Return Trends At Federal Signal (NYSE:FSS) Aren't Appealing
Return Trends At Federal Signal (NYSE:FSS) Aren't Appealing
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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. That's why when we briefly looked at Federal Signal's (NYSE:FSS) ROCE trend, we were pretty happy with what we saw.
如果我們想要找到那些能夠長期增值的股票，我們應該注意哪些趨勢呢？通常，我們會關注不斷增長的資本僱用回報率（ROCE）以及擴大的資本僱用基數。基本上，這意味着公司擁有有利可圖的計劃，可以繼續進行再投資，這是一個複利機器的特徵。這就是爲什麼當我們簡要查看Federal Signal（紐交所：FSS）的ROCE趨勢時，我們對所看到的情況感到非常滿意。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Federal Signal, this is the formula:
如果您以前沒有接觸過ROCE這個指標，它衡量的是公司在其業務中使用的資本僱用所帶來的「回報」（稅前利潤）。要計算Federal Signal的這個指標，可以使用以下公式：
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。
0.18 = US$261m ÷ (US$1.7b - US$212m) (Based on the trailing twelve months to June 2024).
0.18 = 2.61億美元 ÷ （17億美元 - 2.12億美元）（基於截至2024年6月的過去十二個月的數據）。
So, Federal Signal has an ROCE of 18%. On its own, that's a standard return, however it's much better than the 14% generated by the Machinery industry.
所以，Federal Signal的ROCE爲18%。單獨看來，這是一個標準的回報率，但它比機械行業產生的14%要好得多。
In the above chart we have measured Federal Signal'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 Federal Signal for free.
在上面的圖表中，我們對Federal Signal的以前的ROCE與其以前的表現進行了衡量，但未來可能更重要。如果您願意，您可以免費查看覆蓋聯邦信號的分析師的預測。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has consistently earned 18% for the last five years, and the capital employed within the business has risen 59% in that time. 18% is a pretty standard return, and it provides some comfort knowing that Federal Signal has consistently earned this amount. 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.
ROCE的趨勢並不突出，但總體回報還不錯。公司在過去五年中一直保持着18%的盈利，並且業務中使用的資金在此期間增長了59%。18%是一種相當標準的回報率，知道聯邦信號一直能夠獲得這個金額可以一定程度上令人安心。在這個範圍內穩定的回報可能不太刺激，但如果能夠在長期內保持下去，它們通常會爲股東提供豐厚的回報。
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。
In the end, Federal Signal has proven its ability to adequately reinvest capital at good rates of return. And the stock has done incredibly well with a 229% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
最終，聯邦信號證明了其能夠以良好的回報率充分重新投資資本的能力。股票在過去五年中的回報率爲229%，因此長期投資者對此結果無疑感到興奮。因此，儘管積極的基本趨勢可能已被投資者考慮在內，但我們仍認爲這支股票值得進一步研究。
If you're still interested in Federal Signal it's worth checking out our FREE intrinsic value approximation for FSS to see if it's trading at an attractive price in other respects.
如果您仍然對聯邦信號感興趣，值得查看我們關於FSS的免費內在價值估算，以查看是否在其他方面以有吸引力的價格交易。
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。
譯文內容由第三人軟體翻譯。