Are Spark Energy, Inc.’s (NASDAQ:SPKE) High Returns Really That Great?
Are Spark Energy, Inc.’s (NASDAQ:SPKE) High Returns Really That Great?
Today we'll evaluate Spark Energy, Inc. (NASDAQ:SPKE) to determine whether it could have potential as an investment idea. In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business.
Firstly, we'll go over how we calculate ROCE. Second, we'll look at its ROCE compared to similar companies. And finally, we'll look at how its current liabilities are impacting its ROCE.
首先，我们将回顾一下如何计算ROCE。其次，我们会将其与类似公司的净资产收益率进行比较。最后，我们将看看它目前的负债是如何影响其净资产收益率的。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business. In general, businesses with a higher ROCE are usually better quality. Overall, it is a valuable metric that has its flaws. Renowned investment researcher Michael Mauboussinhas suggestedthat a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'.
ROCE衡量的是一家公司可以从其业务所使用的资本中产生的税前利润。一般来说，ROCE较高的企业通常质量较好。总体而言，这是一个有价值的指标，但也有缺陷。著名投资研究员迈克尔·莫布森认为，较高的净资产收益率意味着“投资于公司的一美元所产生的价值超过一美元”。
So, How Do We Calculate ROCE?
那么，我们如何计算净资产收益率呢？
The formula for calculating the return on capital employed is:
已动用资本回报率的计算公式为：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) รท (Total Assets - Current Liabilities)
资本回报率=息税前收益(รท)(总资产-流动负债)
Or for Spark Energy:
或者是星火能源：
0.12 = US$30m รท (US$390m - US$138m) (Based on the trailing twelve months to March 2020.)
0.12=3000万美元รท(3.9亿-1.38亿美元)(基于截至2020年3月的12个月的往绩。)
So, Spark Energy has an ROCE of 12%.
所以,星火能源的净资产收益率为12%。
See our latest analysis for Spark Energy
查看我们对星火能源的最新分析
Is Spark Energy's ROCE Good?
星火能源的ROCE好吗？
One way to assess ROCE is to compare similar companies. In our analysis, Spark Energy's ROCE is meaningfully higher than the 4.7% average in the Electric Utilities industry. We consider this a positive sign, because it suggests it uses capital more efficiently than similar companies. Separate from Spark Energy's performance relative to its industry, its ROCE in absolute terms looks satisfactory, and it may be worth researching in more depth.
评估ROCE的一种方法是比较类似的公司。在我们的分析中，星火能源的净资产收益率显著高于电力公用事业行业4.7%的平均水平。我们认为这是一个积极的迹象，因为它表明它比类似的公司更有效地使用资本。从星火能源相对于其行业的表现来看，其ROCE的绝对值看起来令人满意，可能值得更深入地研究。
Spark Energy's current ROCE of 12% is lower than 3 years ago, when the company reported a 35% ROCE. Therefore we wonder if the company is facing new headwinds. The image below shows how Spark Energy's ROCE compares to its industry, and you can click it to see more detail on its past growth.
星火能源目前12%的净资产收益率低于3年前，当时该公司报告净资产收益率为35%。因此，我们想知道该公司是否面临新的逆风。下面的图片显示了星火能源的ROCE与其行业的比较，你可以点击它来查看其过去增长的更多细节。
When considering this metric, keep in mind that it is backwards looking, and not necessarily predictive. ROCE can be misleading for companies in cyclical industries, with returns looking impressive during the boom times, but very weak during the busts. ROCE is only a point-in-time measure. Since the future is so important for investors, you should check out our free report on analyst forecasts for Spark Energy.
在考虑这个指标时，请记住，它是向后看的，不一定是预测性的。ROCE对周期性行业的公司可能具有误导性，在繁荣时期回报率看起来很可观，但在低迷时期非常疲软。ROCE只是一个时间点指标。由于未来对投资者来说是如此重要，您应该查看我们的免费星火能源分析师预测报告。
How Spark Energy's Current Liabilities Impact Its ROCE
星火能源的流动负债如何影响其净资产收益率
Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months. Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. To counteract this, we check if a company has high current liabilities, relative to its total assets.
负债，如供应商账单和银行透支，如果需要在12个月内偿还，则称为流动负债。由于ROCE等式的运作方式，短期内到期的大额票据可能会让一家公司看起来使用的资本较少，因此ROCE比平时高。为了抵消这一点，我们检查一家公司是否有相对于其总资产的高流动负债。
Spark Energy has total assets of US$390m and current liabilities of US$138m. Therefore its current liabilities are equivalent to approximately 35% of its total assets. Spark Energy has a medium level of current liabilities, which would boost the ROCE.
星火能源的总资产为3.9亿美元，流动负债为1.38亿美元。因此，其流动负债约相当于其总资产的35%。星火能源拥有中等水平的流动负债，这将提振ROCE。
What We Can Learn From Spark Energy's ROCE
我们可以从星火能源的ROCE中学到什么
Spark Energy's ROCE does look good, but the level of current liabilities also contribute to that. Spark Energy looks strong on this analysis, but there are plenty of other companies that could be a good opportunity . Here is a free list of companies growing earnings rapidly.
星火能源的ROCE看起来确实不错，但流动负债水平也是原因之一。根据这一分析，星火能源看起来很强劲，但还有很多其他公司可能是一个好机会。这是一个免费列表收益快速增长的公司。
Spark Energy is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
星火能源并不是业内人士唯一买入的股票。对于那些想要找到赢得投资这免费最近有内幕收购的不断增长的公司名单可能就是合适的选择。
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