Here's What To Make Of IDACORP's (NYSE:IDA) Decelerating Rates Of Return
Here's What To Make Of IDACORP's (NYSE:IDA) Decelerating Rates Of Return
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. In light of that, when we looked at IDACORP (NYSE:IDA) and its ROCE trend, we weren't exactly thrilled.
如果想要找到可以長期價值成倍增長的股票，我們應該注意哪些趨勢呢？首先，我們需要找到一個增長的資本回報率（ROCE），然後再找到一個不斷增長的資本僱用基礎。如果你看到這種情況，通常意味着這是一個擁有出色業務模型並且有充足的盈利再投資機會的公司。鑑於這一點，當我們看到IDACORP（NYSE:IDA）和它的ROCE趨勢時，我們並不是特別高興。
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 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 IDACORP is:
對於那些不了解的人，ROCE是一個衡量企業年度稅前利潤（即回報）與企業僱用資本相對應的指標。在IDACORP的計算公式爲：
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。
0.038 = US$309m ÷ (US$8.7b - US$526m) (Based on the trailing twelve months to June 2024).
因此，IDACORP的ROCE爲3.8%。單獨看這個數字不高，但它與公用股行業所產生的平均ROCE 4.7% 左右相當。
Thus, IDACORP has an ROCE of 3.8%. On its own, that's a low figure but it's around the 4.7% average generated by the Electric Utilities industry.
在上圖中，我們對比了IDACORP以前的ROCE和以前的表現，但未來可能更重要。如果您願意，您可以免費查看分析師對IDACORP的預測。
In the above chart we have measured IDACORP'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 IDACORP for free.
從IDACORP的ROCE趨勢中可以看出什麼？還有比我們在IDACORP看到的更好的資本回報率。這家公司在過去的五年裏僱用的資本增加了32%，而這些資本的回報率仍保持在3.8%左右。鑑於該公司增加了資本量，似乎所做出的投資並未提供高回報率。
What Can We Tell From IDACORP's ROCE Trend?
總之，IDACORP只是在再投資資本，並且產生了與過去相同的低迴報率。由於在過去的五年裏，股票僅給股東帶來了9.5%的總回報，因此，如果你正在尋找利益翻倍的股票，我們建議你看看其他選項。
There are better returns on capital out there than what we're seeing at IDACORP. The company has employed 32% more capital in the last five years, and the returns on that capital have remained stable at 3.8%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
如果您想了解更多關於IDACORP的信息，我們注意到了3個警告信號，其中有1個讓我們感到不爽。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
In summary, IDACORP has simply been reinvesting capital and generating the same low rate of return as before. And investors may be recognizing these trends since the stock has only returned a total of 9.5% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
在IDACORP這裏，我們想找到可以長期價值成倍增長的股票，需要注意哪些趨勢？首先，我們需要找到一個不斷增長的資本僱用基礎，然後再找到一個增長的資本回報率（ROCE）。如果你看到這種情況，通常意味着這是一個擁有出色業務模型，有充足的盈利再投資機會的公司。鑑於這一點當我們看到IDACORP（NYSE：IDA）和它的ROCE趨勢時，我們不能滿意。
If you'd like to know more about IDACORP, we've spotted 3 warning signs, and 1 of them doesn't sit too well with us.
這些是我們發現的IDACORP相對於其他選項的一些缺點，其中1個似乎不太合適。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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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