Here's What To Make Of GDS Holdings' (NASDAQ:GDS) Decelerating Rates Of Return
Here's What To Make Of GDS Holdings' (NASDAQ:GDS) Decelerating Rates Of Return
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. 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 GDS Holdings (NASDAQ:GDS), it didn't seem to tick all of these boxes.
如果我们想找到一只可以长期倍增的股票,那么我们应该寻找哪些潜在趋势呢?一种常见的方法是尝试找到一家资本雇用率回报率(ROCE)不断增长且资本雇用量日益增加的公司。简而言之,这些类型的企业是复合机器,意味着他们不断地以越来越高的回报率再投资其收益。虽然在我们看GDS Holdings (纳斯达克:GDS)时,并未完全突破这些限制。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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. To calculate this metric for GDS Holdings, this is the formula:
对于那些不确定ROCE是什么的人来说,它衡量的是公司能够从其所用资本中产生的税前利润金额。要为GDS Holdings计算这个指标,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。
0.0095 = CN¥619m ÷ (CN¥76b - CN¥11b) (Based on the trailing twelve months to March 2024).
0.0095 = 中国元6,1900万 ÷ (中国元76,000亿 - 中国元11亿)(根据2024年3月的过去十二个月计算)。
Thus, GDS Holdings has an ROCE of 1.0%. In absolute terms, that's a low return and it also under-performs the IT industry average of 11%.
因此,GDS Holdings的ROCE为1.0%。绝对地看来,这是一个相对较低的回报,也低于IT行业平均水平的11%。
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In the above chart we have measured GDS Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for GDS Holdings .
在上面的图表中,我们比较了GDS Holdings的过去ROCE与其过去的表现,但未来可能更重要。如果你有兴趣,可以在我们的GDS Holdings免费分析师报告中查看分析师的预测。
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。
In terms of GDS Holdings' historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 1.0% for the last five years, and the capital employed within the business has risen 183% in that time. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就GDS Holdings的历史ROCE趋势而言,它并没有引起过多关注。该公司在过去5年内始终保持1.0%的ROCE水平,业务中资本的雇用量在此期间增长了183%。这种糟糕的ROCE现在并不激发信心,而且随着资本就业的增加,显然业务没有将资金投入到高回报的投资中。
What We Can Learn From GDS Holdings' ROCE
我们从GDS Holdings的ROCE中可以学到什么呢?
As we've seen above, GDS Holdings' returns on capital haven't increased but it is reinvesting in the business. And investors may be expecting the fundamentals to get a lot worse because the stock has crashed 72% over the last five years. Therefore based on the analysis done in this article, we don't think GDS Holdings has the makings of a multi-bagger.
正如我们在上面所看到的,GDS Holdings的资本回报率并没有提高,但它正在对业务进行再投资。而且,由于过去5年中该股票已经下跌了72%,投资者可能预期基本面会变得更糟。因此,基于本文所做的分析,我们不认为GDS Holdings拥有成为多倍垃圾邮件的潜力。
On a separate note, we've found 2 warning signs for GDS Holdings you'll probably want to know about.
另外,我们发现了GDS Holdings的2个警示信号,您可能想了解一下。
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。
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