Investors Met With Slowing Returns on Capital At Construction Partners (NASDAQ:ROAD)
Investors Met With Slowing Returns on Capital At Construction Partners (NASDAQ:ROAD)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. That's why when we briefly looked at Construction Partners' (NASDAQ:ROAD) ROCE trend, we were pretty happy with what we saw.
如果我们想找到一个潜在的多倍投资机会,通常有一些潜在趋势能够提供线索。通常,我们需要注意ROCE盈利能力的增长趋势,以及伴随着逐步扩大的资本投入。简而言之,这些类型的企业是复利机器,这意味着他们不断地以越来越高的盈利率重新投资他们的收益。那就是为什么当我们简要地研究Construction Partners(纳斯达克:ROAD)的ROCE趋势时,我们对所看到的内容感到非常满意。
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。
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. To calculate this metric for Construction Partners, this is the formula:
对于那些不确定什么是ROCE的人来说,它衡量了一家公司从其业务中所使用的资本所能够产生的税前利润总额。对于Construction Partners计算这个指标的公式是:
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。
0.10 = US$104m ÷ (US$1.3b - US$290m) (Based on the trailing twelve months to March 2024).
因此,Construction Partners的ROCE为10%。这是一个相对正常的资本回报率,大约是建筑行业创造的11%。
Therefore, Construction Partners has an ROCE of 10%. That's a relatively normal return on capital, and it's around the 11% generated by the Construction industry.
NasdaqGS: ROAD Return on Capital Employed July 17th 2024
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Above you can see how the current ROCE for Construction Partners 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 Construction Partners for free.
那么,Construction Partners的ROCE趋势如何?
So How Is Construction Partners' ROCE Trending?
ROCE的趋势并不突出,但总体上的回报还是不错的。公司在过去五年中投入的资本增加了181%,而这些资本的回报率保持稳定在10%。10%是一个相当标准的回报率,知道Construction Partners已经一直赚取这样的回报率会给人一些安慰。在长时间内,这些回报可能并不太令人兴奋,但是通过始终如一地取得这些回报,可以带来股票回报。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has employed 181% more capital in the last five years, and the returns on that capital have remained stable at 10%. 10% is a pretty standard return, and it provides some comfort knowing that Construction Partners has consistently earned this amount. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
最终,Construction Partners已经证明其能够以良好的投资回报率充分地再次投资资本。此外,股票还奖励股东在过去5年中持有的remarkable 320%的回报。因此,尽管积极的潜在趋势可能已被投资者考虑在内,但我们仍然认为这只股票值得进一步研究。
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 the end, Construction Partners has proven its ability to adequately reinvest capital at good rates of return. On top of that, the stock has rewarded shareholders with a remarkable 320% return to those who've held over the last five years. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
与大多数公司一样,Construction Partners也存在一些风险,我们发现了2个警告信号,您应该注意。
Like most companies, Construction Partners does come with some risks, and we've found 2 warning signs that you should be aware of.
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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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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 (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?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。