ACCO Brands' (NYSE:ACCO) Returns Have Hit A Wall
ACCO Brands' (NYSE:ACCO) Returns Have Hit A Wall
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at ACCO Brands (NYSE:ACCO) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我們應該尋找哪些早期趨勢,以確定某隻股票在長期內可能會大幅增值?除其他因素外,我們希望看到兩點;首先,資本利用率(ROCE)增長,其次是公司資本利用量的擴張。歸根結底,這表明這是一個以遞增的投資回報率再投資利潤的企業。話雖如此,從初步審視acco brands(紐交所: ACCO)的情況,我們並不因回報趨勢如何而激動,但讓我們更深入地看一看。
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. Analysts use this formula to calculate it for ACCO Brands:
對於那些不了解的人,ROCE是公司每年稅前利潤(其回報)與業務中的資本利用量相關的度量標準。分析師使用這個公式爲acco brands計算出來:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)
0.077 = US$143m ÷ (US$2.4b - US$498m) (Based on the trailing twelve months to September 2024).
0.077 = 14300萬美元 ÷ (24億美元 - 4.98億美元)(截至2024年9月的過去12個月數據)。
Therefore, ACCO Brands has an ROCE of 7.7%. In absolute terms, that's a low return and it also under-performs the Commercial Services industry average of 10%.
因此,acco brands的ROCE爲7.7%。 絕對而言,這是一個較低的回報,也低於商業服務行業的平均水平10%。
In the above chart we have measured ACCO Brands' 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 ACCO Brands for free.
在上面的圖表中,我們已經測量了ACCO Brands之前的ROCE與其先前的表現,但未來可能更重要。如果您願意,您可以免費查看覆蓋ACCO Brands的分析師的預測。
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。
Over the past five years, ACCO Brands' ROCE and capital employed have both remained mostly flat. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at ACCO Brands in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
在過去的五年中,ACCO Brands的ROCE和資本運作基本保持不變。這告訴我們該公司並未進行自我再投資,因此很可能已經過了增長階段。除非我們看到ACCO Brands在ROCE和額外投資方面出現重大變化,否則我們不會指望其成爲暴利股票。
The Key Takeaway
重要提示
In summary, ACCO Brands isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And in the last five years, the stock has given away 22% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總的來說,ACCO Brands並未複利其盈利,但在同等資本運作下獲得了穩定回報。在過去五年中,該股票下跌了22%,因此市場對這些趨勢不抱太大希望,強勢也不會很快出現。總的來說,這些內在趨勢並不符合暴利股票的典型特徵,因此如果您追求這種股票,我們認爲您可能在其他地方更有運氣。
ACCO Brands does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those doesn't sit too well with us...
ACCO Brands確實帶有一些風險,我們在投資分析中發現了3個警告信號,其中有一個讓我們不太滿意...
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於喜歡投資穩健公司的人,請查看這份具有穩健資產負債表和高權益回報的公司免費列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。