Here's What To Make Of Interpublic Group of Companies' (NYSE:IPG) Decelerating Rates Of Return
Here's What To Make Of Interpublic Group of Companies' (NYSE:IPG) Decelerating Rates Of Return
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Having said that, from a first glance at Interpublic Group of Companies (NYSE:IPG) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要确定一只可以长期成倍增长的股票，我们应该寻找哪些早期趋势？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。话虽如此，乍一看Interpublic Group of Companies（纽约证券交易所代码：IPG），我们并不是对回报趋势不屑一顾，但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（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 Interpublic Group of Companies is:
对于那些不确定ROCE是什么的人，它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。Interpublic Group of Companies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）
0.17 = US$1.5b ÷ (US$19b - US$10b) (Based on the trailing twelve months to December 2023).
0.17 = 15亿美元 ÷（190亿美元-100亿美元） （基于截至2023年12月的过去十二个月）。
So, Interpublic Group of Companies has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Media industry average of 8.4% it's much better.
因此，Interpublic Group of Companies的投资回报率为17％。从绝对值来看，这是一个令人满意的回报，但与媒体行业的平均水平8.4％相比，回报要好得多。
In the above chart we have measured Interpublic Group of Companies' 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 analyst report for Interpublic Group of Companies .
在上图中，我们将Interpublic Group of Companies之前的投资回报率与之前的表现进行了对比，但可以说，未来更为重要。如果您有兴趣，可以在我们的Interpublic Group of Companies免费分析师报告中查看分析师的预测。
What Does the ROCE Trend For Interpublic Group of Companies Tell Us?
Interpublic 集团公司的投资回报率趋势告诉我们什么？
Things have been pretty stable at Interpublic Group of Companies, with its capital employed and returns on that capital staying somewhat the same for the last five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So don't be surprised if Interpublic Group of Companies doesn't end up being a multi-bagger in a few years time. This probably explains why Interpublic Group of Companies is paying out 45% of its income to shareholders in the form of dividends. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
Interpublic Group of Companies的情况一直相当稳定，在过去五年中，其资本使用率和资本回报率基本保持不变。这告诉我们该公司没有对自己进行再投资，因此它已经过了增长阶段是合理的。因此，如果Interpublic Group of Companies在几年内没有成为一家多管齐下的公司，也不要感到惊讶。这也许可以解释为什么Interpublic Group of Companies以股息的形式将其收入的45％支付给股东。鉴于企业没有对自身进行再投资，向股东分配部分收益是有意义的。
On a separate but related note, it's important to know that Interpublic Group of Companies has a current liabilities to total assets ratio of 54%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另一方面，重要的是要知道Interpublic Group of Companies的流动负债与总资产的比率为54％，我们认为这个比率相当高。这可能会带来一些风险，因为该公司的运营基本上在很大程度上依赖其供应商或其他类型的短期债权人。虽然这不一定是坏事，但如果这个比率较低，可能会有好处。
The Key Takeaway
关键要点
In a nutshell, Interpublic Group of Companies has been trudging along with the same returns from the same amount of capital over the last five years. Although the market must be expecting these trends to improve because the stock has gained 70% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
简而言之，在过去的五年中，Interpublic Group of Companies一直在努力从相同数量的资本中获得相同的回报。尽管市场必须预期这些趋势会有所改善，因为该股在过去五年中上涨了70％。但是，如果这些潜在趋势的发展轨迹继续下去，我们认为从现在起它成为多股势力的可能性并不高。
Like most companies, Interpublic Group of Companies does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样，Interpublic Group of Companies确实存在一些风险，我们发现了一个你应该注意的警告信号。
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.
如果你想寻找收益丰厚的稳健公司，可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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