Returns On Capital At PriceSmart (NASDAQ:PSMT) Have Hit The Brakes
Returns On Capital At PriceSmart (NASDAQ:PSMT) Have Hit The Brakes
If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So, when we ran our eye over PriceSmart's (NASDAQ:PSMT) trend of ROCE, we liked what we saw.
如果你正在寻找一个多倍股,有一些事情要注意。一种常见的方法是尝试找到一家拥有充足的资本营运的公司。这表明它是一个复利机器,能够不断地将其收益再投入到业务中,从而产生更高的回报。考虑到这一点,我们注意到Hao Tian International Construction Investment Group (HKG:1341)出现了一些有前途的趋势,让我们再深入探究一下。什么是资本雇用回报率(ROCE)?ROCE是一个企业年度税前利润(其回报)与企业资本雇用之间的比率。在 Enphase Energy 的计算公式是:资本雇用回报率=利息和税前收益(EBIT)÷(资产总额-流动负债)。所以,Enphase Energy 的资本雇用回报率为9.9%。单独来看,这是一个较低的资本回报率,但它与行业平均回报率相当。以上你可以看到,Enphase Energy 的当前资本雇用回报率与之前的回报率相比如何,但从过去只能知道这么多。如果你想看看分析师对未来的预测,你应该查看我们免费提供的 Enphase Energy 分析师报告。ROCE 趋势可以告诉我们什么?比起 Enphase Energy,有更好的资本回报率选择。在过去的五年中,该公司增加了 1,306% 的资本,而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服,而且随着资本的增加,很明显企业并没有将资金投入到高回报的投资中。基本上,这意味着公司拥有可继续投资的盈利项目,这是复合机器的特征。因此,当我们观察PriceSmart (NASDAQ: PSMT)的ROCE趋势时,我们喜欢我们看到的。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for PriceSmart, this is the formula:
如果您以前没有使用ROCE,请了解它衡量公司从其业务中使用的资本中产生的“回报”(税前利润)的程度。要为PriceSmart计算此指标,使用以下公式:
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。
0.16 = US$211m ÷ (US$2.0b - US$709m) (Based on the trailing twelve months to February 2024).
0.16 = 2.11亿美元 ÷ (20亿美元 - 7.09亿美元)(截至2024年2月的过去12个月).
So, PriceSmart has an ROCE of 16%. In absolute terms, that's a satisfactory return, but compared to the Consumer Retailing industry average of 10% it's much better.
PriceSmart的ROCE为16%。从绝对值上看,这是一种令人满意的回报,但与消费零售行业平均水平10%相比,它要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240606/0-7ec587d9a4d2cc783443b9912c439f26-0-3ceb85c093b6583bdc5a69d0bd7fce14.png/big)
In the above chart we have measured PriceSmart's 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 PriceSmart .
在上图中,我们测量了PriceSmart以前的ROCE与其以前的表现,但未来可能更为重要。如果您有兴趣,您可以查看我们针对PriceSmart的免费分析师报告中的分析师预测。
What Does the ROCE Trend For PriceSmart Tell Us?
PriceSmart的ROCE趋势告诉我们什么?
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has consistently earned 16% for the last five years, and the capital employed within the business has risen 53% in that time. Since 16% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
ROCE的趋势并没有引人注目,但总体回报是不错的。公司在过去的五年中一直赚取16%,业务中的资本雇用在这段时间内增长了53%。因为16%是一个适度的ROCE,所以很高兴看到业务可以以这些相当的回报率继续进行再投资。在长时间内,这样的回报可能并不令人兴奋,但是通过一致性,它们可以在股票回报方面得到支付。
What We Can Learn From PriceSmart's ROCE
我们可以从PriceSmart的ROCE中学到什么?
To sum it up, PriceSmart has simply been reinvesting capital steadily, at those decent rates of return. And the stock has followed suit returning a meaningful 74% to shareholders over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
简而言之,PriceSmart一直稳健地再投资,以这些相当的回报率。股票也随之返回了有意义的74%,回报给股东在过去的五年中。因此,尽管投资者似乎已经认识到这些有前途的趋势,我们仍然认为这支股票值得进一步研究。
Like most companies, PriceSmart 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,PriceSmart也存在一些风险,我们发现了1个警告标志,您应该了解一下。
While PriceSmart 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.
虽然PriceSmart目前可能没有最高的回报,但我们已经编制了一份目前获得25%以上净资产收益率的公司列表。在这里查看免费列表。
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