Returns On Capital At Wynn Resorts (NASDAQ:WYNN) Have Hit The Brakes
Returns On Capital At Wynn Resorts (NASDAQ:WYNN) Have Hit The Brakes
There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. Having said that, from a first glance at Wynn Resorts (NASDAQ:WYNN) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想要找出下一个多倍股,我们需要关注几个关键趋势。其中,我们希望看到两个情况:首先,资本雇用回报率(ROCE)不断增长,其次,公司的资本雇用额不断扩大。基本上,这意味着公司有盈利的举措可以继续投资,这是增长机器的特征。虽然从Wynn Resorts(NASDAQ:WYNN)的表现趋势来看,我们并没有对回报率的趋势感到太兴奋,但让我们深入了解一下。
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 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. Analysts use this formula to calculate it for Wynn Resorts:
对于不确定ROCE是什么的人,它衡量公司从其业务中所雇用的资本可以产生的税前利润。分析师使用如下公式来计算永利度假村的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。
0.12 = US$1.3b ÷ (US$13b - US$2.6b) (Based on the trailing twelve months to March 2024).
0.12 = 13亿美元 ÷(130亿美元 - 2.6亿美元)(基于过去12个月截至2024年3月)。
Therefore, Wynn Resorts has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Hospitality industry average of 11%.
因此,永利度假村的ROCE为12%。就绝对数量而言,这是一个相当正常的回报,而且与酒店行业的平均水平接近,为11%。
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Above you can see how the current ROCE for Wynn Resorts compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Wynn Resorts .
由于过去五年间这两个指标保持稳定,关于永利度假村的回报率和资本雇用水平的情况没有太多事情可报告。看到这种情况对于成熟稳定的企业来说并不罕见,这种企业不再通过再投资其收益来推动其发展,因为它很可能已经过了业务周期的那个阶段。因此,如果数年后永利度假村没有成为多倍股,我们也就不会感到惊讶了。
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。
There hasn't been much to report for Wynn Resorts' returns and its level of capital employed because both metrics have been steady for the past five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So don't be surprised if Wynn Resorts doesn't end up being a multi-bagger in a few years time.
简而言之,永利度假村在过去五年里的回报率和资本量并没有太多变化,与之前相同。投资者似乎也对其未来的趋势感到犹豫,因为该股在过去五年中下跌了35%。总体而言,这些固有趋势并不是多倍股的典型特征,所以如果您想要多倍收益,我们认为您可以在其他方面找到更好的机会。
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。
In a nutshell, Wynn Resorts has been trudging along with the same returns from the same amount of capital over the last five years. And investors appear hesitant that the trends will pick up because the stock has fallen 35% in the last five years. 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.
如果您想要了解永利度假村面对的风险,我们已经找到了4个警告标志(其中2个令人担忧!)此处要注意,在投资这里之前应该了解这些标志。
If you want to know some of the risks facing Wynn Resorts we've found 4 warning signs (2 are concerning!) that you should be aware of before investing here.
如果您想知道永利度假村面临的一些风险,我们已经发现了4个预警信号(其中有2个令人担忧!)在您投资这里之前,您应该意识到这些。
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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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.
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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
对本文有反馈? 对内容感到担忧? 请直接与我们联系。 或者,发送电子邮件至editorial-team@simplywallst.com。