The Returns At Caesars Entertainment (NASDAQ:CZR) Aren't Growing
The Returns At Caesars Entertainment (NASDAQ:CZR) Aren't Growing
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. Although, when we looked at Caesars Entertainment (NASDAQ:CZR), it didn't seem to tick all of these boxes.
如果我們想要找到能夠長期倍增價值的股票，我們應該關注哪些趨勢？首先，我們需要看到資本佔用回報率（ROCE）在增加，其次，資本佔用基數在擴大。簡而言之，這類企業是複利機器，意味着它們不斷以更高的回報率重新投資收益。雖然當我們研究凱撒娛樂（納斯達克股票代碼：CZR）時，它似乎沒有完全符合這些要求。
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。
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. The formula for this calculation on Caesars Entertainment is:
只是爲了澄清，如果您不確定，ROCE是用來評估一家公司在其業務中投資的資本上賺取多少稅前收入（以百分比表示）的指標。Caesars Entertainment的計算公式是：
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。
0.079 = US$2.4b ÷ (US$33b - US$2.6b) (Based on the trailing twelve months to June 2024).
0.079 = 24億美元 ÷ (330億美元 - 2.6億美元)（基於截至2024年6月的過去十二個月）。
Thus, Caesars Entertainment has an ROCE of 7.9%. In absolute terms, that's a low return and it also under-performs the Hospitality industry average of 10%.
因此，凱撒娛樂的ROCE爲7.9%。就絕對值而言，這是一個較低的回報率，並且也低於酒店業平均水平10%。
In the above chart we have measured Caesars Entertainment's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Caesars Entertainment .
通過上面的圖表，我們已經對凱撒娛樂之前的資本回報率進行了測量，但未來可能更重要。如果您想了解分析師對未來的預測，請查看我們針對凱撒娛樂的免費分析師報告。
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。
In terms of Caesars Entertainment's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 7.9% for the last five years, and the capital employed within the business has risen 435% in that time. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就凱撒娛樂的歷史資本回報率趨勢而言，它並沒有引起特別關注。在過去的五年中，該公司的資本回報率一直穩定在7.9%，而企業內投資的資本則增長了435%。這種較低的資本回報率目前並不能給人帶來信心，而且隨着投資資本的增加，明顯可以看出企業並沒有將資金投入到高回報的投資中。
Our Take On Caesars Entertainment's ROCE
對於凱撒娛樂的資本回報率，我們的看法是
As we've seen above, Caesars Entertainment's returns on capital haven't increased but it is reinvesting in the business. And investors appear hesitant that the trends will pick up because the stock has fallen 14% in the last five years. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
正如我們在上面所看到的，凱撒娛樂的資本回報率沒有增加，但它正在對業務進行再投資。而投資者似乎不太確定這種趨勢是否會改善，因爲股票在過去五年中下跌了14%。總而言之，這些內在的趨勢並非典型的多倍增長股，所以如果您追求的是這種類型的股票，我們認爲您可能在其他地方有更多的運氣。
If you're still interested in Caesars Entertainment it's worth checking out our FREE intrinsic value approximation for CZR to see if it's trading at an attractive price in other respects.
如果您仍然對凱撒娛樂感興趣，那麼值得查看我們免費的CZR內在價值近似值，以確定它在其他方面是否以有吸引力的價格交易。
While Caesars Entertainment isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然凱撒娛樂的回報率並不是最高的，但可以查看這個免費的高淨值公司列表，這些公司在平衡表方面獲得了高回報。
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