Plexus (NASDAQ:PLXS) Has Some Way To Go To Become A Multi-Bagger
Plexus (NASDAQ:PLXS) Has Some Way To Go To Become A Multi-Bagger
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. So, when we ran our eye over Plexus' (NASDAQ:PLXS) trend of ROCE, we liked what we saw.
如果想要找到倍增股票，我們在業務中應該尋找哪些基本趨勢？理想情況下，業務表現出兩個趨勢：首先是不斷增長的資本僱用回報率（ROCE），其次是不斷增加的資本僱用數量。簡而言之，這些類型的企業是複合機器，意味着它們不斷以越來越高的回報率重新投資其收益。因此，當我們審視普雷克薩斯（NASDAQ:PLXS）的ROCE趨勢時，我們看到了我們喜歡的東西。
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. To calculate this metric for Plexus, this is the formula:
只是爲了澄清，如果您不確定，ROCE是一個度量標準，用於評估公司在其業務中投資的資本上賺取多少稅前收入（以百分比表示）。 要爲Plexus計算此度量標準，這是公式：
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。
0.13 = US$187m ÷ (US$3.2b - US$1.7b) (Based on the trailing twelve months to June 2024).
0.13 = 1.87億美元÷（32億美元-1.7億美元）（基於截至2024年6月的過去十二個月）。
So, Plexus has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 11% it's much better.
因此，Plexus的ROCE爲13％。，在絕對值上，這是一個令人滿意的回報，但與11%的電子行業平均水平相比要好得多。
Above you can see how the current ROCE for Plexus compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Plexus .
您可以看到Plexus目前的ROCE如何與其以往的資本回報相比，但過去只能說明有限的東西。 如果您想了解分析師今後的預測，請查看我們針對Plexus的免費分析師報告。
So How Is Plexus' ROCE Trending?
那麼，Plexus的ROCE趨勢如何？
While the returns on capital are good, they haven't moved much. The company has employed 27% more capital in the last five years, and the returns on that capital have remained stable at 13%. Since 13% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
儘管資本回報率良好，但它們並沒有太多變化。該公司在過去的五年中增加了27％的資本，而該資本的回報率仍保持在13％的水平。由於13％是適度的ROCE，因此值得看到企業能夠以這些體面的回報率繼續投資。 長時間來看，這樣的回報可能並不令人興奮，但保持穩定性可以以股價回報的形式得到回報。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 54% of total assets, this reported ROCE would probably be less than13% because total capital employed would be higher.The 13% ROCE could be even lower if current liabilities weren't 54% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另一方面，雖然資本回報率趨勢的變化可能沒有引人注目，但有趣的是，過去五年中流動負債實際上已經增加。 這是有趣的，因爲如果流動負債未增加到總資產的54％，則所述ROCE將可能低於13％，因爲總資本投入將更高。如果流動負債不佔總資產的54％，則13％的ROCE甚至可能更低，因爲公式將顯示更大的總資本投入。此外，這種高水平的流動負債並不理想，因爲這意味着公司的供應商（或短期債權人）實際上正在資助公司的大部分業務。
The Bottom Line On Plexus' ROCE
總之，Plexus一直在穩定地重新投資資本，以那些體面的回報率。此外，對於那些在過去五年中持有的股東，該股票已經回報了驚人的111％。因此，儘管積極的基本趨勢可能已被投資者計算在內，我們仍然認爲值得進一步研究這支股票。
To sum it up, Plexus has simply been reinvesting capital steadily, at those decent rates of return. On top of that, the stock has rewarded shareholders with a remarkable 111% return to those who've held 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.
還有一件事，我們發現了Plexus面臨的1個警告信號可能會讓您感興趣。
One more thing, we've spotted 1 warning sign facing Plexus that you might find interesting.
雖然Plexus目前可能沒有獲得最高的回報，但我們已經編制了一份當前獲得超過25％股權回報率的公司清單。 在這裏免費查看此列表。
While Plexus 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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。