Here's What To Make Of Armstrong World Industries' (NYSE:AWI) Decelerating Rates Of Return
Here's What To Make Of Armstrong World Industries' (NYSE:AWI) Decelerating Rates Of Return
There are a few key trends to look for if we want to identify the next multi-bagger. 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. That's why when we briefly looked at Armstrong World Industries' (NYSE:AWI) ROCE trend, we were pretty happy with what we saw.
如果我們想找到下一個多倍收益的股票，就需要關注以下幾個關鍵趨勢。理想情況下，公司會表現出兩種趨勢；首先是不斷增長的資本使用回報率（ROCE），其次是資本使用量的不斷增加。簡單來說，這些公司就像複利機器一樣，意味着他們不斷以更高的回報率重新投資他們的收益。所以當我們簡單地研究了阿姆斯特朗工業（紐交所：AWI）的ROCE趨勢時，我們看到的是相當不錯的。
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。
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 Armstrong World Industries is:
對於那些不確定ROCE是什麼的人，它衡量了公司通過資本運用能夠產生的稅前利潤的數量。這個計算公式在阿姆斯特朗工業上的應用是：
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。
0.17 = US$268m ÷ (US$1.8b - US$200m) (Based on the trailing twelve months to June 2024).
因此，阿姆斯特朗工業的ROCE爲17%。從絕對數值來看，這是一個相當普通的回報率，與建築行業的平均水平16%相當接近。
Thus, Armstrong World Industries has an ROCE of 17%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Building industry average of 16%.
在上圖中我們測量了阿姆斯特朗工業之前的ROCE與其之前的表現相比，但未來可能更爲重要。如果你感興趣，可以查看我們爲阿姆斯特朗工業免費提供的分析師報告中的分析師預測。
In the above chart we have measured Armstrong World Industries' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Armstrong World Industries .
在上面的圖表中，我們將阿姆斯特朗工業先前的ROCE與其先前的表現進行了比較，但未來的表現可能更爲重要。如果您感興趣，可以查看我們爲阿姆斯特朗工業免費提供的分析師報告中的分析師預測。
So How Is Armstrong World Industries' ROCE Trending?
那麼，阿姆斯特朗工業的ROCE趨勢如何？
While the current returns on capital are decent, they haven't changed much. The company has employed 24% more capital in the last five years, and the returns on that capital have remained stable at 17%. Since 17% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
雖然目前的資本回報率不錯，但它們並沒有多大變化。公司在過去五年中使用了更多的資本，回報率在17%的穩定水平上保持穩定。由於17%是一個適度的ROCE，所以能夠看到企業能夠以這些不錯的回報率繼續重新投資。這個水平上的穩定回報可能會讓人沉悶，但如果能夠長期保持，它們通常會爲股東提供不錯的回報。
One more thing to note, even though ROCE has remained relatively flat over the last five years, the reduction in current liabilities to 11% of total assets, is good to see from a business owner's perspective. Effectively suppliers now fund less of the business, which can lower some elements of risk.
還有一件事值得注意的是，儘管阿姆斯特朗工業的ROCE在過去五年中保持相對穩定，但目前負債佔總資產的比例降至11%，從業主的角度來看，這是一個好的現象。即供應商現在爲這家公司提供的資金較少，這可以降低某些風險因素。
The Key Takeaway
重要提示
In the end, Armstrong World Industries has proven its ability to adequately reinvest capital at good rates of return. In light of this, the stock has only gained 30% over the last five years for shareholders who have owned the stock in this period. So because of the trends we're seeing, we'd recommend looking further into this stock to see if it has the makings of a multi-bagger.
最終，阿姆斯特朗工業已經證明了其具備以良好的回報率充分地重新投資資本的能力。鑑於這一點，其股票在過去五年中僅具有30%的收益，對於在此期間持有該股票的股東來說，這可能是一種多倍收益的機會。因此，由於我們看到的趨勢，我們建議進一步研究該股票，看看它是否具備成爲多倍收益股票的潛力。
On a separate note, we've found 1 warning sign for Armstrong World Industries you'll probably want to know about.
另外，我們還發現了一項阿姆斯特朗工業的警告信號，你可能想要知道。
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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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。
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