Investors Will Want Molson Coors Beverage's (NYSE:TAP) Growth In ROCE To Persist
Investors Will Want Molson Coors Beverage's (NYSE:TAP) Growth In ROCE To Persist
0.081 = US$1.9b ÷ (US$27b - US$4.2b) What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Speaking of which, we noticed some great changes in Molson Coors Beverage's (NYSE:TAP) returns on capital, so let's have a look.
我們要如何尋找能在長期內增值的股票的早期趨勢？在完美的世界中，我們希望看到一個公司將更多資金投入到業務中，並且這些資本的回報也在增加。這表明這是一個複利機器，能夠不斷將盈利再投資到業務中併產生更高的回報。順便說一句，我們注意到莫庫酒業（紐交所：TAP）的資本回報率有一些很好的變化，讓我們來看看。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Molson Coors Beverage, this is the formula:
對於那些不知道的人來說，ROCE是一個公司每年的稅前利潤（回報），相對於企業所投入的資本。要爲莫庫酒業計算這個指標，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。
0.081 = US$1.9b ÷ (US$27b - US$4.2b) (Based on the trailing twelve months to June 2024).
0.081 = 19億美元 ÷ （270億美元 - 4.2億美元）（基於2024年6月的過去十二個月）。
So, Molson Coors Beverage has an ROCE of 8.1%. In absolute terms, that's a low return and it also under-performs the Beverage industry average of 16%.
所以，莫庫酒業的ROCE爲8.1%。從絕對值上來看，這是一個較低的回報率，並且低於飲料行業的平均水平16%。
In the above chart we have measured Molson Coors Beverage's 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 Molson Coors Beverage .
在上面的圖表中，我們已經測量了Molson Coors Beverage過去的ROCE與其過去的業績，但未來可能更爲重要。如果您有興趣，您可以在我們免費的莫庫酒業分析師報告中查看分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
Molson Coors Beverage is showing promise given that its ROCE is trending up and to the right. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 53% 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. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
莫庫酒業因其ROCE正在上升並向右趨勢的情況下顯示出前景。更具體地說，儘管該公司在過去五年裏讓資本佔用保持相對穩定，但ROCE在同一時間內上升了53%。因此，我們對此的看法是，業務增加了效率以產生這些更高的回報，同時不需要進行任何額外的投資。從這個意義上說，公司在這方面做得很好，值得研究管理團隊對長期增長前景的計劃。
Our Take On Molson Coors Beverage's ROCE
關於莫庫酒業的ROCE，我們的看法是
As discussed above, Molson Coors Beverage appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Since the stock has only returned 11% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
正如上面討論的，鑑於資本佔用保持平穩而盈利（利息和稅前）上升，莫庫酒業似乎更擅長產生回報。由於在過去五年中，該股僅爲股東回報11%，因此，投資者可能尚未認識到這些有前景的基本面。因此，進一步了解這支股票可能會揭示一個良好的機會，如果估值和其他指標配得上。
Molson Coors Beverage does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...
莫庫酒業確實存在一些風險，我們在投資分析中發現了3個警示信號，其中有1個並不太令我們滿意...
While Molson Coors Beverage may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管莫庫酒業目前可能沒有獲得最高回報，但我們已編制了一個當前獲得25%以上淨資產回報率的公司清單。在這裏查看免費列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。
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。