Hamilton Beach Brands Holding (NYSE:HBB) May Have Issues Allocating Its Capital
Hamilton Beach Brands Holding (NYSE:HBB) May Have Issues Allocating Its Capital
0.23 = US$46m ÷ (US$409m - US$213m) If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So when we looked at Hamilton Beach Brands Holding (NYSE:HBB), they do have a high ROCE, but we weren't exactly elated from how returns are trending.
如果我們想找到一隻長期可以增值的股票，我們應該尋找哪些潛在趨勢？一個常見的方法是嘗試找到一個ROCE（資本僱用回報率）不斷增長的公司，同時資本僱用量也在增長。最終，這表明這是一家正在以越來越高的回報率重新投資利潤的企業。所以當我們看到 Hamilton Beach Brands Holding（紐交所：HBB）時，他們的ROCE確實很高，但我們並不太滿意回報趨勢。
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 Hamilton Beach Brands Holding, this is the formula:
只是爲了澄清，如果您不確定，ROCE是評估公司在其業務中投資的資本上賺取多少稅前收入（以百分比表示）的指標。要爲Hamilton Beach Brands Holding計算這個指標，使用的公式如下：
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。
0.23 = US$46m ÷ (US$409m - US$213m) (Based on the trailing twelve months to September 2024).
0.23 = 4600萬美元 ÷ （40900萬美元 - 2.13億美元）（截至2024年9月的過去十二個月）。
So, Hamilton Beach Brands Holding has an ROCE of 23%. In absolute terms that's a great return and it's even better than the Consumer Durables industry average of 14%.
因此，Hamilton Beach Brands Holding的ROCE爲23%。從絕對角度來看，這是一個很好的回報率，甚至比耐用消費品行業平均水平的14%要好。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Hamilton Beach Brands Holding's past further, check out this free graph covering Hamilton Beach Brands Holding's past earnings, revenue and cash flow.
雖然過去並不代表未來，但了解公司的歷史表現可能會有所幫助，這就是爲什麼我們有上面的這張圖表。如果你對調查漢密爾頓海灘品牌控股公司的過去感興趣，可以查看這張免費圖表，涵蓋漢密爾頓海灘品牌控股公司的過去收益、營業收入和現金流。
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。
When we looked at the ROCE trend at Hamilton Beach Brands Holding, we didn't gain much confidence. Historically returns on capital were even higher at 34%, but they have dropped over the last five years. However it looks like Hamilton Beach Brands Holding 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.
當我們看漢密爾頓海灘品牌控股公司的ROCE趨勢時，我們並沒有獲得太多信心。歷史上資本回報率甚至更高達34％，但在過去五年裏已經下降。然而，看起來漢密爾頓海灘品牌控股公司可能正在進行長期增長的再投資，因爲雖然資本投入增加了，但公司的銷售在過去12個月裏並沒有太大變化。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。
On a side note, Hamilton Beach Brands Holding has done well to pay down its current liabilities to 52% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE. Keep in mind 52% is still pretty high, so those risks are still somewhat prevalent.
順便提一下，漢密爾頓海灘品牌控股公司已經成功地償還了其流動負債，使其佔總資產的比例降至52％。這在一定程度上可以解釋爲什麼ROCE下降了。此外，這可以降低企業的某些風險，因爲現在公司的供應商或短期債權人爲其運營提供的資金較少。由於企業基本上是用自己的資金爲其運營提供更多資金，你可以認爲這使得企業在產生ROCE方面效率降低。請記住，52％仍然相當高，因此這些風險仍然在一定程度上存在。
The Key Takeaway
重要提示
To conclude, we've found that Hamilton Beach Brands Holding is reinvesting in the business, but returns have been falling. Although the market must be expecting these trends to improve because the stock has gained 48% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總的來說，我們發現漢密爾頓海灘品牌控股公司正在對業務進行再投資，但回報率在下降。儘管市場可能希望這些趨勢會有所改善，因爲過去五年股價上漲了48％。但如果這些潛在趨勢的軌跡繼續下去，我們認爲從現在開始它成爲增值股的可能性不高。
Hamilton Beach Brands Holding does have some risks though, and we've spotted 2 warning signs for Hamilton Beach Brands Holding that you might be interested in.
hamilton beach brands持有的風險確實存在，我們已經發現了2個值得您關注的hamilton beach brands警告信號。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素，因此請查看我們的免費股票列表，其中列出了盈利能力強、資產負債表堅實的股票。
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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。
