Carter's (NYSE:CRI) Hasn't Managed To Accelerate Its Returns
Carter's (NYSE:CRI) Hasn't Managed To Accelerate Its Returns
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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating Carter's (NYSE:CRI), we don't think it's current trends fit the mold of a multi-bagger.
要找到一个成长性股票,我们应该在业务中寻找哪些潜在趋势呢?在完美世界中,我们希望看到公司投入更多资本到业务中,并且理想情况下,从资本中获得的回报也在不断提高。简而言之,这些类型的企业是复利机器,意味着它们不断地以越来越高的回报率再投资它们的收益。然而,在调查了卡特(NYSE:CRI)之后,我们认为它目前的趋势并不符合成长性股票的模式。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
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. The formula for this calculation on Carter's is:
对于那些不确定ROCE是什么的人,它衡量的是一家公司从其业务中所采用的资本投入所能产生的税前利润的数量。在卡特公司的计算公式中:
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。
0.17 = US$324m ÷ (US$2.3b - US$419m) (Based on the trailing twelve months to March 2024).
0.17 = 3.24亿美元 ÷ (23亿美元 - 4.19亿美元)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。.
Therefore, Carter's has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Luxury industry average of 12% it's much better.
因此,卡特的ROCE为17%。 从绝对意义上来说,这是一个令人满意的回报,但与奢侈品行业平均12%相比,它要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240628/0-439b91031b1a612b0bcc57649c2ba906-0-add8ab1123d66be669210c6764bc9542.png/big)
In the above chart we have measured Carter'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 Carter's for free.
在上图中,我们已经衡量了卡特的先前ROCE与其先前表现,但是未来可能更加重要。如果您愿意,您可以免费查看覆盖卡特的分析师的预测。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
Things have been pretty stable at Carter's, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Carter's to be a multi-bagger going forward. With fewer investment opportunities, it makes sense that Carter's has been paying out a decent 49% of its earnings to shareholders. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
卡特的资本投入和资本回报在过去的五年中保持着相对稳定的状态,并且这些公司的特征往往是成熟和稳定的运营,因为它们已经过去了增长阶段。考虑到这一点,除非未来再次投资,否则我们不会期望卡特继续成为成长股票。由于投资机会较少,卡特一直在向股东支付可观的49%的盈利。考虑到业务没有对自身进行再投资,将一部分收益分配给股东是有道理的。
The Bottom Line On Carter's' ROCE
卡特ROCE的结论
In summary, Carter's isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And in the last five years, the stock has given away 25% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
总之,卡特没有让其收益复利,但是在相同的资本雇用上产生了稳定的回报。在过去的五年中,该股已经跌了25%,所以市场对这些趋势很难抱有太大的希望。总之,这些固有的趋势不是多倍几倍者的典型趋势,所以如果您需要这样的股票,我们认为您可能会在其他地方找到更多的财富。
On a separate note, we've found 1 warning sign for Carter's you'll probably want to know about.
另外,我们发现了卡特的1个警告信号,您可能需要了解。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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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。
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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