A Look Into WD-40's (NASDAQ:WDFC) Impressive Returns On Capital
A Look Into WD-40's (NASDAQ:WDFC) Impressive Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, the ROCE of WD-40 (NASDAQ:WDFC) looks attractive right now, so lets see what the trend of returns can tell us.
如果我们想找到一个潜在的多倍增长器,通常存在可以提供线索的潜在趋势。 首先,我们希望看到资本雇用的实现回报(ROCE)不断增加,其次,资本雇用的基础不断扩大。 这表明它是一个复合机器,能够不断将其收益再投资于业务并产生更高的回报。考虑到这一点,WD-40 (NASDAQ:WDFC)的ROCE现在看起来很有吸引力,所以让我们看看回报的趋势能告诉我们什么。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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 WD-40, this is the formula:
只是为了澄清,如果你不确定,ROCE是用来评估一个公司在其业务中投资的资本上赚取多少税前收入(以百分比计算)的一个指标。要计算WD-40的这个指标,这是公式:
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。
0.28 = US$96m ÷ (US$444m - US$105m) (Based on the trailing twelve months to May 2024).
0.28 = US$9600万 ÷ (US$44400万 - US$105m) (基于2024年5月的过去12个月)。
Thus, WD-40 has an ROCE of 28%. That's a fantastic return and not only that, it outpaces the average of 19% earned by companies in a similar industry.
因此,WD-40的ROCE为28%。这是一个很棒的回报,不仅如此,它还超过了同行业公司19%的平均水平。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240817/0-f77cd96df9108fcc37a008fc448b5be9-0-0c9b259a1a5efe13cd1cc2fc741bfeba.png/big)
In the above chart we have measured WD-40'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 WD-40 .
在上图中,我们已经测量了WD-40的历史ROCE与其历史表现之间的关系,但未来的情况可能更为重要。如果您想了解分析师对WD-40的预测,请查看我们针对WD-40的免费分析师报告。
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。
WD-40 deserves to be commended in regards to it's returns. Over the past five years, ROCE has remained relatively flat at around 28% and the business has deployed 48% more capital into its operations. Now considering ROCE is an attractive 28%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. If WD-40 can keep this up, we'd be very optimistic about its future.
WD-40在回报方面值得赞扬。在过去的五年中,ROCE保持在28%左右的相对稳定水平,公司将多达48%的资本投入其业务运营中,考虑到ROCE是28%,这种组合实际上非常有吸引力,因为这意味着企业可以持续地投入资金并产生高回报。如果WD-40能够保持这一点,我们对其未来非常乐观。
The Key Takeaway
重要提示
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
最终,该公司已经证明了它可以以高回报率重新投资资本,这是多倍增长器的特征。由于股票在过去的五年中大幅上涨,市场可能认为这种趋势将继续。因此,即使股票比以前更“昂贵”,我们认为强大的基本面也应该将此股票列为进一步研究。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for WDFC on our platform that is definitely worth checking out.
另一方面,我们必须考虑估值。这就是为什么我们在平台上有一个免费的WDFC内在价值估算值,值得您去了解。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司获得高回报,请在此查看我们免费的高回报、坚实财务状况的公司列表。
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