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Modine Manufacturing (NYSE:MOD) Knows How To Allocate Capital Effectively

Modine Manufacturing (NYSE:MOD) Knows How To Allocate Capital Effectively

摩丁製造 (紐交所:MOD) 知道如何有效分配資本
Simply Wall St ·  12/23 18:36

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So when we looked at the ROCE trend of Modine Manufacturing (NYSE:MOD) we really liked what we saw.

如果我們想找到一隻可以長期增值的股票,我們應該關注哪些基本趨勢?首先,我們希望看到增加的資本使用回報率(ROCE),其次,希望看到不斷擴大的資本使用基礎。基本上,這意味着一家公司有可以持續再投資的利潤項目,這是一臺複利機器的特徵。因此,當我們查看摩丁製造(紐交所:MOD)的ROCE趨勢時,我們對所看到的非常滿意。

Return On Capital Employed (ROCE): What Is It?

資本回報率(ROCE):它是什麼?

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. The formula for this calculation on Modine Manufacturing is:

如果你不確定,我來澄清一下,ROCE是評估一家公司在其業務中投資資本所賺取的稅前收入的指標(以百分比形式)。摩丁製造的計算公式爲:

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)

0.20 = US$277m ÷ (US$1.9b - US$537m) (Based on the trailing twelve months to September 2024).

0.20 = 27700萬美金 ÷ (19億美金 - 537百萬美金)(基於截至2024年9月的過去十二個月)。

Therefore, Modine Manufacturing has an ROCE of 20%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.

因此,摩丁製造的ROCE爲20%。這是一個非常好的回報,不僅如此,它還超過了同類行業公司11%的平均水平。

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NYSE:MOD Return on Capital Employed December 23rd 2024
紐交所:MOD 資本使用回報率 2024年12月23日

Above you can see how the current ROCE for Modine Manufacturing 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 Modine Manufacturing .

上面可以看到摩丁製造目前的資本回報率(ROCE)與其過去的資本回報率相比,但從過去的信息中你只能得到有限的了解。如果你想知道分析師對未來的預測,應該查看我們關於摩丁製造的免費分析師報告。

What Can We Tell From Modine Manufacturing's ROCE Trend?

我們能從摩丁製造的資本回報率趨勢中得出什麼?

We like the trends that we're seeing from Modine Manufacturing. The data shows that returns on capital have increased substantially over the last five years to 20%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 46%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.

我們喜歡摩丁製造所顯示的趨勢。數據顯示,在過去五年中,資本回報率大幅增加至20%。該公司有效地提高了每一美元資本使用所帶來的收益,並且值得注意的是,使用的資本量也增加了46%。在資本不斷增長的情況下回報率的提升在多重收益股中是很常見的,這就是我們印象深刻的原因。

In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 28%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. So shareholders would be pleased that the growth in returns has mostly come from underlying business performance.

在我們分析的另一部分中,我們注意到公司的流動負債與總資產的比例降低至28%,這在廣義上意味着該業務在資金運作方面對供應商或短期債權人的依賴減少了。因此,股東會高興地看到,回報的增長主要是來源於基礎業務表現。

The Bottom Line On Modine Manufacturing's ROCE

摩丁製造資本回報率的底線

All in all, it's terrific to see that Modine Manufacturing is reaping the rewards from prior investments and is growing its capital base. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.

總的來說,看到摩丁製造正在享受之前投資的回報,並且不斷擴張其資本基礎,真是令人振奮。隨着股票在過去五年內表現卓越,投資者已經開始考慮這些模式。話雖如此,我們仍然認爲,良好的基本面意味着公司值得進一步的盡職調查。

If you want to continue researching Modine Manufacturing, you might be interested to know about the 1 warning sign that our analysis has discovered.

如果您想繼續研究摩丁製造,您可能會對我們分析發現的一個警告信號感興趣。

If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.

如果您想查看其他獲得高回報的公司,可以在這裏查看我們免費提供的擁有良好資產負債表的高回報公司名單。

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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。

譯文內容由第三人軟體翻譯。


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