TE Connectivity's (NYSE:TEL) Returns Have Hit A Wall
TE Connectivity's (NYSE:TEL) Returns Have Hit A Wall
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at TE Connectivity (NYSE:TEL) and its ROCE trend, we weren't exactly thrilled.
如果我们想找到下一个倍增股,有一些关键趋势需要注意。首先,我们需要看到一个经过验证的资本使用率。如果你看到这一点,通常意味着这是一家具有出色业务模式和充足盈利再投资机会的公司。但是,简要查看了数据后,我们认为BWX Technologies(纽交所:BWXT)未来不具备成为倍增股的特点,但让我们看看为什么。资产回报率:它是什么?了解资本使用回报率(ROCE)如果你以前没有接触过ROCE,它衡量公司从资本使用中产生的“回报”(税前利润)。要为洪恩计算此指标,这是公式:资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)简单地说,这些类型的企业是复利机器,意味着它们不断以不断提高的回报率重新投资其收益。考虑到这一点,当我们看到泰科电子(纽交所:TEL)及其ROCE趋势时,我们并不是很兴奋。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for TE Connectivity, this is the formula:
对于那些不确定ROCE是什么的人,它衡量公司从其业务中使用的资本获得的税前利润金额。要为TE Connectivity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$2.8b ÷ (US$23b - US$5.2b) (Based on the trailing twelve months to March 2024).
0.16 = 28亿美元 ÷ (230亿美元-52亿美元)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, TE Connectivity has an ROCE of 16%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 11% it's much better.
因此,泰科电子的ROCE为16%。绝对来看,这是一个令人满意的回报率,但与电子行业平均水平的11%相比,它要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-a161596cd058d96f109a9e65d88b0e0f-0-4c8d43bcd3c787d099cd7892a6c12d3e.png/big)
In the above chart we have measured TE Connectivity's 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 TE Connectivity for free.
在上图中,我们衡量了泰科电子以前的ROCE与其以前的表现,但未来可能更为重要。如果您愿意,可以免费查看涵盖泰科电子的分析师的预测。
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。
Over the past five years, TE Connectivity's ROCE and capital employed have both remained mostly flat. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at TE Connectivity in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
在过去的五年中,泰科电子的ROCE和资本投入大多保持不变。 这告诉我们,该公司没有对自身进行再投资,因此很可能已经过了增长阶段。因此,除非我们在泰科电子看到ROCE和额外投资方面出现重大变化,否则我们对它成为多次购买者并不抱太大希望。
The Bottom Line On TE Connectivity's ROCE
关于泰科电子的ROCE,我们的底线是
In summary, TE Connectivity isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Since the stock has gained an impressive 70% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
总之,泰科电子没有复利其收益,但在相同的资本投入下产生稳定的回报。由于股票在过去五年中取得了令人印象深刻的70%的涨幅,投资者肯定认为还有更好的事情要发生。但是,除非这些基本趋势变得更加积极,否则我们不会抱太高的期望。
If you'd like to know about the risks facing TE Connectivity, we've discovered 1 warning sign that you should be aware of.
如果您想了解泰科电子面临的风险,我们已经发现了1个需要注意的警告信号。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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