Investors Could Be Concerned With Mango Excellent Media's (SZSE:300413) Returns On Capital
Investors Could Be Concerned With Mango Excellent Media's (SZSE:300413) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Mango Excellent Media (SZSE:300413) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。在一个完美的世界中,我们希望看到一家公司向其业务投入更多资金,理想情况下,从这些资本中获得的回报也会增加。这向我们表明,它是一台复合机器,能够不断将其收益再投资回业务并产生更高的回报。但是,在简要查看了数字之后,我们不认为 芒果优秀媒体 (SZSE: 300413) 具有未来多袋机的特质,但让我们来看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. The formula for this calculation on Mango Excellent Media is:
对于那些不确定ROCE是什么的人来说,它衡量的是公司从业务中使用的资本中可以产生的税前利润额。Mango Excellent Media 的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
使用资本回报率 = 利息和税前收益 (EBIT) ÷(总资产-流动负债)
0.073 = CN¥1.5b ÷ (CN¥30b - CN¥9.7b) (Based on the trailing twelve months to September 2023).
0.073 = CN¥1.5b ≤(CN¥30b-CN¥9.7b) (基于截至2023年9月的过去十二个月)。
So, Mango Excellent Media has an ROCE of 7.3%. In absolute terms, that's a low return, but it's much better than the Entertainment industry average of 3.8%.
所以, 芒果卓越媒体的投资回报率为7.3%。 从绝对值来看,这是一个很低的回报,但比娱乐业3.8%的平均水平要好得多。
Check out our latest analysis for Mango Excellent Media
查看我们对芒果卓越媒体的最新分析
In the above chart we have measured Mango Excellent Media's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Mango Excellent Media.
在上面的图表中,我们对Mango Excellent Media之前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该看看我们的 免费的 为芒果卓越媒体报道。
So How Is Mango Excellent Media's ROCE Trending?
那么,芒果卓越媒体的ROCE趋势如何?
On the surface, the trend of ROCE at Mango Excellent Media doesn't inspire confidence. Around five years ago the returns on capital were 19%, but since then they've fallen to 7.3%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
从表面上看,Mango Excellent Media的ROCE趋势并不能激发信心。大约五年前,资本回报率为19%,但此后已降至7.3%。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有给销售带来太大影响,因此这可能反映了长期投资。值得关注该公司的收益,看看这些投资最终能否为利润做出贡献。
On a related note, Mango Excellent Media has decreased its current liabilities to 32% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
与此相关的是,Mango Excellent Media已将其流动负债减少至总资产的32%。因此,我们可以将其中一些与投资回报率的下降联系起来。实际上,这意味着他们的供应商或短期债权人为企业提供的资金减少了,这降低了某些风险。由于该企业基本上是用自己的资金为更多的业务提供资金,你可能会争辩说,这降低了企业创造投资回报的效率。
In Conclusion...
总之...
Bringing it all together, while we're somewhat encouraged by Mango Excellent Media's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 29% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
综上所述,尽管Mango Excellent Media对自身业务的再投资令我们有些鼓舞,但我们意识到回报正在萎缩。投资者可能已经意识到这些趋势,因为该股在过去五年中仅为股东带来了29%的回报。因此,如果你正在寻找一款多功能装袋机,我们建议你考虑其他选择。
Mango Excellent Media could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.
Mango Excellent Media 可能在其他方面以诱人的价格进行交易,因此您可能会发现我们的 免费内在价值估计 在我们的平台上非常有价值。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收入丰厚的稳健公司,可以看看这个 免费的 资产负债表良好、股本回报率可观的公司名单。
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