There Are Reasons To Feel Uneasy About TTEC Holdings' (NASDAQ:TTEC) Returns On Capital
There Are Reasons To Feel Uneasy About TTEC Holdings' (NASDAQ:TTEC) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at TTEC Holdings (NASDAQ:TTEC) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想要找出下一個巨無霸，有一些關鍵趨勢需要注意。在完美的世界裏，我們希望看到一家公司投資更多資本到業務中，而且理想情況下，從這些資本中獲得的回報也在增加。如果你看到這種情況，通常意味着這是一家擁有出色商業模式和大量有利可圖的再投資機會的公司。話雖如此，在第一次看到TTEC Holdings（納斯達克股票代碼：TTEC）時，我們並沒有因爲回報率的變化而興奮不已，但還是讓我們深入了解一下。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for TTEC Holdings:
只是爲了澄清，如果你不確定，ROCE是一種衡量公司在其業務中投入資本所獲得的稅前收入的度量標準（以百分比計算）。分析師使用該公式爲TTEC Holdings計算ROCE:
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。
0.067 = US$94m ÷ (US$1.8b - US$388m) (Based on the trailing twelve months to June 2024).
0.067 = 9400 萬美元 ÷（18 億美元 - 3.88 億美元）（基於截至2024年6月的過去12個月）。
Therefore, TTEC Holdings has an ROCE of 6.7%. In absolute terms, that's a low return and it also under-performs the Professional Services industry average of 14%.
因此，TTEC Holdings的ROCE爲6.7%。從絕對值來看，這是一個較低的回報率，也低於專業服務行業的平均水平14%。
In the above chart we have measured TTEC Holdings' 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 TTEC Holdings for free.
在上面的圖中，我們測量了TTEC Holdings以往的ROCE和以往表現，但未來可能更重要。如果你願意，你可以免費查看分析師對TTEC Holdings的預測。
So How Is TTEC Holdings' ROCE Trending?
那麼，TTEC Holdings的ROCE趨勢如何？
In terms of TTEC Holdings' historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 6.7% from 14% five years ago. However it looks like TTEC Holdings 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TTEC Holdings的歷史ROCE走勢而言，趨勢並不理想。在過去的五年中，資本回報率從五年前的14%下降到6.7%。然而，看起來TTEC Holdings可能是在爲長期增長進行再投資，因爲儘管投入的資本增加了，但公司的銷售額在過去12個月並沒有太大變化。在這些投資中，公司在盈利方面可能需要一些時間才能看到任何變化。
What We Can Learn From TTEC Holdings' ROCE
從TTEC Holdings的ROCE可以得出什麼結論？
Bringing it all together, while we're somewhat encouraged by TTEC Holdings' reinvestment in its own business, we're aware that returns are shrinking. And investors may be expecting the fundamentals to get a lot worse because the stock has crashed 87% over the last five years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
綜上所述，雖然我們對TTEC Holdings對自己業務的再投資有些鼓舞，但我們意識到回報正在減少。投資者可能預期基本面會變得更糟，因爲股價在過去的五年中下跌了87%。總體而言，我們對基本趨勢不太激動，認爲在其他地方可能有更好的機會找到一隻多倍股。
On a final note, we found 3 warning signs for TTEC Holdings (2 don't sit too well with us) you should be aware of.
最後，我們發現了TTEC Holdings的3個警告信號（其中2個讓我們不太滿意），你應該知道。
While TTEC Holdings 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TTEC Holdings的回報率不是最高的，但請查看這個免費的公司列表，這些公司在資產負債表上的回報率很高。
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