compound its capital at very profitable rates of return. And long term investors would be thrilled with the 367% return they've received over the last five years. 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steel dynamics具有多袋子的潛力，因爲它能夠以非常有利可圖的回報率複合其資本。長期投資者會對過去五年獲得的367%的回報感到興奮。因此，儘管股市上已經反應了積極的基本趨勢，我們仍然認爲這支股票值得進一步考慮。
One more thing: We've identified 2 warning signs with Steel Dynamics (at least 1 which doesn't sit too well with us) , and understanding them would certainly be useful.
還有一件事：我們已經確定了steel dynamics的兩個預警信號（至少有1個讓我們感到不太好），了解它們肯定會有用的。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果您想尋找更多獲得高回報的股票，請查看這個免費股票列表，這些股票不僅有紮實的資產負債表，而且還有高回報率。
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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.
對本文有任何反饋？對內容有任何疑慮？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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。