Boston Beer Company's (NYSE:SAM) Returns On Capital Not Reflecting Well On The Business
Boston Beer Company's (NYSE:SAM) Returns On Capital Not Reflecting Well On The Business
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Boston Beer Company (NYSE:SAM), it didn't seem to tick all of these boxes.
如果你不确定下一个井喷股票的选股方向，那么有几个关键的趋势是需要关注的。其中，我们需要看到两个因素：首先，资本投入增长；其次，业务能够不断将收益再投入并获得更高的回报。因此，当我们简要了解中国科培教育集团（HKG:1890）的ROCE趋势时，我们非常满意所看到的。资产回报率：它是什么？如果您不确定ROCE是什么，它可以衡量公司能够从其业务所雇用的资本产生多少税前利润。为了计算V2X的这个指数，使用以下公式:0.054 = 1.24亿美元÷（31亿美元 - 8.53亿美元）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。这最终表明这是一个在以增加的回报率重新投资利润的公司。然而，当我们研究波斯顿啤酒公司（纽交所：SAM）时，它似乎没有完全符合这些条件。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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 Boston Beer Company is:
只是为了澄清，如果您不确定，ROCE是评估公司在其业务所投资的资本上获得多少税前收入（以百分比计算）的衡量标准。针对波斯顿啤酒公司的这个计算公式是：
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。
0.13 = US$151m ÷ (US$1.4b - US$211m) (Based on the trailing twelve months to March 2024).
因此，波斯顿啤酒公司的ROCE为13％。孤立地看，这是一个相当标准的回报，但与饮料行业平均17％相比，它并不是那么好。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。.
Thus, Boston Beer Company has an ROCE of 13%. In isolation, that's a pretty standard return but against the Beverage industry average of 17%, it's not as good.
在上面，您可以看到波斯顿啤酒公司当前ROCE与其过去资本回报率的比较，但从过去获得的信息有限。如果您有兴趣，您可以在我们免费的波斯顿啤酒公司分析师报告中查看分析师的预测。
Above you can see how the current ROCE for Boston Beer Company 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 Boston Beer Company .
虽然您可以看到波斯顿啤酒公司当前的ROCE与其以往的资本回报率相比如何，但过去能告诉我们的只有那么多。如果您有兴趣，您可以在我们免费的波斯顿啤酒公司分析师报告中查看分析师的预测。
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。
When we looked at the ROCE trend at Boston Beer Company, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 13% from 24% five years ago. 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 may take some time before the company starts to see any change in earnings from these investments.
当我们观察波士顿啤酒公司的ROCE趋势时，我们并没有获得太多信心。在过去的五年中，资本回报降至13％，而在五年前为24％。同时，企业正在利用更多的资本，但在过去的12个月内，这并没有对销售额有太大影响，因此这可能反映了更长期的投资。该公司可能需要一些时间才能从这些投资中看到任何盈利变化。
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。
In summary, Boston Beer Company is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 22% so the market doesn't look too hopeful on these trends strengthening any time soon. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
总之，波斯顿啤酒公司正在为了增长重新投资资金，但不幸的是，销售额似乎还没有太大提高。在过去的五年中，股票下跌了22％，因此市场并不看好这些趋势很快就会变得更加强劲。无论如何，这支股票都没有上面讨论过的多袋特征，因此如果您正在寻找这样的特征，我们认为您可以在其他地方更加幸运。
While Boston Beer Company doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for SAM on our platform.
虽然波斯顿啤酒公司在这方面并不太亮眼，但还是值得看看公司是否以有吸引力价格交易。您可以在我们平台上免费获取SAM内在价值的估值。
While Boston Beer Company isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然波斯顿啤酒公司没有获得最高回报，但是请查看这个免费的公司列表，这些公司具有健康的资产负债表，并获得了高回报率。
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