Investors Shouldn't Overlook The Favourable Returns On Capital At Ross Stores (NASDAQ:ROST)
Investors Shouldn't Overlook The Favourable Returns On Capital At Ross Stores (NASDAQ:ROST)
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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Ergo, when we looked at the ROCE trends at Ross Stores (NASDAQ:ROST), 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。简而言之,这些类型的企业是复合机器,意味着它们不断地将赚来的钱以越来越高的回报率再投资。因此,当我们看到罗斯百货(纳斯达克:ROST)的ROCE趋势时,我们很满意。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
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. Analysts use this formula to calculate it for Ross Stores:
仅作澄清,如果您不确定,ROCE是一种评估公司在其业务中投资的资本所赚取的税前收入的度量单位。分析师使用这个公式来为罗斯百货计算ROCE:
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。
0.25 = US$2.4b ÷ (US$14b - US$4.9b) (Based on the trailing twelve months to May 2024).
0.25 = 24亿美元 ÷ (140亿美元 - 49亿美元)(截至2024年5月的过去十二个月).
Thus, Ross Stores has an ROCE of 25%. That's a fantastic return and not only that, it outpaces the average of 12% earned by companies in a similar industry.
因此,罗斯百货的ROCE为25%。这是一个很棒的回报,不仅如此,它还超过了同行业公司平均12%的回报率。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240702/0-615ce44999cb469c1e993538598d04e7-0-9066ca20b2b18cc3fa89bbb6fb73d5b7.png/big)
Above you can see how the current ROCE for Ross Stores 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 Ross Stores for free.
上面你可以看到罗斯百货当前的ROCE与其之前的资本回报率相比如何,但从过去可以看到的有限。如果您愿意,您可以免费查看覆盖罗斯百货的分析师的预测。
So How Is Ross Stores' ROCE Trending?
那么罗斯百货的ROCE趋势如何?
Ross Stores deserves to be commended in regards to it's returns. The company has employed 49% more capital in the last five years, and the returns on that capital have remained stable at 25%. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
罗斯百货在其回报方面值得称赞。该公司在过去五年中投入的资本增加了49%,而该资本的回报率仍保持在25%。由于回报率如此之高,很好地将业务的回报率持续地再投资。如果这些趋势可以继续下去,如果该公司成为多倍增长公司,我们不会感到惊讶。
The Key Takeaway
重要提示
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
最终,该公司已经证明它能够以高回报率重新投资其资本,这是多倍增长的特征。而且,由于该股在过去五年中大幅上涨,市场似乎预计这一趋势将继续。因此,尽管投资者可能已经考虑到了积极的基本趋势,但我们仍然认为这支股票值得进一步研究。
While Ross Stores looks impressive, no company is worth an infinite price. The intrinsic value infographic for ROST helps visualize whether it is currently trading for a fair price.
尽管罗斯百货看起来很令人印象深刻,但没有公司值得无限制地支付价格。ROST的内在价值信息图有助于可视化其当前是否正在公平交易。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果您想寻找更多获得高回报的股票,请查看这个免费股票列表,这些股票不仅有扎实的资产负债表,而且还有高回报率。
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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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