We Like These Underlying Return On Capital Trends At ESAB (NYSE:ESAB)
We Like These Underlying Return On Capital Trends At ESAB (NYSE:ESAB)
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. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at ESAB (NYSE:ESAB) and its trend of ROCE, we really liked what we saw.
尋找一個有潛力大幅增長的業務並不容易,但是如果我們關注一些關鍵的財務指標,是有可能的。通常,我們會希望注意到資本運營回報率(ROCE)不斷增長的趨勢,以及不斷擴大的資本投入基礎。簡而言之,這種類型的企業是複利機器,意味着它們不斷以越來越高的回報率重新投資他們的收益。因此,當我們看到ESAb (紐交所: ESAB)及其ROCE的趨勢時,我們確實很喜歡我們所看到的。
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 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 ESAB, this is the formula:
對於那些不了解的人,ROCE是一個公司年度稅前利潤(其回報)與企業中使用的資本之間的比較度量。要爲ESAb計算此指標,這是公式:
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。
0.14 = US$466m ÷ (US$4.1b - US$637m) (Based on the trailing twelve months to September 2024).
0.14 = 46600萬美元 ÷ (41億美元 - 6.37億美元)(根據2024年9月至2024年9月的過去12個月)。
Therefore, ESAB has an ROCE of 14%. That's a relatively normal return on capital, and it's around the 13% generated by the Machinery industry.
因此,ESAb的ROCE爲14%。這是一個相對正常的資本回報率,大約與機械行業產生的13%相當。
In the above chart we have measured ESAB's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering ESAB for free.
在上述圖表中,我們已經測量了ESAB的先前資本回報率與先前表現相比,但未來可能更爲重要。如果您願意,可以免費查看覆蓋ESAB的分析師對該公司的預測。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
ESAB's ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last four years, the ROCE has climbed 68% 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. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
ESAB的資本回報率增長相當驚人。更具體地說,雖然公司在過去四年裏一直保持投入資本相對穩定,但資本回報率在同一時期上升了68%。因此,我們認爲業務已經提高了效率以產生更高的回報,同時並不需要進行任何額外的投資。不過,值得更深入地研究一下,因爲雖然業務更高效是件好事,但這也可能意味着未來在內部投資方面用於有機增長的領域不足。
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。
To sum it up, ESAB is collecting higher returns from the same amount of capital, and that's impressive. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 65% return over the last year. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
總的來說,ESAB正在從相同的資本中獲得更高的回報,這是令人印象深刻的。投資者似乎希望未來會有更多這樣的表現,因爲該股過去一年爲股東帶來了65%的回報。因此,考慮到股票已經證明具有有利的趨勢,值得進一步研究公司,以了解這些趨勢是否可能持續下去。
On a separate note, we've found 1 warning sign for ESAB you'll probably want to know about.
另外,我們發現了1個ESAB的警告信號,您可能希望了解。
While ESAB 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ESAB目前可能並不賺取最高的回報,但我們已經整理了一份目前盈利超過25%股本回報率的公司清單。請查看這份免費清單。
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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.
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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。