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Is Ceragon Networks Ltd.’s (NASDAQ:CRNT) 8.1% Return On Capital Employed Good News?

Is Ceragon Networks Ltd.’s (NASDAQ:CRNT) 8.1% Return On Capital Employed Good News?

Ceragon Networks Ltd.(納斯達克股票代碼:CRNT)8.1%的資本回報率是好消息嗎?
Simply Wall St. ·  2020/01/23 10:41

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Today we'll evaluate Ceragon Networks Ltd. (NASDAQ:CRNT) to determine whether it could have potential as an investment idea. To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business.

今天我們將評估Ceragon網絡有限公司(納斯達克:crnt)至確定它作為一種投資理念是否具有潛力。準確地説,我們將考慮它的資本回報率(ROCE),因為這將為我們提供對業務質量的看法。

First of all, we'll work out how to calculate ROCE. Second, we'll look at its ROCE compared to similar companies. Finally, we'll look at how its current liabilities affect its ROCE.

首先,我們將解決如何計算ROCE的問題。其次,我們會將其與類似公司的淨資產收益率(ROCE)進行比較。最後,我們來看看它目前的負債對它的淨資產收益率(ROCE)有何影響。

What is Return On Capital Employed (ROCE)?

什麼是資本回報率(ROCE)?

ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Generally speaking a higher ROCE is better. Ultimately, it is a useful but imperfect metric. 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'.

淨資產收益率(ROCE)是評估一家公司投資於其業務的資本獲得多少税前收入(按百分比計算)的指標。一般來説,ROCE越高越好。歸根結底,這是一個有用但不完美的指標。著名投資研究員Michael Mauboussin曾提出,高淨資產收益率(ROCE)可以表明“在公司投資一美元會產生超過一美元的價值”。

So, How Do We Calculate ROCE?

那麼,我們如何計算ROCE呢?

The formula for calculating the return on capital employed is:

已動用資本回報率的計算公式為:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

資本回報率=息税前收益(EBIT)?(總資產-流動負債)

Or for Ceragon Networks:

或者對於Ceragon Networks:

0.081 = US$16m ÷ (US$302m - US$110m) (Based on the trailing twelve months to September 2019.)

0.081=1600萬美元(3.02億-1.1億美元)(基於截至2019年9月的12個月的往績。)

Therefore, Ceragon Networks has an ROCE of 8.1%.

所以呢,Ceragon Networks的淨資產收益率為8.1%。

See our latest analysis for Ceragon Networks

查看我們對Ceragon Networks的最新分析

Is Ceragon Networks's ROCE Good?

Ceragon Networks的ROCE好嗎?

When making comparisons between similar businesses, investors may find ROCE useful. Using our data, Ceragon Networks's ROCE appears to be around the 7.0% average of the Communications industry. Aside from the industry comparison, Ceragon Networks's ROCE is mediocre in absolute terms, considering the risk of investing in stocks versus the safety of a bank account. It is possible that there are more rewarding investments out there.

在比較類似業務時,投資者可能會發現ROCE很有用。根據我們的數據,Ceragon Networks的淨資產收益率(ROCE)似乎約為通信行業平均水平的7.0%。撇開行業比較不談,考慮到投資股票的風險與銀行賬户的安全性,Ceragon Networks的淨資產收益率(ROCE)絕對值一般。有可能會有更多回報豐厚的投資。

We can see that, Ceragon Networks currently has an ROCE of 8.1%, less than the 12% it reported 3 years ago. This makes us wonder if the business is facing new challenges. The image below shows how Ceragon Networks's ROCE compares to its industry, and you can click it to see more detail on its past growth.

我們可以看到,Ceragon Networks目前的ROCE為8.1%,低於3年前報告的12%。這讓我們懷疑該業務是否面臨新的挑戰。下圖顯示了Ceragon Networks的ROCE與其所在行業的對比情況,您可以單擊它查看有關其過去增長的更多詳細信息。

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When considering this metric, keep in mind that it is backwards looking, and not necessarily predictive. ROCE can be deceptive for cyclical businesses, as returns can look incredible in boom times, and terribly low in downturns. ROCE is, after all, simply a snap shot of a single year. Since the future is so important for investors, you should check out our free report on analyst forecasts for Ceragon Networks.

在考慮此指標時,請記住,它是向後看的,不一定是預測性的。ROCE對於週期性企業來説可能具有欺騙性,因為在繁榮時期,回報率可能看起來令人難以置信,而在低迷時期,回報率可能會非常低。畢竟,roce只是一種捕捉只拍了一年的照片。既然未來對投資者如此重要,你應該檢查走出我們的免費Ceragon Networks分析師預測報告。

Ceragon Networks's Current Liabilities And Their Impact On Its ROCE

Ceragon Networks的流動負債及其對ROCE的影響

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 check the impact of this, we calculate if a company has high current liabilities relative to its total assets.

供應商賬單和銀行透支等負債如果需要在12個月內償還,則稱為流動負債。由於ROCE方程的工作方式,短期內到期的大額賬單會讓一家公司看起來使用的資本更少,因此ROCE比平時更高。為了檢查這一點的影響,我們計算了一家公司的流動負債相對於其總資產是否較高。

Ceragon Networks has total liabilities of US$110m and total assets of US$302m. As a result, its current liabilities are equal to approximately 36% of its total assets. Ceragon Networks has a medium level of current liabilities, which would boost its ROCE somewhat.

Ceragon Networks的總負債為1.1億美元,總資產為3.02億美元。因此,它的流動負債大約相當於其總資產的36%。Ceragon Networks擁有中等水平的流動負債,這將在一定程度上提高其ROCE。

The Bottom Line On Ceragon Networks's ROCE

Ceragon Networks ROCE的底線

Despite this, its ROCE is still mediocre, and you may find more appealing investments elsewhere. But note: make sure you look for a great company, not just the first idea you come across. So take a peek at this free list of interesting companies with strong recent earnings growth (and a P/E ratio below 20).

儘管如此,它的ROCE仍然平平,你可能會在其他地方找到更有吸引力的投資。但請注意:確保你尋找的是一家偉大的公司,而不僅僅是你遇到的第一個想法。所以,讓我們來看一看這個。免費近期盈利增長強勁(市盈率低於20倍)的有趣公司名單。

If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.

如果你像我一樣,你會的想要懷念這一切嗎?免費內部人士正在收購的成長型公司名單。

If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

如果您發現需要更正的錯誤,請與編輯聯繫,電子郵件地址為edit-team@simplywallst.com。這篇由《華爾街日報》撰寫的文章本質上是籠統的。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。簡單地説,華爾街在上述股票中沒有頭寸。

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

我們的目標是為您帶來由基礎數據驅動的長期重點研究分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。感謝您的閲讀。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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