Fraser and Neave (SGX:F99) Shareholders Will Want The ROCE Trajectory To Continue
Fraser and Neave (SGX:F99) Shareholders Will Want The ROCE Trajectory To Continue
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at Fraser and Neave (SGX:F99) and its trend of ROCE, we really liked what we saw.
如果您正在寻找一个多包装者(multi-bagger),那么有几个注意点。理想情况下,一个业务将展示两个趋势;首先是不断增长的资本雇用回报率(ROCE),其次是不断增加的资本雇用量,这显示了它是一个复合机器,能够不断将其收益重新投入业务,产生更高的回报。所以当我们看到Fraser and Neave(新加坡交易所:F99)的ROCE趋势时,我们非常喜欢它。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. To calculate this metric for Fraser and Neave, this is the formula:
只是为了澄清,如果您不确定的话,ROCE是评估公司为其业务投资的资本获得多少税前收入(按百分比计算)的度量标准。要为Fraser and Neave计算此度量标准,需要使用以下公式:
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。
0.047 = S$203m ÷ (S$5.1b - S$782m) (Based on the trailing twelve months to March 2024).
0.047 = S$20300万 ÷ (S$51亿 - S$782m) (基于2024年3月的过去十二个月)。所以,Fraser and Neave的ROCE为4.7%。绝对上看,这是一个低回报率,而且也低于7.4%的食品行业平均水平。
So, Fraser and Neave has an ROCE of 4.7%. In absolute terms, that's a low return and it also under-performs the Food industry average of 7.4%.
以上可以看到Fraser and Neave目前的ROCE与其之前的资本回报率相比较的情况,但过去只能提供很少的信息。如果您想看看分析师对未来的预测,您应该查看我们的免费分析师报告,以了解更多。
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Above you can see how the current ROCE for Fraser and Neave compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Fraser and Neave .
上面您可以看到Fraser and Neave当前的ROCE与之前的资本回报率相比,但过去只能提供很少的信息。如果您想了解分析师对未来的预测,可以查看我们为Fraser and Neave提供的免费分析师报告。
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 figures show that over the last five years, ROCE has grown 27% whilst employing roughly the same amount of capital. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
尽管ROCE在绝对值上仍然很低,但看到它朝着正确的方向发展是好的。数据显示,在过去的五年中,ROCE增长了27%,资本雇用数量大致相同。因此,公司现在可能正在收获其过去投资的全部收益,因为雇用的资本并没有发生很大变化。就这种意义而言,该公司的表现很好,值得研究管理团队对于长期的增长前景的计划。
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。
As discussed above, Fraser and Neave appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Since the total return from the stock has been almost flat over the last five years, there might be an opportunity here if the valuation looks good. With that in mind, we believe the promising trends warrant this stock for further investigation.
正如上述所述,Fraser and Neave似乎越来越擅长产生回报,因为资本雇用保持平稳,但收益(利息和税前利润)上升。由于该股票的总回报在过去的五年中几乎没有增长,因此如果估值看起来不错,这里可能存在机会。因此,我们相信这些有前途的趋势值得进一步研究。
If you'd like to know about the risks facing Fraser and Neave, we've discovered 1 warning sign that you should be aware of.
如果您想了解Fraser and Neave面临的风险,我们发现了1个警告信号,您应该了解它。
While Fraser and Neave isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管Fraser and Neave的回报率不是最高的,但是可以查看此免费公司列表,其中企业拥有可靠的资产负债表,而且盈利高。
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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.
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。