Alta Equipment Group (NYSE:ALTG) Will Want To Turn Around Its Return Trends
Alta Equipment Group (NYSE:ALTG) Will Want To Turn Around Its Return Trends
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. Having said that, from a first glance at Alta Equipment Group (NYSE:ALTG) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一個multi-bagger的股票，我們需要在業務中尋找哪些潛在的趨勢？首先，我們想要找到一個增長中的ROCE，同時還要有不斷增長的資本投入基礎。如果你看到了這一點，通常意味着這是一家擁有出色業務模型和大量盈利再投資機會的公司。話雖如此，在初看Alta Equipment Group (NYSE:ALTG)時，我們不會因爲回報率的趨勢而情緒激動，但讓我們來更深入地看一下。
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. The formula for this calculation on Alta Equipment Group is:
對於那些不確定ROCE是什麼的人來說，它衡量了公司從業務中所投入資本所能產生的稅前利潤的金額。其在Alta Equipment Group的計算公式是：
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。
0.044 = US$41m ÷ (US$1.6b - US$631m) (Based on the trailing twelve months to March 2024).
0.044 = US$4100萬 ÷ (US$16億 - US$631m)（基於Trailing Twelve Month截至2024年3月）。
Therefore, Alta Equipment Group has an ROCE of 4.4%. In absolute terms, that's a low return and it also under-performs the Trade Distributors industry average of 13%.
因此，Alta Equipment Group的ROCE爲4.4%。從絕對意義上來說，這是一個很低的回報率，也低於Trade Distributors行業的平均水平13%。
In the above chart we have measured Alta Equipment Group's 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 Alta Equipment Group for free.
在上面的圖表中，我們根據Alta Equipment Group以往的表現，衡量了其以前的ROCE，但未來才是更重要的。如果你願意，你可以免費查看覆蓋Alta Equipment Group的分析師的預測。
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。
When we looked at the ROCE trend at Alta Equipment Group, we didn't gain much confidence. To be more specific, ROCE has fallen from 17% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
當我們查看Alta Equipment Group的ROCE趨勢時，我們沒有得到太多的信心。更具體地說，ROCE在過去五年中從17%下降到了目前的水平。雖然，由於營收和業務中僱用的資產已經增加，這可能表明公司正在投資於增長，並導致了ROCE的短期下降。如果增加的資本產生了更多的回報，公司和股東將在長期受益。
On a side note, Alta Equipment Group has done well to pay down its current liabilities to 40% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE. Either way, they're still at a pretty high level, so we'd like to see them fall further if possible.
順便說一下，Alta Equipment Group已經成功地把其流動負債減少到總資產的40%。這可能在一定程度上解釋了爲什麼ROCE下降。實際上，這意味着他們的供應商或短期債權人在爲業務提供更少的資金，從而降低了某些風險因素。由於企業基本上在使用自己的資金來資助其運營，您可以認爲這使得企業在產生ROCE方面效率更低。不管怎樣，他們仍然處於一個相當高的水平，所以如果可能的話，我們希望看到他們進一步下降。
What We Can Learn From Alta Equipment Group's ROCE
我們可以從Alta Equipment Group的ROCE中學到什麼？
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Alta Equipment Group. These trends are starting to be recognized by investors since the stock has delivered a 4.2% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
儘管短期資本回報率下降，但我們發現Alta Equipment Group的營收和資本投入都有增長，這是有希望的。這些趨勢開始被投資者認可，因爲該股票在過去五年中爲持有股票的股東提供了4.2%的收益。因此，我們建議進一步研究這個股票，以確定它是否具有良好的投資潛力。
One final note, you should learn about the 3 warning signs we've spotted with Alta Equipment Group (including 1 which is concerning) .
最後，你應該了解Alta Equipment Group的3個警告信號（包括1個引人關注的警告信號）。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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。