Medtronic's (NYSE:MDT) Returns Have Hit A Wall
Medtronic's (NYSE:MDT) Returns Have Hit A Wall
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. However, after briefly looking over the numbers, we don't think Medtronic (NYSE:MDT) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到一個潛在的多袋股票,通常會有一些潛在的趨勢可以提供線索。首先,我們會想要識別一個不斷增長的資本使用回報率(ROCE),然後再加上一個資本使用基礎不斷增長。這向我們表明它是一個複利機器,能夠不斷將其收益再投資到業務中,併產生更高的回報。然而,經過簡短地查看數字後,我們認爲美敦力(紐交所:MDT)未來不具備成爲多袋股票的特徵,但讓我們看看可能的原因。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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. The formula for this calculation on Medtronic is:
對於不確定ROCE是什麼的人,ROCE衡量公司可以從其業務中投入的資本中產生多少稅前利潤。在Medtronic這一計算中的公式爲:
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。
0.08 = US$6.4b ÷ (US$90b - US$10b) (Based on the trailing twelve months to July 2024).
0.08 = 64億美元 ÷ (900億美元 - 10億美元)(截至2024年7月過去十二個月)。
So, Medtronic has an ROCE of 8.0%. In absolute terms, that's a low return but it's around the Medical Equipment industry average of 9.0%.
因此,美敦力的ROCE爲8.0%。就絕對值而言,這是一個低迴報,但大約是醫療設備行業平均水平的9.0%。
Above you can see how the current ROCE for Medtronic 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 Medtronic .
在這裏,您可以看到美敦力目前的資本回報率(ROCE)與過去的資本回報率相比,但從過去獲得的信息有限。如果您想了解分析師對未來的預測,應該查看我們爲美敦力提供的免費分析師報告。
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。
Things have been pretty stable at Medtronic, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Medtronic to be a multi-bagger going forward. With fewer investment opportunities, it makes sense that Medtronic has been paying out a decent 47% of its earnings to shareholders. Unless businesses have highly compelling growth opportunities, they'll typically return some money to shareholders.
美敦力近五年來資本運用率和資本回報率保持相對穩定。具有這些特徵的企業往往成熟穩定,因爲它們已經度過了增長階段。鑑於這一點,除非未來的投資再次增加,我們不會預期美敦力未來會成爲多袋股。隨着投資機會的減少,美敦力向股東支付了相當可觀的47%的收入。除非企業有非常引人注目的增長機會,否則它們通常會向股東返還一些資金。
Our Take On Medtronic's ROCE
我們對美敦力的資本回報率(ROCE)的看法
In a nutshell, Medtronic has been trudging along with the same returns from the same amount of capital over the last five years. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
簡而言之,美敦力在過去五年裏一直以相同的資本獲得相同的回報。此外,股票在過去五年裏對股東的總回報率保持平穩,這並不令人意外。無論如何,該股票並沒有上述多袋股的特點,因此,如果這是您尋找的,我們認爲您在其他地方會更幸運。
One more thing to note, we've identified 2 warning signs with Medtronic and understanding them should be part of your investment process.
還有一件事需要注意,我們已經發現了美敦力的2個警示信號,了解這些信號應該是您投資過程的一部分。
While Medtronic 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.
雖然美敦力目前可能沒有獲得最高回報,但我們已經編制了一份目前獲得超過25%股本回報率的公司名單。請查看這份免費名單。
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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。
譯文內容由第三人軟體翻譯。