Investors Could Be Concerned With Autohome's (NYSE:ATHM) Returns On Capital
Investors Could Be Concerned With Autohome's (NYSE:ATHM) Returns On Capital
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. 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. In light of that, when we looked at Autohome (NYSE:ATHM) and its ROCE trend, we weren't exactly thrilled.
找到一個具有重大增長潛力的業務並不容易,但如果我們關注一些關鍵財務指標,這還是有可能的。在完美世界中,我們希望看到公司在業務中投入更多資本,並且理想情況下,從這些資本中獲得的回報也在增加。如果你看到這種情況,這通常意味着這是一個擁有良好商業模式和許多盈利再投資機會的公司。因此,當我們查看汽車之家(紐交所:ATHM)及其資本回報率趨勢時,我們並沒有感到興奮。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
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 Autohome, this is the formula:
對於那些不知情的人來說,資本回報率(ROCE)是衡量公司年度稅前利潤(其回報)相對於業務中所投入資本的指標。要計算汽車之家的這一指標,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)
0.043 = CN¥1.1b ÷ (CN¥30b - CN¥3.4b) (Based on the trailing twelve months to September 2024).
0.043 = CN¥11億 ÷ (CN¥300億 - CN¥3.4b)(基於截至2024年9月的過去12個月數據)。
Therefore, Autohome has an ROCE of 4.3%. In absolute terms, that's a low return and it also under-performs the Interactive Media and Services industry average of 6.8%.
因此,汽車之家資本回報率爲4.3%。在絕對值上,這是一個低迴報,並且還低於互動媒體和服務行業平均水平6.8%。
In the above chart we have measured Autohome'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 Autohome for free.
在上述圖表中,我們測量了汽車之家的歷史資本回報率(ROCE)與其歷史表現的對比,但未來的表現顯然更爲重要。如果你願意,可以免費查看分析師對汽車之家的預測。
So How Is Autohome's ROCE Trending?
那麼汽車之家的資本回報率(ROCE)趨勢如何?
On the surface, the trend of ROCE at Autohome doesn't inspire confidence. Around five years ago the returns on capital were 22%, but since then they've fallen to 4.3%. However it looks like Autohome might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
從表面上看,汽車之家的資本回報率(ROCE)趨勢並不令人信服。大約五年前,資本回報率爲22%,但此後已經降至4.3%。然而,汽車之家似乎正在爲長期增長進行再投資,因爲雖然投入的資本有所增加,但公司在過去12個月內的銷售額變化不大。這些投資可能需要一些時間才能開始帶來收益的變化。
The Key Takeaway
關鍵要點
To conclude, we've found that Autohome is reinvesting in the business, but returns have been falling. And in the last five years, the stock has given away 57% so the market doesn't look too hopeful on these trends strengthening any time soon. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總之,我們發現汽車之家正在對其業務進行再投資,但回報卻在下降。在過去五年中,股票的價值下降了57%,因此市場對這些趨勢迅速改善並不抱太大希望。總體而言,我們對基礎趨勢並沒有太大信心,我們認爲在其他地方可能會有更好的找到倍增股的機會。
One more thing, we've spotted 1 warning sign facing Autohome that you might find interesting.
還有一件事,我們發現了一個可能讓你感興趣的警示信號,針對汽車之家。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找具有良好收益的穩健公司,可以查看這份擁有良好資產負債表和令人印象深刻的股本回報率的免費公司列表。
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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.
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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