Danaos (NYSE:DAC) Is Looking To Continue Growing Its Returns On Capital
Danaos (NYSE:DAC) Is Looking To Continue Growing Its Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So on that note, Danaos (NYSE:DAC) looks quite promising in regards to its trends of return on capital.
你知道一些金融指标能够提供一个潜在的多倍赚钱机会的线索吗？一种常见的方法是试图寻找一家公司，它具有能够投入充足的利润回流的优秀商业模式。当我们看到深圳市力合科创（SZSE：002243）及其股本回报率趋势时，我们并不是完全满意的。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。基本上，这意味着一家公司有盈利的计划，可以继续投资，这是一个compound公司的特点。因此，在资本回报率方面，达那俄斯（NYSE：DAC）看起来相当有前途。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Danaos:
ROCE是一个衡量公司年度税前利润的指标（回报），相对于业务中所使用的资本。分析师使用此公式计算Danaos的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。
0.15 = US$566m ÷ (US$3.8b - US$145m) (Based on the trailing twelve months to March 2024).
0.15 = 5.66亿美元÷（38亿美元-1.45亿美元）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, Danaos has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 8.4% generated by the Shipping industry.
因此，Danaos 的 ROCE 为 15%。这是一个标准的回报，但它比运输行业所创造的8.4% 要好得多。
In the above chart we have measured Danaos' 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 Danaos for free.
在上面的图表中，我们对Danaos之前的ROCE与其之前的表现进行了比较，但未来可能更为重要。如果您愿意，您可以免费查看分析师对Danaos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。
The trends we've noticed at Danaos are quite reassuring. The data shows that returns on capital have increased substantially over the last five years to 15%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 50%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我们注意到Danaos的趋势相当令人放心。数据显示，过去五年中资本回报率大幅增长至15％。公司在使用的每一美元资本上获得的收益增加了，值得注意的是，使用的资本数量也增加了50％。 使用越来越多的资本获得不断增长的回报率在多倍股中非常常见，这就是我们印象深刻的原因。
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, it's great to see that Danaos can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. Since the stock has returned a staggering 1,010% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
总之，能看到Danaos能够通过持续以增加的回报率再投资资本来复合回报，这很棒，因为这些是多倍股的关键因素之一。由于该股票在过去五年中为股东带来了惊人的1010％回报，因此看起来投资者正在认识到这些变化。尽管如此，我们仍认为有必要进一步进行尽职调查，因为该公司的可持续基本面表现非常出色。
Danaos does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those makes us a bit uncomfortable...
然而，Danaos 仍然存在风险，我们在投资分析中发现了2个警告信号，其中1个让我们有点不安……
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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
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@simplywallst.com。