McCormick (NYSE:MKC) Hasn't Managed To Accelerate Its Returns
McCormick (NYSE:MKC) Hasn't Managed To Accelerate Its Returns
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount 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. However, after investigating McCormick (NYSE:MKC), we don't think it's current trends fit the mold of a multi-bagger.
要找到一個大漲的股票，我們應該在一個企業中尋找哪些潛在的趨勢呢？一種常見的方法是嘗試找到一個回報資本僱用率（ROCE）增加的公司，同時資本僱用量也在增加。如果你看到了這種情況，通常意味着這是一個具有良好商業模式和豐富的盈利再投資機會的公司。然而，在對McCormick（紐交所代碼：MKC）進行調查後，我們認爲它目前的趨勢不符合大漲股票的模式。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 McCormick, this is the formula:
如果你以前沒有用過ROCE，這個指標衡量的是一個公司從其業務中投入的資本所產生的「回報」（稅前利潤）。要爲McCormick計算這個指標，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。
0.10 = US$1.0b ÷ (US$13b - US$3.0b) (Based on the trailing twelve months to May 2024).
因此，McCormick的存貸比率爲10%。這是一個相對普通的資本回報率，約爲食品行業產生的11%。
Therefore, McCormick has an ROCE of 10%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Food industry average of 11%.
因此，McCormick的ROCE爲10%。從絕對值來看，這是一個相當正常的回報，它與食品行業平均水平11%相差不遠。
In the above chart we have measured McCormick'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 McCormick for free.
在上面的圖表中，我們對麥考密克（McCormick）以往的 ROCE 進行了衡量，但未來可能更爲重要。如果您願意，您可以免費查看分析師對麥考密克（McCormick）的預測。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
Over the past five years, McCormick's ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. With that in mind, unless investment picks up again in the future, we wouldn't expect McCormick to be a multi-bagger going forward. This probably explains why McCormick is paying out 58% of its income to shareholders in the form of dividends. Unless businesses have highly compelling growth opportunities, they'll typically return some money to shareholders.
在過去的五年裏，麥考密克（McCormick）的 ROCE 和資本運作都基本保持平穩。當看到一家成熟穩定的企業不再重投資收益時，這樣的情況並不罕見，因爲該企業很可能已經過了業務週期的階段。考慮到這一點，除非未來再次增加投資，否則我們不會對麥考密克（McCormick）的未來前景抱有過高期望。這可能解釋了爲什麼麥考密克（McCormick）將58%的收入以分紅形式支付給股東。除非企業有非常吸引人的增長機會，否則它們通常會向股東返還一些資金。
Our Take On McCormick's ROCE
關於麥考密克（McCormick）的 ROCE 我們的觀點
In summary, McCormick isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And with the stock having returned a mere 14% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
總之，麥考密克（McCormick）的收益沒有複利增長，但對同等資本運作的回報率保持穩定。考慮到過去五年股東只獲得了14%的回報率，您可以說他們已經意識到了這些平淡的趨勢。因此，如果您正在尋找倍增股票，我們建議您考慮其他選擇。
If you want to continue researching McCormick, you might be interested to know about the 2 warning signs that our analysis has discovered.
如果您想繼續研究麥考密克（McCormick），您可能會對我們分析發現的兩個警告信號感興趣。
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。
譯文內容由第三人軟體翻譯。