Dollar General (NYSE:DG) Is Reinvesting At Lower Rates Of Return
Dollar General (NYSE:DG) Is Reinvesting At Lower Rates Of Return
0.086 = US$2.1b ÷ (US$32b - US$7.1b) If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at Dollar General (NYSE:DG), it didn't seem to tick all of these boxes.
如果您正在尋找一個多袋股，有一些事情需要留意。理想情況下，一家企業應該顯示兩個趨勢；首先是不斷增長的資本使用回報率（ROCE），其次是越來越多的資本投入。基本上這意味着一家公司有盈利的創舉，可以繼續進行再投資，這是一個複利機器的特徵。儘管當我們看美國達樂公司（紐交所:DG）時，並不是所有這些方面都符合。
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. To calculate this metric for Dollar General, this is the formula:
只是爲了澄清，如果您感到不確定，ROCE是一個評估公司在其業務中投入的資本所賺取的稅前收入的指標（以百分比表示）。要爲美國達樂公司計算這個指標，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。
0.086 = US$2.1b ÷ (US$32b - US$7.1b) (Based on the trailing twelve months to August 2024).
0.086 = US$21億 ÷ (US$320億 - US$7.1b)（基於2024年8月至2024年8月的過去十二個月）。
Therefore, Dollar General has an ROCE of 8.6%. On its own, that's a low figure but it's around the 9.8% average generated by the Consumer Retailing industry.
因此，美國達樂公司的ROCE爲8.6%。單獨看是一個較低的數據，但大約在消費零售行業的平均值9.8%左右。
Above you can see how the current ROCE for Dollar General compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Dollar General .
以上您可以看到，美國達樂公司當前的資本回報率與其先前的資本回報率相比如何，但過去只能告訴您這麼多。如果您想了解分析師未來的預測情況，請查看我們爲美國達樂公司提供的免費分析師報告。
What Does the ROCE Trend For Dollar General Tell Us?
美國達樂公司的資本回報率趨勢向我們展示了什麼？
When we looked at the ROCE trend at Dollar General, we didn't gain much confidence. Around five years ago the returns on capital were 13%, but since then they've fallen to 8.6%. However it looks like Dollar General 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.
當我們查看美國達樂公司的資本回報率趨勢時，並沒有獲得太多信心。大約五年前，資本回報率爲13%，但自那時以來已下降至8.6%。然而，看起來美國達樂公司可能正在爲長期增長進行再投資，因爲雖然資本運用增加了，公司的銷售額在過去12個月並沒有太大變化。在公司開始從這些投資中看到任何收益變化之前可能需要一些時間。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
In summary, Dollar General is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 47% in 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.
總結一下，美國達樂公司正在將資金重新投入業務以實現增長，但不幸的是目前看來銷售額並沒有太大增長。投資者似乎對趨勢會好轉表示猶豫，因爲過去五年裏股價下跌了47%。總體來看，我們並不太看好這些潛在趨勢，認爲在其他地方可能會有更好的找到潛力股的機會。
Dollar General does have some risks though, and we've spotted 2 warning signs for Dollar General that you might be interested in.
儘管美國達樂公司存在一些風險，但我們發現了關於美國達樂公司的2個警示信號，您可能會感興趣。
While Dollar General 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.
雖然美國達樂公司目前的回報並不是最高的，我們已經整理了一份目前獲得超過25%股本回報率的公司名單。請在這裏查看這份免費名單。
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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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