Enfusion (NYSE:ENFN) Is Reinvesting At Lower Rates Of Return
Enfusion (NYSE:ENFN) Is Reinvesting At Lower Rates Of Return
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. 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 Enfusion (NYSE:ENFN) and its ROCE trend, we weren't exactly thrilled.
要找到一只多袋股票,我们应该在企业中寻找哪些潜在趋势?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本,理想情况下,从这些资本中获得的回报也在增加。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。有鉴于此,当我们研究Enfusion(纽约证券交易所代码:ENFN)及其投资回报率趋势时,我们并不十分兴奋。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. Analysts use this formula to calculate it for Enfusion:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。分析师使用这个公式来计算 Enfusion 的值:
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)
0.13 = US$11m ÷ (US$102m - US$16m) (Based on the trailing twelve months to September 2023).
0.13 = 1100 万美元 ÷(1.02 亿美元-1600 万美元) (基于截至2023年9月的过去十二个月)。
Therefore, Enfusion has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Software industry average of 7.7% it's much better.
因此,Enfusion 的投资回报率为 13%。从绝对值来看,这是一个令人满意的回报,但与软件行业的平均水平7.7%相比,回报要好得多。
See our latest analysis for Enfusion
查看我们对 Enfusion 的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240104/0-8ad936fc0ee474de4d36b28a805348cf-0-433c5b73723e03201269e5ed231db3ee.png/big)
Above you can see how the current ROCE for Enfusion 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 Enfusion here for free.
上面你可以看到Enfusion当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你愿意,可以在这里免费查看报道Enfusion的分析师的预测。
What Does the ROCE Trend For Enfusion Tell Us?
输液的投资回报率趋势告诉我们什么?
Unfortunately, the trend isn't great with ROCE falling from 32% three years ago, while capital employed has grown 240%. That being said, Enfusion raised some capital prior to their latest results being released, so that could partly explain the increase in capital employed. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Enfusion's earnings and if they change as a result from the capital raise.
不幸的是,这种趋势并不乐观,投资回报率从三年前的32%下降了,而利用的资本增长了240%。话虽如此,Enfusion在公布最新业绩之前筹集了一些资金,因此这可以部分解释动用资本的增加。筹集的资金可能尚未投入使用,因此值得关注的是,Enfusion的收益将来会发生什么,以及这些收益是否会因筹集资金而发生变化。
On a related note, Enfusion has decreased its current liabilities to 16% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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,Enfusion已将其流动负债减少至总资产的16%。因此,我们可以将其中一些与投资回报率的下降联系起来。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。由于该企业基本上是用自己的资金为其运营提供更多资金,因此您可能会争辩说,这降低了企业产生投资回报率的效率。
In Conclusion...
总之...
While returns have fallen for Enfusion in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These growth trends haven't led to growth returns though, since the stock has fallen 17% over the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管近来Enfusion的回报率有所下降,但令我们感到鼓舞的是,销售额正在增长,业务正在对其运营进行再投资。但是,这些增长趋势并未带来增长回报,因为该股去年下跌了17%。因此,鉴于趋势令人鼓舞,我们认为值得进一步研究该股。
One more thing to note, we've identified 2 warning signs with Enfusion and understanding these should be part of your investment process.
还有一件事需要注意,我们已经确定了Enfusion的两个警告信号,并了解这些信号应该是您投资过程的一部分。
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.
对于那些喜欢投资稳健公司的人,可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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