The Returns On Capital At Packaging Corporation of America (NYSE:PKG) Don't Inspire Confidence
The Returns On Capital At Packaging Corporation of America (NYSE:PKG) Don't Inspire Confidence
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. 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 Packaging Corporation of America (NYSE:PKG) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
寻找一支多倍股,我们应该在业务中找到哪些潜在趋势?首先,我们需要确定其资本利用率逐年增长,这证明该企业正在以逐渐增加的投资回报率重新投资利润。考虑到这一点,Cimpress (NASDAQ:CMPR)的ROCE看起来非常不错,因此让我们看一下这种趋势能告诉我们什么。资产回报率:它是什么?资本雇用回报率 (ROCE) 是一种早期趋势,可以用来识别有可能在长期内翻倍增值的股票,然后在此基础上,要寻找一个不断增长的业务板块和行业板块。这告诉我们这是一台复利机器,能够不断地将其收益再投入业务,从而产生更高的回报。因此,在这点上,Materialise (纳斯达克:MTLS) 看起来相当有前途,因为它在资本回报方面的趋势相当不错。资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)如果你看到这条消息,通常意味着它是一个具有良好商业模式和大量盈利的再投资机会的公司。话虽如此,从 Packaging Corporation of America(NYSE:PKG)的第一眼看起来,我们并没有看到他们的收益率有多好,但我们再深入研究一下。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. Analysts use this formula to calculate it for Packaging Corporation of America:
ROCE是一个公司每年税前利润(其回报),相对于企业所用资本的度量。分析师使用这个公式来计算 Packaging Corporation of America 的 ROCE:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.14 = US$1.1b ÷ (US$8.9b - US$1.4b) (Based on the trailing twelve months to March 2024).
0.14=美元1.1亿÷(美元89亿-美元14亿)在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
So, Packaging Corporation of America has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 11% generated by the Packaging industry.
因此,Packaging Corporation of America 的ROCE为14%。单独来看,这是一个标准回报,但它比包装行业产生的11%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240606/0-d950001bcb57efdae6d9521b7da640ed-0-69d6b576bcf4ed38ff4524996c363c0b.png/big)
Above you can see how the current ROCE for Packaging Corporation of America 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 Packaging Corporation of America .
上面你可以看到 Packaging Corporation of America 现在的 ROCE 如何与其过去的资本回报率相比,但是你只能从过去了解到有限的信息。如果你感兴趣,可以查看我们免费的分析报告,了解分析师的预测。
The Trend Of ROCE
当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。
On the surface, the trend of ROCE at Packaging Corporation of America doesn't inspire confidence. Around five years ago the returns on capital were 19%, but since then they've fallen to 14%. 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.
表面上看,Packaging Corporation of America ROCE 的趋势并没有激发信心。五年前,资本回报率是19%,但此后已下降至14%。与此同时,这个企业正使用更多的资本,但在过去的12个月中,这并没有在销售方面起到太大作用,所以这可能反映了更长期的投资。从这里起,看一眼公司的收益情况是否会对底线做出贡献是值得的。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
To conclude, we've found that Packaging Corporation of America is reinvesting in the business, but returns have been falling. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 124% gain to shareholders who have held 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.
总之,我们发现 Packaging Corporation of America 正在为企业再投资,但是收益率正在下降。投资者必须认为有更好的事情即将发生,因为这支股票已经让股东们大赚124%,并保持了过去五年的增长势头。但是,如果这些潜在趋势的轨迹继续,我们认为从这里成为多倍增长的可能性不高。
One more thing, we've spotted 2 warning signs facing Packaging Corporation of America that you might find interesting.
还有一件事,我们已经发现 Packaging Corporation of America 面临两个警告迹象,你可能会感到有趣。
While Packaging Corporation of America isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然 Packaging Corporation of America 没有获得最高回报,但请查看此免费公司列表,了解利润高且财务状况稳固的公司。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。