Returns On Capital At Warrior Met Coal (NYSE:HCC) Paint A Concerning Picture
Returns On Capital At Warrior Met Coal (NYSE:HCC) Paint A Concerning Picture
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. However, after briefly looking over the numbers, we don't think Warrior Met Coal (NYSE:HCC) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想要找到一隻能夠在長期內使資產倍增的股票,我們應該尋找什麼潛在趨勢呢?一種常見的方法是尋找資本僱用回報率(ROCE)逐漸提高,且資本僱用量不斷增加的企業。簡而言之,這些類型的企業是複合機器,意味着它們在不斷以更高的收益率持續地重新投資其收益。然而,簡短地查看數據後,我們認爲戰士煤炭(紐交所HCC)未來不會成爲複合機器,但讓我們看看可能的原因。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Warrior Met Coal is:
對於那些不知道的人,ROCE是公司年度稅前利潤(其收益)相對於業務資本僱用的度量。這個計算在戰士煤炭上的公式是:
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。
0.19 = US$462m ÷ (US$2.6b - US$174m) (Based on the trailing twelve months to June 2024).
0.19 = 4.62億美元 ÷ (26億美元 - 1.74億美元) (截至2024年6月的過去十二個月)。
Therefore, Warrior Met Coal has an ROCE of 19%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 8.7% it's much better.
因此,戰士煤炭的ROCE爲19%。從絕對意義上來說,那是一個令人滿意的回報,但與金屬和採礦行業的平均水平8.7%相比明顯更好。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240812/0-5e78d07fbb019a400a7c20f7248e99c2-0-a887ae1157845e2651f7d12107a30506.png/big)
Above you can see how the current ROCE for Warrior Met Coal 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 Warrior Met Coal for free.
在上面,您可以看到戰士煤炭的當前ROCE與先前的資本回報率相比如何,但僅從過去的情況很難看出其未來。如果您願意,您可以免費查看分析師對戰士煤炭的預測。
What Can We Tell From Warrior Met Coal's ROCE Trend?
我們可以從戰士煤炭的ROCE趨勢中得出什麼?
In terms of Warrior Met Coal's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 46% over the last five years. However it looks like Warrior Met Coal might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
就戰士煤炭歷史上的ROCE變化而言,這個趨勢並不理想。更具體地說,ROCE在過去五年中已從46%下降。然而,戰士煤炭似乎正在爲長期增長而重新投資,因爲雖然資本僱用量增加了,但公司在過去12個月的銷售額並沒有多大變化。這可能需要一些時間,才能從這些投資中開始看到收益的變化。
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。
To conclude, we've found that Warrior Met Coal is reinvesting in the business, but returns have been falling. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 232% gain to shareholders who have held over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總之,我們發現戰士煤炭正在重新投資,但收益正在下降。投資者必須認爲未來有更好的前景,因爲股票已經展現出非常驚人的表現,爲持有五年以上的股東提供了232%的回報。但如果這些潛在趨勢的軌跡繼續下去,我們認爲從這裏開始實現複利的可能性不高。
Warrior Met Coal does have some risks though, and we've spotted 2 warning signs for Warrior Met Coal that you might be interested in.
然而,戰士煤炭確實存在一些風險,我們已經發現了2個關於戰士煤炭的警示信號,您可能會對此感興趣。
While Warrior Met Coal isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然戰士煤炭的回報並不是最高的,但是請查看這個免費的公司列表,這些公司擁有穩固的資產負債表和高回報率。
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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。
譯文內容由第三人軟體翻譯。