Investors Will Want Mondelez International's (NASDAQ:MDLZ) Growth In ROCE To Persist
Investors Will Want Mondelez International's (NASDAQ:MDLZ) Growth In ROCE To Persist
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. With that in mind, we've noticed some promising trends at Mondelez International (NASDAQ:MDLZ) so let's look a bit deeper.
如果要寻找能够在长期内使其价值翻倍的股票，就应该遵循以下所有规则。一个常见的方法是尝试找到一家资本雄厚、可盈利重投资机会的公司。因此，在此背景下，我们注意到了Liveramp Holdings（纽交所：liveramp）的一些有前途的趋势。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。总之，这是一个在以递增的投资回报率重新投资利润的业务。因此，我们注意到亿滋的一些有希望的趋势（纳斯达克：MDLZ），让我们深入了解一下。
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 Mondelez International, this is the formula:
如果你还没有使用ROCE的话，这是一个衡量公司从其业务中利用的投资回报率的“回报率”（税前利润）的度量标准。要计算这个度量标准，亿滋的计算公式如下：
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$7.2b ÷ (US$78b - US$25b) (Based on the trailing twelve months to March 2024).
0.14 = 72亿美元 ÷ （780亿美元-250亿美元）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, Mondelez International has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Food industry average of 11% it's much better.
因此，亿滋的ROCE为14％。从绝对值来看，这是一个令人满意的回报率，但与11％的食品行业平均水平相比，要好得多。
Above you can see how the current ROCE for Mondelez International compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Mondelez International for free.
上面你可以看到亿滋当前ROCE与其先前资本回报率的比较情况，但过去只能说出这么多。如果您想，可以免费查看覆盖亿滋的分析师的预测。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
Mondelez International's ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 79% in that same time. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
亿滋的ROCE增长非常令人印象深刻。具体而言，虽然该公司在过去的五年中保持了相对稳定的资本投入，ROCE在同一时期增长了79％。基本上，该业务从相同数量的资本中产生了更高的回报，这证明了公司效率的提高。在这方面，情况看起来还不错，值得探究一下管理层关于未来增长计划的说法。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
To bring it all together, Mondelez International has done well to increase the returns it's generating from its capital employed. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 32% to shareholders. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
综上所述，亿滋已成功增加了其从资本投入中获得的回报。投资者可能对有利的基础趋势并不印象深刻，因为在过去的五年中，该股票对股东仅回报了32％。因此，如果估值和其他度量标准能够匹配的话，探索更多该股票的信息可能会发现一个好的机会。
One more thing to note, we've identified 1 warning sign with Mondelez International and understanding it should be part of your investment process.
还有一件事要注意，我们已经识别出亿滋的1个警告标志，并且理解它应该是您投资过程的一部分。
While Mondelez International isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然亿滋的回报不是最高的，但请查看这个免费的公司列表，这些公司拥有可靠的资产负债表和高回报的股权。
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