The Return Trends At Warner Music Group (NASDAQ:WMG) Look Promising
The Return Trends At Warner Music Group (NASDAQ:WMG) Look Promising
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. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So on that note, Warner Music Group (NASDAQ:WMG) looks quite promising in regards to its trends of return on capital.
如果你不確定從哪裏開始尋找下一個多倍增長的機會，你應該關注幾個關鍵趨勢。首先，我們會想看到資本使用回報率（ROCE）的提高，其次，要關注資本使用的不斷擴張。基本上，這意味着一家公司有盈利的新項目可繼續投資，這是複利機器的標誌。所以說，華納音樂集團（納斯達克：WMG）在資本回報率的趨勢方面看起來非常有前途。
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。
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. Analysts use this formula to calculate it for Warner Music Group:
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獲得多少稅前收入（以百分比形式）的指標。分析師使用這個公式來計算華納音樂集團的ROCE：
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。
0.19 = US$977m ÷ (US$8.7b - US$3.5b) (Based on the trailing twelve months to March 2024).
0.19= 9.77億美元 ÷ （870億美元- 35億美元）（基於截至2024年3月的過去12個月）。因此，華納音樂集團的ROCE爲19%。單獨看這個數字，它是一個標準的回報，但它比娛樂行業8.8%的回報要好得多。
Therefore, Warner Music Group has an ROCE of 19%. On its own, that's a standard return, however it's much better than the 8.8% generated by the Entertainment industry.
納斯達克GS：WMG資本使用回報率於2024年7月19日。從上面我們可以看到華納音樂集團當前的資本回報率與其先前的回報率相比有何變化，但過去只能說明有限的東西。如果您感興趣，可以查看我們爲華納音樂集團編寫的免費分析報告中分析師的預測。
Above you can see how the current ROCE for Warner Music Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Warner Music Group .
上面您可以看到華納音樂集團當前的ROCE如何與其以前的總資本回報率相比，但過去只能說明有限的東西。如果您感興趣，可以查看我們爲華納音樂集團編寫的免費分析報告中分析師的預測。
What Does the ROCE Trend For Warner Music Group Tell Us?
華納音樂集團的ROCE趨勢告訴我們什麼？
Warner Music Group is displaying some positive trends. Over the last five years, returns on capital employed have risen substantially to 19%. Basically the business is earning more per dollar of capital invested and in addition to that, 54% more capital is being employed now too. So we're very much inspired by what we're seeing at Warner Music Group thanks to its ability to profitably reinvest capital.
華納音樂集團表現出一些積極的趨勢。在過去五年中，資本使用回報率大幅提高至19%。基本上，公司每投資一個美元就賺更多的錢，此外，現在使用的資本增加了54%。因此，我們非常看好華納音樂集團的盈利再投資能力。
On a side note, Warner Music Group's current liabilities are still rather high at 40% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外需要注意的是，華納音樂集團的流動負債仍然相當高，佔總資產的40%。這實際上意味着供應商（或短期債權人）資助了公司的大部分業務，因此要意識到這會帶來某些風險。雖然它不是必然的壞事，但是如果這個比率較低，它可能具有益處。
The Bottom Line On Warner Music Group's ROCE
華納音樂集團的ROCE底線是什麼？
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Warner Music Group has. Since the total return from the stock has been almost flat over the last three years, there might be an opportunity here if the valuation looks good. So researching this company further and determining whether or not these trends will continue seems justified.
一個增加回報率並能夠持續再投資的公司是一個非常受追捧的特徵，而華納音樂集團就擁有這樣的特徵。由於股票的總回報在過去的三年中幾乎沒有變化，如果估值看起來良好，這裏可能存在機會。因此，進一步研究該公司並確定這些趨勢是否會繼續是合理的。
If you want to know some of the risks facing Warner Music Group we've found 2 warning signs (1 is potentially serious!) that you should be aware of before investing here.
如果您想了解華納音樂集團面臨的一些風險，我們已經發現了2個警告信號（其中1個可能是嚴重的！），您在投資前應該了解這些。
While Warner Music Group 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.
儘管華納音樂集團目前的回報率不是最高的，但我們已經編制了一份目前獲得超過25%股本回報率的公司列表。在此查看免費列表。
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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。