Returns At Scotts Miracle-Gro (NYSE:SMG) Appear To Be Weighed Down
Returns At Scotts Miracle-Gro (NYSE:SMG) Appear To Be Weighed Down
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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 Scotts Miracle-Gro (NYSE:SMG) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我們應該關注哪些早期趨勢,以確定一家可能在長期內價值倍增的股票?首先,我們希望看到資本僱用回報率(ROCE)不斷增長,並且資本僱用基礎在擴大。最終,這表明這是一家以遞增的回報率再投資利潤的企業。話雖如此,剛開始看斯科特斯奇蹟生長公司(NYSE:SMG),我們並沒有因爲回報率的趨勢而驚訝不已,但讓我們深入研究一下。
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 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 Scotts Miracle-Gro is:
對於那些不確定什麼是ROCE的人,它衡量了一家公司可以從其業務中所使用的資本創造的稅前利潤數量。斯科特斯奇蹟生長公司的這個計算公式是:
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)
0.17 = US$355m ÷ (US$2.9b - US$750m) (Based on the trailing twelve months to September 2024).
0.17 = 35500萬美元 ÷ (29億美元 - 7.5億美元)(基於截至2024年9月的過去十二個月)。
So, Scotts Miracle-Gro has an ROCE of 17%. On its own, that's a standard return, however it's much better than the 8.6% generated by the Chemicals industry.
因此,斯科特斯奇蹟生長公司的ROCE爲17%。單獨看來,這是一個標準的回報率,但這比化學品行業創造的8.6%要好得多。
Above you can see how the current ROCE for Scotts Miracle-Gro compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Scotts Miracle-Gro for free.
您可以看到Scotts Miracle-Gro當前的ROCE如何與之前的資本回報相比,但過去能得出的結論有限。如果您願意,您可以免費查看覆蓋Scotts Miracle-Gro的分析師的預測。
What Can We Tell From Scotts Miracle-Gro's ROCE Trend?
從Scotts Miracle-Gro的ROCE趨勢中我們可以得出什麼結論?
Things have been pretty stable at Scotts Miracle-Gro, with its capital employed and returns on that capital staying somewhat the same for the last five years. 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 Scotts Miracle-Gro in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger. With fewer investment opportunities, it makes sense that Scotts Miracle-Gro has been paying out a decent 60% of its earnings to shareholders. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
在Scotts Miracle-Gro,資本使用和資本回報率在過去五年裏保持相對穩定。這告訴我們公司沒有在自身投資,因此很可能已經過了增長階段。所以,除非我們看到Scotts Miracle-Gro在ROCE和額外投資方面出現實質性變化,我們不會對其成爲翻倍股抱有期待。由於投資機會較少,Scotts Miracle-Gro將60%的利潤分配給股東是合理的。考慮到公司沒有在自身投資,將一部分利潤分配給股東是合理的。
Our Take On Scotts Miracle-Gro's ROCE
我們對Scotts Miracle-Gro的ROCE看法
In summary, Scotts Miracle-Gro isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And investors appear hesitant that the trends will pick up because the stock has fallen 19% in the last five years. Therefore based on the analysis done in this article, we don't think Scotts Miracle-Gro has the makings of a multi-bagger.
總結一下,Scotts Miracle-Gro並沒有將其收益複利,而是在同等資本運用下獲得穩定的回報。投資者似乎擔心趨勢會出現轉機,因爲股價在過去五年中下跌了19%,因此根據本文的分析,我們認爲Scotts Miracle-Gro不具備成爲翻倍股的條件。
One more thing: We've identified 2 warning signs with Scotts Miracle-Gro (at least 1 which is significant) , and understanding these would certainly be useful.
另外一件事:我們發現了Scotts Miracle-Gro的2個警示信號(至少有一個是重要的),了解這些信號肯定是有用的。
While Scotts Miracle-Gro isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然Scotts Miracle-Gro的回報並非最高,請查看這份免費的公司名單,這些公司具有良好的淨資產回報率和穩健的資產負債表。
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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。