Select Medical Holdings (NYSE:SEM) Shareholders Will Want The ROCE Trajectory To Continue
Select Medical Holdings (NYSE:SEM) Shareholders Will Want The ROCE Trajectory To Continue
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at Select Medical Holdings (NYSE:SEM) and its trend of ROCE, we really liked what we saw.
如果我們想找到潛在的多袋股，通常會有一些潛在的趨勢可以提供線索。在其他事項中，我們希望看到兩件事：首先，資本利用率（ROCE）不斷增長；其次，資本利用量擴大。這向我們表明這是一個複利機器，能夠不斷將其收益再投入業務併產生更高的回報。所以當我們看到select medical holdings（紐交所:SEM）及其ROCE的趨勢時，我們真的很喜歡所看到的。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Select Medical Holdings:
如果您以前沒有使用過ROCE，它衡量了公司從業務中所使用的資本獲得的「回報」（稅前利潤）。分析師使用該公式爲Select Medical Holdings計算：
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。
0.09 = US$596m ÷ (US$7.9b - US$1.3b) (Based on the trailing twelve months to June 2024).
0.09 = 5.96億美元 ÷ （790億美元 - 13億美元）（基於2024年6月至最近12個月）。
Thus, Select Medical Holdings has an ROCE of 9.0%. On its own, that's a low figure but it's around the 10% average generated by the Healthcare industry.
因此，Select Medical Holdings的ROCE爲9.0%。單獨來看，這個數字較低，但它約爲醫療行業所產生的平均10%左右。
In the above chart we have measured Select Medical Holdings' 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 Select Medical Holdings .
在上圖中，我們比較了Select Medical Holdings'先前的ROCE與其先前的業績，但未來可能更重要。如果您感興趣，可以在免費的Select Medical Holdings分析師報告中查看分析師的預測。
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。
Select Medical Holdings' ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 33% in that same time. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
Select Medical Holdings的ROCE增長相當令人印象深刻。更具體地說，雖然公司在過去五年裏一直保持資本僱用相對穩定，但ROCE在同一時期上升了33%。因此，我們認爲，公司已經提高了效率，實現了更高的回報，同時不需要進行任何額外的投資。不過，值得深入了解的是，儘管公司更加高效，這可能也意味着未來內部投資的有機增長領域存在不足。
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。
As discussed above, Select Medical Holdings appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And a remarkable 135% total return over the last five years tells us that investors are expecting more good things to come in the future. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
如上所述，Select Medical Holdings似乎在提高產生回報的效率，因爲資本僱用保持不變，但收益（利息和稅前）上升。在過去五年中，驚人的總回報率達到了135％，這告訴我們投資者期待未來會有更多好事發生。因此，考慮到股票已經證明具有有前途的趨勢，值得進一步研究公司，以確定這些趨勢是否可能持續。
One final note, you should learn about the 2 warning signs we've spotted with Select Medical Holdings (including 1 which is a bit unpleasant) .
最後一點，請了解一下我們發現的Select Medical Holdings的2個警示信號（其中1個有點不愉快）。
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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