Shareholders Are Optimistic That NIKE (NYSE:NKE) Will Multiply In Value
Shareholders Are Optimistic That NIKE (NYSE:NKE) Will Multiply In Value
0.25 = US$6.8b ÷ (US$38b - US$11b) Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. That's why when we briefly looked at NIKE's (NYSE:NKE) ROCE trend, we were very happy with what we saw.
找到一個有潛力大幅增長的業務並不容易，但如果我們看一些關鍵的財務指標是可能的。 理想情況下，一家企業將展示兩個趨勢；首先是不斷增長的資本利用率（ROCE），其次是日益增加的資本利用額。 這向我們表明它是一個複利機器，能夠不斷地將其收益再投資到業務中，併產生更高的回報。 這就是爲什麼當我們簡要查看耐克（紐交所：NKE）的ROCE趨勢時，我們對所看到的感到非常滿意。
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。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for NIKE, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量了一家公司可以從其業務中使用的資本所產生的稅前利潤量。 要爲耐克計算這一指標，請使用以下公式：
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。
0.25 = US$6.8b ÷ (US$38b - US$11b) (Based on the trailing twelve months to May 2024).
0.25 = 68億美元 ÷（380億美元 - 110億美元）（截至2024年5月的滾動十二個月）。
Therefore, NIKE has an ROCE of 25%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此，耐克的ROCE爲25%。 這是一個奇妙的回報，不僅如此，它還超過了同行業公司平均賺取的13%。
In the above chart we have measured NIKE'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 NIKE .
在上面的圖表中，我們已經測量了耐克之前的ROCE與其之前的表現，但未來可能更重要。如果您感興趣，您可以查看我們爲耐克提供的免費分析師報告中的分析師預測。
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。
In terms of NIKE's history of ROCE, it's quite impressive. Over the past five years, ROCE has remained relatively flat at around 25% and the business has deployed 74% more capital into its operations. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. You'll see this when looking at well operated businesses or favorable business models.
在耐克的ROCE歷史方面，它相當令人印象深刻。在過去的五年中，ROCE保持在大約25%左右，業務向其運營中投入了更多資本。以如此高的回報率進行持續再投資是很棒的。當您看到經營良好的企業或有利的商業模式時，您會看到這一點。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. Despite the good fundamentals, total returns from the stock have been virtually flat over the last five years. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
最終，該公司已證明可以以高回報率再投資資本，您會想起這是多袋。儘管基本面良好，但股票的總回報在過去的五年中幾乎保持不變。這就是爲什麼我們認爲值得深入研究這支股票，因爲其基本面具有吸引力。
While NIKE looks impressive, no company is worth an infinite price. The intrinsic value infographic for NKE helps visualize whether it is currently trading for a fair price.
雖然耐克看起來令人印象深刻，但沒有哪家公司值得無限的價格。NKE的內在價值信息圖表有助於可視化其當前是否以公允價格交易。
NIKE is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
耐克不是唯一一個獲得高回報的股票。如果您想了解更多，請查看我們免費的公司列表，這些公司在股本回報率和基本面上獲得高回報。
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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。
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