Shaanxi Provincial Natural GasLtd's (SZSE:002267) Returns Have Hit A Wall
Shaanxi Provincial Natural GasLtd's (SZSE:002267) Returns Have Hit A Wall
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Shaanxi Provincial Natural GasLtd (SZSE:002267), it didn't seem to tick all of these boxes.
如果我们想要找到一个潜在的多管齐下的人,往往有潜在的趋势可以提供线索。在其他方面,我们希望看到两件事;第一,不断增长的退货一是关于已用资本(ROCE),二是公司的金额已动用资本的比例。简而言之,这些类型的企业是复利机器,这意味着它们不断地以越来越高的回报率对收益进行再投资。虽然,当我们看到陕西省天然气有限责任公司(SZSE:002267),它似乎没有勾选所有这些框。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Shaanxi Provincial Natural GasLtd is:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。陕西省天然气有限责任公司的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.085 = CN¥703m ÷ (CN¥13b - CN¥4.8b) (Based on the trailing twelve months to March 2023).
0.085=7.03亿元?(13亿元-48亿元)(根据截至2023年3月的往绩12个月计算)。
Thus, Shaanxi Provincial Natural GasLtd has an ROCE of 8.5%. On its own that's a low return on capital but it's in line with the industry's average returns of 9.2%.
因此,陕西省天然气股份有限公司的净资产收益率为8.5%。就其本身而言,这是一个较低的资本回报率,但与该行业9.2%的平均回报率一致。
View our latest analysis for Shaanxi Provincial Natural GasLtd
查看我们对陕西省天然气有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230818/0-af74e26d93c4b32aadcc24ba453bb6fb-0-82bcdb2655dbec0f7ea2bc43b0bc6212.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Shaanxi Provincial Natural GasLtd, check out these free graphs here.
虽然过去并不代表未来,但了解一家公司历史上的表现是有帮助的,这就是为什么我们有上面的图表。如果你想深入研究陕西省天然气有限公司的历史收益、收入和现金流,请查看以下内容免费图表在这里。
The Trend Of ROCE
ROCE的发展趋势
Things have been pretty stable at Shaanxi Provincial Natural GasLtd, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So unless we see a substantial change at Shaanxi Provincial Natural GasLtd in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
陕西省天然气股份有限公司的情况相当稳定,过去五年,其资本投入和资本回报率保持不变。具有这些特征的企业往往是成熟和稳定的运营,因为它们已经过了成长期。因此,除非我们看到陕西省天然气股份有限公司在净资产收益率和额外投资方面发生实质性变化,否则我们不会对它是一家多袋子公司抱有太大希望。
The Bottom Line
底线
In summary, Shaanxi Provincial Natural GasLtd isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Unsurprisingly, the stock has only gained 28% over the last five years, which potentially indicates that investors are accounting for this going forward. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
总而言之,陕西省天然气股份有限公司并没有实现盈利复利,而是用同样数量的资本产生了稳定的回报。不出所料,该股在过去五年中仅上涨了28%,这可能表明未来投资者正在考虑这一点。因此,如果你正在寻找一个多袋子,潜在的趋势表明,你可能在其他地方有更好的机会。
One more thing, we've spotted 1 warning sign facing Shaanxi Provincial Natural GasLtd that you might find interesting.
还有一件事,我们发现了1个警告标志面对陕西省天然气有限公司,你可能会感兴趣。
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.
对于那些喜欢投资于稳固的公司,看看这个免费资产负债表稳健、股本回报率高的公司名单。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。