Returns On Capital Signal Tricky Times Ahead For VATS Liquor Chain Store Management (SZSE:300755)
Returns On Capital Signal Tricky Times Ahead For VATS Liquor Chain Store Management (SZSE:300755)
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. 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 VATS Liquor Chain Store Management (SZSE:300755) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
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。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,在简要研究了这些数字之后,我们认为VATS酒类连锁店管理(深圳证券交易所代码:300755)在未来不具备多口袋商的实力,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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on VATS Liquor Chain Store Management is:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。在VATS酒类连锁店管理中进行此计算的公式为:
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)
0.068 = CN¥267m ÷ (CN¥7.4b - CN¥3.5b) (Based on the trailing twelve months to March 2024).
0.068 = 2.67亿元人民币 ÷(74亿元人民币-35亿元人民币) (基于截至2024年3月的过去十二个月)。
Therefore, VATS Liquor Chain Store Management has an ROCE of 6.8%. In absolute terms, that's a low return but it's around the Consumer Retailing industry average of 6.5%.
因此,VATS酒类连锁店管理的投资回报率为6.8%。从绝对值来看,回报率很低,但约为消费零售行业的平均水平6.5%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240427/0-f0da56f22a465c7f6779bdf858e6123e-0-a34d2ab604391c0ea4af2e8b0db43721.png/big)
Above you can see how the current ROCE for VATS Liquor Chain Store Management compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for VATS Liquor Chain Store Management .
上面你可以看到VATS酒类连锁店管理公司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。如果您有兴趣,可以在我们为VATS酒类连锁店管理提供的免费分析师报告中查看分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
When we looked at the ROCE trend at VATS Liquor Chain Store Management, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 6.8% from 14% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
当我们研究VATS酒类连锁店管理公司的ROCE趋势时,我们并没有获得太大的信心。在过去五年中,资本回报率从五年前的14%下降到6.8%。但是,鉴于已动用资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。
On a side note, VATS Liquor Chain Store Management's current liabilities have increased over the last five years to 47% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
顺便说一句,VATS酒类连锁店管理公司的流动负债在过去五年中增加到总资产的47%,这在某种程度上实际上扭曲了投资回报率。如果流动负债没有像以前那样增加,投资回报率实际上可能会更低。这意味着,实际上,相当一部分业务是由公司的供应商或短期债权人等机构提供资金的,这本身可能会带来一些风险。
The Key Takeaway
关键要点
While returns have fallen for VATS Liquor Chain Store Management in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And there could be an opportunity here if other metrics look good too, because the stock has declined 13% in the last five years. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
尽管近来VATS酒类连锁门店管理的回报率有所下降,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。如果其他指标也看起来不错,那么这里可能会有机会,因为该股在过去五年中下跌了13%。因此,我们建议进一步研究这只股票,以发现该业务的其他基本面可以向我们展示什么。
One more thing, we've spotted 1 warning sign facing VATS Liquor Chain Store Management that you might find interesting.
还有一件事,我们发现了VATS酒类连锁店管理层面临的一个警告标志,你可能会觉得有趣。
While VATS Liquor Chain Store Management 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VATS酒类连锁店管理公司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。