New Jersey Resources (NYSE:NJR) Shareholders Will Want The ROCE Trajectory To Continue
New Jersey Resources (NYSE:NJR) Shareholders Will Want The ROCE Trajectory To Continue
What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. 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, New Jersey Resources (NYSE:NJR) looks quite promising in regards to its trends of return on capital.
在长期内能够倍增的股票，需要我们关注早期的趋势。在完美世界里，我们希望看到企业将更多资金投资其业务，并且从投资中获得的回报率也在增加。基本上，这意味着一个公司有盈利的计划，可以继续进行再投资，这是一个复合机器的特征。因此，我们对New Jersey Resources（NYSE：NJR）在资本回报率方面的发展趋势十分有信心。
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. To calculate this metric for New Jersey Resources, this is the formula:
对于不了解的人们来说，ROCE是一个企业的年度税前利润（即回报）相对于企业所雇用的资本的衡量标准。要为New Jersey Resources计算此指标，可以使用以下公式：
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。
0.064 = US$375m ÷ (US$6.6b - US$789m) (Based on the trailing twelve months to March 2024).
0.064 = 3.75亿美元 ÷ (660亿美元 - 7.89亿美元)（基于2024年3月的过去十二个月）。因此，New Jersey Resources的ROCE为6.4％。尽管这与行业平均水平相同（6.1％），但本身仍然是一个较低的回报率。
Thus, New Jersey Resources has an ROCE of 6.4%. Even though it's in line with the industry average of 6.1%, it's still a low return by itself.
即使与本行业平均水平相同，6.4％仍然是一个较低的回报率。
Above you can see how the current ROCE for New Jersey Resources 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 New Jersey Resources for free.
如上图所示，您可以了解到New Jersey Resources当前的资本利润率与其以往的资本利润率相比情况。但仅从过去的数据中能告诉我们的信息十分有限。如果您想了解更多信息，您可以免费查阅覆盖New Jersey Resources的分析师预测。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. The data shows that returns on capital have increased substantially over the last five years to 6.4%. 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 67%. So we're very much inspired by what we're seeing at New Jersey Resources thanks to its ability to profitably reinvest capital.
虽然ROCE在绝对值上仍然较低，但很高兴看到它正朝着正确的方向发展。数据显示，在过去五年中，资本利润率大幅提高至6.4％。该公司正在有效地创造更多资金利用率高的资本。值得注意的是，使用的资本金额也增加了67％。因此，我们对New Jersey Resources能够盈利再投资十分看好。
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 summary, it's great to see that New Jersey Resources 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. Considering the stock has delivered 4.8% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So exploring more about this stock could uncover a good opportunity, if the valuation and other metrics stack up.
综上所述，很高兴看到New Jersey Resources通过以逐渐增加的回报率不断投资有盈利计划的资产，实现资本的复合增长。因此，这些是高度追逐的多重利润的关键成分之一。考虑到过去五年中股票为其股东带来了4.8％的回报率，这可能意味着投资者可能还没有完全了解这些有前途的趋势。因此，如果估值和其他指标得到了验证，更多地了解这只股票可能会发现一个良好的机会。
New Jersey Resources does have some risks, we noticed 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
New Jersey Resources确实存在一些风险，我们注意到了3个警告信息（以及1个不应忽视的信息），我们认为您应该了解。
While New Jersey Resources 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New Jersey Resources的回报率并不是最高的，但请查看这个免费的公司列表，这些公司拥有坚实的资产负债表并且收益率很高。
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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
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