Etsy (NASDAQ:ETSY) Might Have The Makings Of A Multi-Bagger
Etsy (NASDAQ:ETSY) Might Have The Makings Of A Multi-Bagger
What are the early trends we should look for to identify a stock that could 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. Speaking of which, we noticed some great changes in Etsy's (NASDAQ:ETSY) returns on capital, so let's have a look.
应该寻找早期趋势来识别可以长期增值的股票。一种常见方法是试图找到一家具有充足资本的公司。最终，这表明它是一个在不断提高回报率的利润再投资的业务。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。最终，这表明这是一个以增加的利率重新投资利润的业务。顺便说一句，我们注意到Etsy (纳斯达克:ETSY) 的资本回报率有了很大的变化，让我们来看看。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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. The formula for this calculation on Etsy is:
只要您不确定，ROCE是评估公司在业务中投资的资本回报率的度量标准（以百分比为单位）。Etsy的计算公式是：
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。
0.19 = US$366m ÷ (US$2.5b - US$565m) (Based on the trailing twelve months to March 2024).
0.19 = 3.66亿美元 ÷（25亿美元 - 5.65亿美元）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, Etsy has an ROCE of 19%. In absolute terms, that's a satisfactory return, but compared to the Multiline Retail industry average of 11% it's much better.
因此，Etsy的ROCE为19％。从绝对意义上讲，这是一个令人满意的回报，但与多行零售业平均值11％相比，要好得多。
Above you can see how the current ROCE for Etsy 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 Etsy for free.
在上面，您可以看到Etsy当前的ROCE与其以前的资本回报率相比如何，但从过去只能得出有限的结论。如果您愿意，可以免费查看覆盖Etsy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。
We like the trends that we're seeing from Etsy. Over the last five years, returns on capital employed have risen substantially to 19%. 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 132%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我们喜欢从Etsy看到的趋势。在过去的五年中，使用资本回报率已经大幅提高，达到19％。公司实际上正在以每美元所使用的资本赚取更多的钱，值得注意的是，所使用的资本额也增加了132％。这可能表明有大量的机会在内部投资资本，并以更高的利率进行投资，这是重合并者的共同特征。
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。
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Etsy has. Astute investors may have an opportunity here because the stock has declined 12% in the last five years. That being the case, research into the company's current valuation metrics and future prospects seems fitting.
一个在不断增长其资本回报率并能持续重新投资的公司是一个极具吸引力的特征，而Etsy就具备这个特征。明智的投资者可能有这样一个机会，因为该股在过去五年中下跌了12％。鉴于这种情况，研究公司的当前估值指标和未来前景似乎是适当的。
One final note, you should learn about the 3 warning signs we've spotted with Etsy (including 1 which is a bit concerning) .
最后要注意的是，您应该了解我们在Etsy上发现的3个警告信号（其中1个有点令人担忧）。
While Etsy may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然Etsy目前的回报率可能不是最高的，但我们已经编制了一份目前回报率超过25％的公司列表。在此处免费查看此列表。
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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。