Sanmina's (NASDAQ:SANM) Returns Have Hit A Wall
Sanmina's (NASDAQ:SANM) Returns Have Hit A Wall
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. That's why when we briefly looked at Sanmina's (NASDAQ:SANM) ROCE trend, we were pretty happy with what we saw.
如果你不确定在哪里开始寻找下一个潜力股,有几个关键趋势需要你关注。在一个完美的世界里,我们希望看到一家公司在其业务中投入更多资本,并且从这些资本中获得的回报也在增长。如果你看到了这一点,通常意味着这是一家拥有出色商业模式和丰厚盈利再投资机会的公司。这就是为什么当我们简单查看新美亚电子(纳斯达克:SANM)的资本回报率(ROCE)趋势时,我们对看到的结果感到非常满意。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE):它是什么?
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 Sanmina, this is the formula:
对于那些不知道的人来说,ROCE是公司每年的税前利润(回报)与投入业务的资本相比的一个指标。为了计算新美亚电子的这一指标,可以使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)
0.12 = US$346m ÷ (US$4.8b - US$1.9b) (Based on the trailing twelve months to September 2024).
0.12 = US$34600万 ÷ (US$48亿 - US$1.9b)(基于截至2024年9月的过去十二个月)。
Therefore, Sanmina has an ROCE of 12%. That's a relatively normal return on capital, and it's around the 10% generated by the Electronic industry.
因此,新美亚电子的资本回报率为12%。这是一种相对正常的资本回报率,约为电子行业产生的10%。
Above you can see how the current ROCE for Sanmina 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 Sanmina .
上面您可以看到新美亚电子当前的资本回报率与之前的回报率相比,但您从过去中能了解的内容有限。如果您想查看分析师对未来的预测,您可以查看我们关于新美亚电子的免费分析师报告。
How Are Returns Trending?
回报率的趋势如何?
While the returns on capital are good, they haven't moved much. The company has employed 30% more capital in the last five years, and the returns on that capital have remained stable at 12%. 12% is a pretty standard return, and it provides some comfort knowing that Sanmina has consistently earned this amount. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
虽然资本回报率很好,但它们并没有太大变化。在过去五年中,公司使用了30%的资本,而这些资本的回报率保持在12%。12%是一个相当标准的回报率,这让人感到安心,因为新美亚电子一直以来都能赚取这个金额。从长远来看,这样的回报可能不是太激动人心,但通过稳定性,它们可以在股价回报方面带来收益。
On a side note, Sanmina's current liabilities are still rather high at 40% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
顺便提一下,新美亚电子的流动负债仍然相对较高,占总资产的40%。这实际上意味着供应商(或短期债权人)正在为业务的大部分资金提供支持,因此要注意这可能会带来一些风险。虽然这并不一定是坏事,但如果这个比率较低,会更有利。
In Conclusion...
结论...
In the end, Sanmina has proven its ability to adequately reinvest capital at good rates of return. On top of that, the stock has rewarded shareholders with a remarkable 138% return to those who've held over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
总的来说,新美亚电子已经证明了其能够以良好的回报率充分再投资资本的能力。更重要的是,在过去五年中,这只股票给那些持有的股东带来了138%的惊人回报。因此,尽管投资者似乎正在认识到这些良好的趋势,我们仍然认为这只股票值得进一步研究。
Like most companies, Sanmina does come with some risks, and we've found 1 warning sign that you should be aware of.
与大多数公司一样,新美亚电子确实存在一些风险,我们发现了一个你应该注意的警示信号。
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.
对于喜欢投资于稳健公司的投资者,可以查看这个免费的稳健资产负债表和高股本回报率公司的列表。
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