Copart (NASDAQ:CPRT) May Have Issues Allocating Its Capital
Copart (NASDAQ:CPRT) May Have Issues Allocating Its Capital
What are the early trends we should look for to identify a stock that could 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. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Looking at Copart (NASDAQ:CPRT), it does have a high ROCE right now, but lets see how returns are trending.
长期看好一只股票涨幅的初期趋势应该关注什么呢?在完美世界中,我们希望看到公司投入更多的资金到业务中,同时这些资本回报率也在不断提高。基本上,这意味着公司有盈利的业务可以持续重新投资,这是一个强大的复利机器的特征。看看科帕特(纳斯达克:CPRT),当前它的回报率很高,但让我们看看未来的趋势如何。
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. Analysts use this formula to calculate it for Copart:
对于那些不确定什么是回报率的人们,回报率衡量公司可以从业务中获得多少税前利润。分析师利用这个公式来计算科帕特的回报率:
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。
0.22 = US$1.6b ÷ (US$8.0b - US$563m) (Based on the trailing twelve months to April 2024).
0.22 = 16亿美元 ÷ (80亿美元 - 5.63亿美元)(基于截至2024年4月的过去十二个月)。
Thus, Copart has an ROCE of 22%. That's a fantastic return and not only that, it outpaces the average of 9.7% earned by companies in a similar industry.
因此,科帕特的回报率是22%。这是一个非常不错的回报率,不仅如此,它还比同行业公司平均的9.7%高。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240807/0-4948f07227ee184f48deb039fe263139-0-fe70c0118860f97a1e81cf123455d351.png/big)
In the above chart we have measured Copart's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Copart .
在上面的图表中,我们对科帕特之前的回报率进行了测量并与其之前的业绩进行了比较,但未来可能更为重要。如果您想看看分析师对未来的预测,请查看我们为科帕特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。
On the surface, the trend of ROCE at Copart doesn't inspire confidence. While it's comforting that the ROCE is high, five years ago it was 31%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
在表面上,科帕特的回报率趋势并不具有鼓舞人心的效果。虽然回报率很高,但在五年前,它还高达31%。然而,考虑到资本投入和营业收入都在增加,似乎该公司目前正在追求增长,而这是以短期回报为代价的。如果这些投资被证明成功,这将非常有利于长期股票表现。
The Key Takeaway
重要提示
In summary, despite lower returns in the short term, we're encouraged to see that Copart is reinvesting for growth and has higher sales as a result. And the stock has done incredibly well with a 171% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
总之,尽管短期回报率较低,我们仍然看好科帕特正在为增长而重新投资,而且它的销售额也更高。该股在过去五年中获得了171%的回报,长期投资者对此没有疑问。虽然潜在趋势已经被投资者考虑过了,但我们仍然认为这只股票值得进一步探究。
If you're still interested in Copart it's worth checking out our FREE intrinsic value approximation for CPRT to see if it's trading at an attractive price in other respects.
如果您还对科帕特感兴趣,可以查看我们免费提供给CPRt的内在价值近似值,看看它是否在其他方面以合理的价格交易。
Copart is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
科帕特并不是唯一一个获得高回报的股票。如果您想了解更多,可以查看我们免费提供的公司收益高,有坚实基本面的股票列表。
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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。