Luxfer Holdings (NYSE:LXFR) Could Be Struggling To Allocate Capital
Luxfer Holdings (NYSE:LXFR) Could Be Struggling To Allocate Capital
When researching a stock for investment, what can tell us that the company is in decline? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. This reveals that the company isn't compounding shareholder wealth because returns are falling and its net asset base is shrinking. In light of that, from a first glance at Luxfer Holdings (NYSE:LXFR), we've spotted some signs that it could be struggling, so let's investigate.
在研究用于投资的股票时,什么能告诉我们该公司正在衰退?通常,我们会看到下降 返回 论资本使用率(ROCE)和下降情况 金额 所用资本的比例。这表明该公司之所以没有增加股东财富,是因为回报率下降且净资产基础在萎缩。有鉴于此,乍一看Luxfer Holdings(纽约证券交易所代码:LXFR),我们发现了一些可能陷入困境的迹象,所以让我们来调查一下。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Luxfer Holdings is:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。Luxfer Holdings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)
0.051 = US$16m ÷ (US$372m - US$65m) (Based on the trailing twelve months to December 2023).
0.051 = 1600 万美元 ÷(3.72 亿美元-6,500 万美元) (基于截至2023年12月的过去十二个月)。
Thus, Luxfer Holdings has an ROCE of 5.1%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 12%.
因此,Luxfer Holdings的投资回报率为5.1%。从绝对值来看,这是一个低回报,其表现也低于机械行业12%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240301/0-41aca2467256096898554ffa0c1b4d30-0-4695d94842efc5380c181869984d7219.png/big)
In the above chart we have measured Luxfer Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Luxfer Holdings for free.
在上图中,我们将Luxfer Holdings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。如果你愿意,你可以免费查看报道Luxfer Holdings的分析师的预测。
What Does the ROCE Trend For Luxfer Holdings Tell Us?
Luxfer Holdings的投资回报率趋势告诉我们什么?
There is reason to be cautious about Luxfer Holdings, given the returns are trending downwards. To be more specific, the ROCE was 19% five years ago, but since then it has dropped noticeably. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Luxfer Holdings to turn into a multi-bagger.
鉴于回报率呈下降趋势,有理由对Luxfer Holdings持谨慎态度。更具体地说,五年前的投资回报率为19%,但此后已明显下降。在资本使用方面,该企业使用的资本量与当时大致相同。由于回报率下降且该企业的资产数量相同,这可能表明它是一家成熟的企业,在过去五年中没有太大的增长。如果这些趋势继续下去,我们预计Luxfer Holdings不会变成一家多袋公司。
Our Take On Luxfer Holdings' ROCE
我们对Luxfer Holdings投资回报率的看法
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 35% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
归根结底,相同数量的资本回报率下降的趋势通常并不表示我们正在考虑成长型股票。投资者对这些事态发展并不友善,因为该股已比五年前下跌了35%。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。
Luxfer Holdings does have some risks though, and we've spotted 1 warning sign for Luxfer Holdings that you might be interested in.
但是,Luxfer Holdings确实存在一些风险,我们已经发现了Luxfer Holdings的一个警告信号,你可能会对此感兴趣。
While Luxfer Holdings may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管Luxfer Holdings目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。