The Returns On Capital At MillerKnoll (NASDAQ:MLKN) Don't Inspire Confidence
The Returns On Capital At MillerKnoll (NASDAQ:MLKN) Don't Inspire Confidence
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating MillerKnoll (NASDAQ:MLKN), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想找到一個可能在長期內增值的股票,我們應該關注哪些基本趨勢?通常情況下,我們需要注意資本使用回報率(ROCE)增長的趨勢,以及相應擴大使用的資本基礎。最終,這表明這是一個以越來越高的回報率再投資利潤的業務。然而,在調查了MillerKnoll(納斯達克:MLKN)後,我們認爲其當前趨勢不符合多倍回報的標準。
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. Analysts use this formula to calculate it for MillerKnoll:
對於那些不知情的人來說,ROCE是公司年均稅前利潤(其回報)相對於業務中使用的資本的一個衡量標準。分析師使用這個公式來計算MillerKnoll:
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)
0.068 = US$225m ÷ (US$4.0b - US$704m) (Based on the trailing twelve months to November 2024).
0.068 = 22500萬美元 ÷ (40億 - 704百萬) (基於截至2024年11月的過去12個月數據)。
So, MillerKnoll has an ROCE of 6.8%. Ultimately, that's a low return and it under-performs the Commercial Services industry average of 11%.
因此,MillerKnoll的ROCE爲6.8%。最終,這是一個較低的回報,低於商業服務行業平均水平的11%。
Above you can see how the current ROCE for MillerKnoll 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 MillerKnoll for free.
在上面你可以看到MillerKnoll當前的資本回報率(ROCE)相較於其過去的資本回報,但從過去我們能得到的信息有限。如果你願意,可以查看分析師對MillerKnoll的免費預測。
What Does the ROCE Trend For MillerKnoll Tell Us?
MillerKnoll的ROCE趨勢告訴我們什麼?
In terms of MillerKnoll's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 17% over the last five years. However it looks like MillerKnoll 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.
就MillerKnoll的歷史ROCE變動而言,趨勢並不是很好。更具體地說,過去五年ROCE已經下降了17%。然而,看起來MillerKnoll可能在進行長期增長的再投資,因爲儘管使用的資本增加了,但公司在過去12個月的銷售並沒有太大的變化。從這些投資中,公司開始看到收益的變化可能需要一些時間。
Our Take On MillerKnoll's ROCE
我們對MillerKnoll的ROCE看法
Bringing it all together, while we're somewhat encouraged by MillerKnoll's reinvestment in its own business, we're aware that returns are shrinking. Since the stock has declined 35% over the last five years, investors may not be too optimistic on this trend improving either. 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.
綜上所述,儘管我們對於MillerKnoll在自身業務上的再投資感到一些鼓舞,但我們意識到回報在縮水。由於過去五年股票下跌了35%,投資者可能對這個趨勢改善並不太樂觀。總的來說,固有的趨勢並不典型於多次翻倍股票,所以如果這是你追求的,我們認爲你可能在其他地方更有機會。
MillerKnoll does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those is a bit concerning...
不過,MillerKnoll確實存在一些風險,我們在投資分析中發現了三個警示信號,其中一個信號有些令人擔憂...
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.
對於喜歡投資於穩健公司的投資者,可以查看這個免費的穩健資產負債表和高股本回報率公司的列表。
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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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