Investors Met With Slowing Returns on Capital At Norwegian Cruise Line Holdings (NYSE:NCLH)
Investors Met With Slowing Returns on Capital At Norwegian Cruise Line Holdings (NYSE:NCLH)
0.086 = US$1.1b ÷ (US$20b - US$6.6b) What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Norwegian Cruise Line Holdings (NYSE:NCLH), it didn't seem to tick all of these boxes.
如果我们想找到那些能在长期内增值的股票，应该关注哪些趋势？在完美世界中，我们希望看到一家公司将更多的资本投入到业务中，理想情况下，从那些资本中获得的回报也在增加。简而言之，这些类型的企业是复合机器，意味着它们不断地以越来越高的回报率重新投资其收益。但是，当我们看挪威邮轮控股公司 (NYSE:NCLH)时，它似乎不符合这些准则的全部。
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. To calculate this metric for Norwegian Cruise Line Holdings, this is the formula:
只是为了澄清，如果您不确定，ROCE是衡量一家公司在其业务中投资的资本获得多少税前收入的指标。要计算挪威邮轮控股公司的该指标，可以使用以下公式：
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。
0.086 = US$1.1b ÷ (US$20b - US$6.6b) (Based on the trailing twelve months to March 2024).
0.086 = US$11亿 ÷ (US$200亿 - US$6.6b) (基于截至2024年3月的过去12个月)。
Thus, Norwegian Cruise Line Holdings has an ROCE of 8.6%. In absolute terms, that's a low return but it's around the Hospitality industry average of 11%.
因此，挪威邮轮控股公司的ROCE为8.6%。就绝对值而言，这是一个较低的回报，但它接近酒店业的11%行业平均水平。
Above you can see how the current ROCE for Norwegian Cruise Line Holdings 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 Norwegian Cruise Line Holdings .
在上面，您可以看到挪威邮轮控股公司的当前ROCE与其以往资本回报的比较情况，但是过去的数据只能告诉我们这么多。如果您感兴趣，可以在我们为挪威邮轮控股公司提供的免费分析师报告中查看分析师的预测。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
There hasn't been much to report for Norwegian Cruise Line Holdings' returns and its level of capital employed because both metrics have been steady for the past five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So unless we see a substantial change at Norwegian Cruise Line Holdings in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
在过去的五年中，挪威邮轮控股公司的回报率和资本投入水平都保持稳定，没有太多进展。这告诉我们该公司没有再重新投资，因此它很可能已经走出了增长阶段。因此，除非我们看到挪威邮轮控股公司的ROCE和其他投资得到实质性的变化，否则我们认为它不太可能成为多倍几何级数股票。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 33% of total assets, this reported ROCE would probably be less than8.6% because total capital employed would be higher.The 8.6% ROCE could be even lower if current liabilities weren't 33% of total assets, because the the formula would show a larger base of total capital employed. So while current liabilities isn't high right now, keep an eye out in case it increases further, because this can introduce some elements of risk.
另外，尽管ROCE趋势的变化可能并不引人注目，但有趣的是，过去五年中，当前负债实际上已经增加了。这很有趣，因为如果当前负债未增加到总资产的33%，那么这种报告的ROCE可能会低于8.6%，因为总投入资本会更高。如果当前负债不高，但请注意，如果它进一步增加，可能会引入一些风险因素。
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。
We can conclude that in regards to Norwegian Cruise Line Holdings' returns on capital employed and the trends, there isn't much change to report on. And investors appear hesitant that the trends will pick up because the stock has fallen 62% in the last five years. Therefore based on the analysis done in this article, we don't think Norwegian Cruise Line Holdings has the makings of a multi-bagger.
综上所述，就挪威邮轮控股公司的资本回报和趋势而言，没有太多新进展可以报告。而投资者似乎也不太愿意看到这些趋势在上升，因为过去的五年中该股票下跌了62%。因此，基于在本文中所做的分析，我们不认为挪威邮轮控股公司具备成为多倍几何级数股票的潜力。
Norwegian Cruise Line Holdings does have some risks though, and we've spotted 1 warning sign for Norwegian Cruise Line Holdings that you might be interested in.
挪威邮轮控股公司确实存在一些风险，而我们还发现了一些您可能感兴趣的风险预警。 （此处未提供翻译服务）
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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。