Investors Could Be Concerned With Estée Lauder Companies' (NYSE:EL) Returns On Capital
Investors Could Be Concerned With Estée Lauder Companies' (NYSE:EL) Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Estée Lauder Companies (NYSE:EL) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
寻找有潜力的公司并非易事,但如果我们看一些重要的财务指标是可能的。首先,我们想要看到资本回报率增加,其次,是资本雇用的扩大。这表明该公司正在以逐渐增加的回报率重新投资利润。话虽如此,从初步的观察Estée Lauder Companies (纽交所:EL)的回报趋势,我们并不太满意,但让我们深入了解一下。
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. The formula for this calculation on Estée Lauder Companies is:
对于那些不知道ROCE是什么的人,ROCE是一个公司每年的税前利润(其回报)与企业资本雇用的相对比率的度量。在Estée Lauder Companies上进行这个计算的公式是:
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。
0.073 = US$1.3b ÷ (US$23b - US$5.4b) (Based on the trailing twelve months to March 2024).
0.073 = US$13亿 ÷ (US$230亿 - US$5.4b) (基于截至2024年3月的过去十二个月)。
Therefore, Estée Lauder Companies has an ROCE of 7.3%. Ultimately, that's a low return and it under-performs the Personal Products industry average of 17%.
因此,Estée Lauder Companies的ROCE为7.3%。这是一个低收益,低于个人产品行业板块的平均水平17%。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240725/0-90bc0d8386dab931a6f0ab961f92fb42-0-f779c90a59bfdec4fc1938e96d8cf6e6.png/big)
Above you can see how the current ROCE for Estée Lauder Companies compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Estée Lauder Companies .
您可以从过去的情况中了解Estée Lauder Companies当前ROCE与其以往回报的比较,但是您可以了解有关Estée Lauder Companies分析师预测的详细信息,请查看我们的免费分析师报告。
So How Is Estée Lauder Companies' ROCE Trending?
那么Estée Lauder Companies的ROCE趋势如何?
On the surface, the trend of ROCE at Estée Lauder Companies doesn't inspire confidence. To be more specific, ROCE has fallen from 30% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
表面上看,Estée Lauder Companies的ROCE趋势并不令人信服。更具体地说,ROCE在过去五年中从30%下降。另一方面,公司在过去一年中投入了更多的资本,但销售额未相应提高,这可能表明这些投资是较长期的。在公司开始从这些投资中获得任何收益之前,可能需要一些时间。
Our Take On Estée Lauder Companies' ROCE
我们对Estée Lauder Companies的ROCE的看法
To conclude, we've found that Estée Lauder Companies is reinvesting in the business, but returns have been falling. And in the last five years, the stock has given away 44% so the market doesn't look too hopeful on these trends strengthening any time soon. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
总之,我们发现Estée Lauder Companies正在为业务重新投资,但回报正在下降。在过去的五年里,这支股票的下跌幅度达44%,因此市场对这些趋势的加强并不太乐观。不管怎样,股票没有上述倍增者的这些特质,因此,如果您正在寻找这类股票,我们认为您可能会在其他地方运气更好。
One final note, you should learn about the 4 warning signs we've spotted with Estée Lauder Companies (including 1 which shouldn't be ignored) .
最后请注意,您应该了解Estée Lauder Companies的4个警告信号(包括一个不应忽视的警告信号)。
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。
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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@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。