Capital Allocation Trends At Matthews International (NASDAQ:MATW) Aren't Ideal
Capital Allocation Trends At Matthews International (NASDAQ:MATW) Aren't Ideal
When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. Having said that, after a brief look, Matthews International (NASDAQ:MATW) we aren't filled with optimism, but let's investigate further.
谈到投资,有一些有用的财务指标可以在企业潜在陷入困境时警告我们。衰退中的企业通常有两个潜在趋势,第一,衰退退货论资本充足率(ROCE)与衰退基地已动用资本的比例。基本上,该公司的投资收益减少了,总资产也在减少。话虽如此,在简短地看了一眼之后,马修斯国际(纳斯达克:MATW)我们并不乐观,但让我们进一步调查。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE):它是什么?
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. Analysts use this formula to calculate it for Matthews International:
对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。分析师使用以下公式来计算马修斯国际的价格:
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)
0.031 = US$46m ÷ (US$1.9b - US$380m) (Based on the trailing twelve months to June 2023).
0.031美元=4600万美元(19亿美元-3.8亿美元)(根据截至2023年6月的往绩12个月计算)。
So, Matthews International has an ROCE of 3.1%. In absolute terms, that's a low return and it also under-performs the Commercial Services industry average of 8.5%.
所以,马修斯国际的净资产收益率为3.1%。按绝对值计算,这是一个较低的回报率,也低于8.5%的商业服务业平均水平。
Check out our latest analysis for Matthews International
查看我们对马修斯国际的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231011/0-0af0b68c3915bcf8d825a704f7ea51c8-0-1b59e0d968b6575922504c7d50f645b5.png/big)
In the above chart we have measured Matthews International's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面的图表中,我们比较了马修斯国际之前的净资产收益率与其之前的表现,但可以说,未来更重要。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
The Trend Of ROCE
ROCE的发展趋势
The trend of ROCE at Matthews International is showing some signs of weakness. Unfortunately, returns have declined substantially over the last five years to the 3.1% we see today. In addition to that, Matthews International is now employing 29% less capital than it was five years ago. When you see both ROCE and capital employed diminishing, it can often be a sign of a mature and shrinking business that might be in structural decline. Typically businesses that exhibit these characteristics aren't the ones that tend to multiply over the long term, because statistically speaking, they've already gone through the growth phase of their life cycle.
马修斯国际的ROCE趋势显示出一些疲软迹象。不幸的是,过去五年的回报率大幅下降,降至我们今天看到的3.1%。除此之外,马修斯国际现在雇佣的资本比五年前减少了29%。当你看到净资产收益率和已动用资本都在减少时,这通常可能是一个成熟和缩水的企业可能处于结构性衰退的迹象。通常情况下,表现出这些特征的企业并不是那些倾向于长期成倍增长的企业,因为从统计学上讲,它们已经经历了生命周期的增长阶段。
In Conclusion...
总之..。
To see Matthews International reducing the capital employed in the business in tandem with diminishing returns, is concerning. Despite the concerning underlying trends, the stock has actually gained 1.1% over the last five years, so it might be that the investors are expecting the trends to reverse. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
看到马修斯国际在削减企业资本的同时回报不断下降,这令人担忧。尽管存在令人担忧的潜在趋势,但该股在过去五年中实际上上涨了1.1%,因此投资者可能预计趋势会逆转。无论哪种方式,我们都不是当前趋势的狂热粉丝,因此我们认为你可能会在其他地方找到更好的投资。
If you want to know some of the risks facing Matthews International we've found 2 warning signs (1 is significant!) that you should be aware of before investing here.
如果你想知道马修斯国际公司面临的一些风险,我们发现2个警告标志(1很重要!)在这里投资之前你应该意识到这一点。
While Matthews International isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然马修斯国际并没有获得最高的回报,但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。