Huntsman (NYSE:HUN) Could Be Struggling To Allocate Capital
Huntsman (NYSE:HUN) Could Be Struggling To Allocate Capital
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. This indicates the company is producing less profit from its investments and its total assets are decreasing. On that note, looking into Huntsman (NYSE:HUN), we weren't too upbeat about how things were going.
当我们研究一家公司时,有时很难找到警告信号,但有一些财务指标可以帮助及早发现问题。一家潜在衰落的企业通常呈现出两种趋势:资本雇用回报率(ROCE)下降,资本雇用基础同样下降。这表明公司从其投资中产生的利润更少,总资产正在减少。在这一点上,我们对于赫斯曼(NYSE:HUN)的发展并不乐观。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
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. The formula for this calculation on Huntsman is:
对于不确定ROCE是什么的人来说,它衡量了一家公司可以从其业务中的资本雇用产生多少税前利润。在赫斯曼公司的计算中,这个公式是:
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。
0.018 = US$108m ÷ (US$7.6b - US$1.6b) (Based on the trailing twelve months to March 2024).
0.018 = 1.08亿美元 ÷ (76亿美元- 1.6亿美元) (基于截至2024年3月的过去12个月)。
Thus, Huntsman has an ROCE of 1.8%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 8.8%.
因此,赫斯曼的ROCE为1.8%。归根结底,这是一个较低的回报,并且表现低于化学工业板块的平均水平,为8.8%。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-46d29f10cff6eef29d9815fa173cea96-0-d0a99e6b2233b6670e4578e14f010f9e.png/big)
In the above chart we have measured Huntsman's 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 Huntsman for free.
在上图中,我们测量了赫斯曼以前的ROCE与其以前的表现,但未来可能更重要。如果您愿意,您可以免费查看分析师对赫斯曼的预测。
So How Is Huntsman's ROCE Trending?
赫斯曼的ROCE趋势如何?
We are a bit worried about the trend of returns on capital at Huntsman. To be more specific, the ROCE was 9.6% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Huntsman to turn into a multi-bagger.
我们有点担心赫斯曼的资本回报率走势。具体来说,五年前ROCE为9.6%,但自那以后明显下降。此外,值得注意的是,公司所雇用的资本数量相对稳定。由于回报率正在下降,业务所雇用的资产量仍然相同,这可能表明是一个在过去五年中没有太多增长的成熟企业。如果这些趋势持续下去,我们不希望赫斯曼变成一个多重利润增长器。
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。
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. In spite of that, the stock has delivered a 28% return to shareholders who held over the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
总的来说,同样资本雇用量的回报率下降并不是复利机器的迹象。尽管如此,该股票在过去五年中为持有股东提供了28%的回报。尽管如此,我们不喜欢这些趋势,如果这些趋势持续下去,我们认为您可以在其他地方找到更好的投资。
On a separate note, we've found 2 warning signs for Huntsman you'll probably want to know about.
另外,我们发现Huntsman有2个警告信号,您可能想了解一下。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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?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。