Ameresco's (NYSE:AMRC) Returns On Capital Not Reflecting Well On The Business
Ameresco's (NYSE:AMRC) Returns On Capital Not Reflecting Well On The Business
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Ameresco (NYSE:AMRC) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我们想找到一个潜在的多倍收益者,通常有一些潜在趋势可以提供线索。我们需要看到两件事,首先是资本回报率(ROCE)增长,其次是公司使用的资本量扩大。如果你看到这个,通常意味着这是一个拥有很好的业务模式和大量的有利可图的再投资机会的公司。话虽如此,在对阿梅雷斯克(NYSE:AMRC)初步的回报趋势做了一些浏览之后,我们并没有对其回报趋势感到非常兴奋,但让我们仔细看看。
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。
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 Ameresco is:
只是为了澄清如果你不确定,ROCE是一个评估公司在其业务中投资的资本获得多少税前收入(以百分比形式)的度量标准。该计算在阿梅雷斯克的公式为:
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。
0.032 = US$83m ÷ (US$3.8b - US$1.2b) (Based on the trailing twelve months to March 2024).
0.032 = 8300万美元÷(37.8亿美元-12亿美元)(截至2024年3月的过去十二个月)。
So, Ameresco has an ROCE of 3.2%. Ultimately, that's a low return and it under-performs the Construction industry average of 11%.
因此,阿梅雷斯克的ROCE为3.2%。最终,这是一个低回报,并且表现不及建筑业板块的平均水平11%。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-794d53593bdd080522d363883d585656-0-212499c89b22a7d4778ec64a31b056b2.png/big)
Above you can see how the current ROCE for Ameresco 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 Ameresco for free.
上面你可以看到阿梅雷斯克目前的ROCE与其以往的资本回报相比如何,不过过去只能告诉你这么多。如果你愿意,你可以免费查看覆盖阿梅雷斯克的分析师的预测。
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。
When we looked at the ROCE trend at Ameresco, we didn't gain much confidence. To be more specific, ROCE has fallen from 5.9% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
当我们审视阿梅雷斯克的ROCE趋势时,我们没有太多信心。具体而言,ROCE在过去五年时间里已经从5.9%下降了。考虑到企业在资产上投入更多资金而收入却有所下滑,这有点令人担忧。这可能意味着企业正在失去竞争优势或市场份额,因为尽管在更多的投资中投入更多的资金,但实际上产生的回报较低——比如说“相对于资金投入获得的回报更少”。
While on the subject, we noticed that the ratio of current liabilities to total assets has risen to 31%, which has impacted the ROCE. Without this increase, it's likely that ROCE would be even lower than 3.2%. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
顺便说一下,我们注意到当前负债与总资产的比率已经上升到31%,这已经影响到ROCE。如果没有这样的增加,ROCE很可能会比3.2%还要低。虽然这个比率目前并不太高,但这也值得关注,因为如果它变得特别高,企业就可能面临一些新的风险。
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。
From the above analysis, we find it rather worrisome that returns on capital and sales for Ameresco have fallen, meanwhile the business is employing more capital than it was five years ago. Yet despite these poor fundamentals, the stock has gained a huge 123% over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
从上面的分析来看,我们发现阿梅雷斯克的资本回报率和销售额下降相当令人担忧,而企业使用的资本比五年前要多。尽管基本面糟糕,但公司股票在过去五年中仍然上涨了惊人的123%,因此投资者似乎非常乐观。尽管如此,我们对公司的基本面并不太舒服,所以我们现在会避开这只股票。如果你想了解更多关于阿梅雷斯克的信息,我们已经发现了3个警告信号,其中有2个不太令人愉快。
If you'd like to know more about Ameresco, we've spotted 3 warning signs, and 2 of them are a bit unpleasant.
如果你想了解更多关于阿梅雷斯克的信息,我们已经发现了3个警告信号,其中有2个不太令人愉快。
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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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。