Returns On Capital At TJX Companies (NYSE:TJX) Paint An Interesting Picture
Returns On Capital At TJX Companies (NYSE:TJX) Paint An Interesting Picture
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company withreturnson capital employed (ROCE) that are increasing, in conjunction with a growingamountof capital employed. 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 TJX Companies (NYSE:TJX) and its ROCE trend, we weren't exactly thrilled.
要找到一隻多袋股票，我們應該在一家企業中尋找什麼潛在趨勢？一種常見的方法是嘗試找到一家資本回報率(ROCE)在增加的公司，同時也在增加資本使用量。如果你看到這一點，這通常意味着它是一家擁有出色商業模式和大量有利可圖的再投資機會的公司。有鑑於此，當我們看到 TJX公司 (紐約證券交易所股票代碼：TJX)和它的ROCE趨勢，我們並不是很興奮。
Understanding Return On Capital Employed (ROCE)
理解資本回報率(ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for TJX Companies, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量的是一家公司可以從其業務中使用的資本產生的税前利潤。要為TJX公司計算此指標，請使用以下公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) รท (Total Assets - Current Liabilities)
資本回報率=息税前收益รท(總資產-流動負債)
0.058 = US$1.1b รท (US$27b - US$7.6b)(Based on the trailing twelve months to August 2020).
0.058=11億美元รท(270億-76億美元)(基於截至2020年8月的12個月)。
Therefore, TJX Companies has an ROCE of 5.8%. In absolute terms, that's a low return and it also under-performs the Specialty Retail industry average of 9.6%.
所以呢，TJX公司的淨資產收益率為5.8%。按絕對值計算，這是一個較低的回報率，也低於專業零售業9.6%的平均水平。
View our latest analysis for TJX Companies
查看我們對TJX公司的最新分析
Above you can see how the current ROCE for TJX Companies 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 TJX Companiesherefor free.
在上面，你可以看到TJX公司目前的淨資產收益率(ROCE)與之前的資本回報率相比如何，但你只能從過去知道這麼多。如果您願意，您可以查看TJX公司的分析師對此的預測免費的。
So How Is TJX Companies' ROCE Trending?
那麼，TJX公司的ROCE趨勢如何呢？
On the surface, the trend of ROCE at TJX Companies doesn't inspire confidence. Around five years ago the returns on capital were 51%, but since then they've fallen to 5.8%. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
從表面上看，TJX公司的淨資產收益率(ROCE)趨勢並沒有激發信心。大約五年前，資本回報率為51%，但自那以來已降至5.8%。考慮到在僱傭更多資本的同時收入有所下降，我們會持謹慎態度。如果這種情況持續下去，你可能會看到這樣一家公司，它試圖進行再投資以實現增長，但由於銷售額沒有增長，實際上正在失去市場份額。
The Bottom Line On TJX Companies' ROCE
TJX公司ROCE的底線
In summary, we're somewhat concerned by TJX Companies' diminishing returns on increasing amounts of capital. However the stock has delivered a 67% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel to comfortable with the fundamentals so we'd be steering clear of this stock for now.
總而言之，我們對TJX公司增資帶來的回報遞減感到有點擔憂。然而，該股在過去五年裏為股東帶來了67%的回報率，因此投資者可能預計趨勢會好轉。無論如何，我們對基本面感到不舒服，所以我們現在會避開這隻股票。
One more thing to note, we've identified 3 warning signs with TJX Companiesand understanding these should be part of your investment process.
還有一件事需要注意，我們已經確認3個警告標誌與TJX公司合作，瞭解這些應該是您投資過程的一部分。
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.
對於那些喜歡投資於穩固的公司，看看這個免費資產負債表穩健、股本回報率高的公司名單。
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. 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.
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。我們的目標是為您帶來由基本面數據驅動的長期重點分析。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。簡單地説，華爾街在提到的任何股票中都沒有頭寸。
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譯文內容由第三人軟體翻譯。