Hallador Energy (NASDAQ:HNRG) Has Some Difficulty Using Its Capital Effectively
Hallador Energy (NASDAQ:HNRG) Has Some Difficulty Using Its Capital Effectively
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after we looked into Hallador Energy (NASDAQ:HNRG), the trends above didn't look too great.
当我们研究一家公司时，有时很难找到警示信号，但有一些财务指标可帮助在早期发现问题。当我们看到ROCE下降，加上资产投入基础下降，这通常是成熟企业老化的迹象。这表明该企业不仅缩小了净资产规模，而且回报率也在下降。所以在我们研究Hallador Energy（纳斯达克代码：HNRG）之后，上述趋势并不太好。
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. Analysts use this formula to calculate it for Hallador Energy:
只是为了澄清，如果您不确定，ROCE是一种评估公司在其业务中投资的资本所获得税前利润（以百分比形式）的指标。分析师使用此公式计算Hallador Energy的ROCE：
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。
0.022 = US$9.0m ÷ (US$595m - US$196m) (Based on the trailing twelve months to June 2024).
0.022 = 900万美元 ÷（59500万美元 - 1.96亿美元）（截至2024年6月过去的12个月）。这意味着Hallador Energy的ROCE为2.2%。最终，这是一个低回报，表现不及石油和天然气行业平均水平的12%。
So, Hallador Energy has an ROCE of 2.2%. Ultimately, that's a low return and it under-performs the Oil and Gas industry average of 12%.
请注意，以上可以看出Hallador Energy当前ROCE与其先前资本回报率的比较情况，但从过去只能得出有限的结论。如果您有兴趣，可以在我们为Hallador Energy提供的免费分析师报告中查看分析师的预测。
Above you can see how the current ROCE for Hallador Energy 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 Hallador Energy .
上面您可以看到Hallador Energy目前ROCE与先前回报率的比较情况，但是从过去只能得出有限的结论。 如果您有兴趣，您可以在我们为Hallador Energy提供的免费分析师报告中查看分析师的预测。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
We are a bit worried about the trend of returns on capital at Hallador Energy. About five years ago, returns on capital were 4.8%, however they're now substantially lower than that as we saw above. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Hallador Energy becoming one if things continue as they have.
我们有点担心Hallador Energy资本回报率的趋势。大约五年前，资本回报率为4.8％，但是正如我们上面所看到的，它们现在的回报率大大低于这个水平。与此同时，企业的投入资本在这段时间内基本保持不变。这些属性展示的公司倾向于不会缩小，但是可能已经成熟，并面临来自竞争对手的压力。因此，由于这些趋势通常不利于创造倍增器，如果Hallador Energy继续保持原状，我们不会对其成为倍增器抱太大希望。
On a side note, Hallador Energy's current liabilities have increased over the last five years to 33% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 2.2%. Keep an eye on this ratio, because the business could encounter some new risks if this metric gets too high.
值得一提的是，过去五年中Hallador Energy的流动负债占总资产的比例增加到33％，这在一定程度上扭曲了ROCE。如果没有这种增长，ROCE可能会低于2.2％，请关注此比率，因为如果这个指标过高，该企业可能会遇到一些新的风险。
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。
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors must expect better things on the horizon though because the stock has risen 28% in the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
最终，相同资本的较低回报趋势通常并不意味着我们正在寻找一家成长型股票。不过，投资者必须期待未来前景更好，因为该股已经在过去五年中上涨了28％。无论如何，我们不喜欢现在的趋势，如果这种趋势持续下去，我们认为您可能会在其他地方找到更好的投资。
One more thing to note, we've identified 2 warning signs with Hallador Energy and understanding them should be part of your investment process.
还有一件事需要注意，我们已经发现Hallador Energy有2个警示信号，了解它们应该成为您的投资流程的一部分。
While Hallador Energy isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然Hallador Energy获得的回报不是最高的，但请查看此免费清单中那些获得良好资产负债表高回报的公司。
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