Slowing Rates Of Return At Centene (NYSE:CNC) Leave Little Room For Excitement
Slowing Rates Of Return At Centene (NYSE:CNC) Leave Little Room For Excitement
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Centene (NYSE:CNC) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果您不确定如何寻找下一个爆发性增长的公司,那么您应该关注一些关键趋势。首先,我们希望看到资本回报率(ROCE)在增加,并且资本雇用基础不断扩大。基本上,这意味着公司有盈利的计划,可以继续投资,这是复合机器的特征。然而,简要查看数字后,我们认为康西哥(纽交所:CNC)未来不具备成为多克斯机会的潜力,但是让我们来看看原因。
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 Centene:
对于那些不确定ROCE是什么的人,它衡量公司从其业务中雇用的资本创造的税前利润量。分析师使用这个公式来计算康西哥的ROCE 为:
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。
0.10 = US$5.0b ÷ (US$83b - US$33b) (Based on the trailing twelve months to June 2024).
0.10 = 50亿美元 ÷(830亿美元 - 33亿美元)(根据 2024 年 6 月的过去十二个月计算)
So, Centene has an ROCE of 10.0%. In absolute terms, that's a low return but it's around the Healthcare industry average of 11%.
所以,康西哥的ROCE为10.0%。在绝对值方面,这是一个较低的回报率,但它约等于医疗保健行业平均水平11%。
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Above you can see how the current ROCE for Centene 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 Centene .
您可以看到康西哥的当前ROCE与其先前资本回报的比较,但是从过去中你只可以看到有限的内容。如果您有兴趣,可以查看我们为康西哥提供的免费分析师报告中的分析师预测。
What Can We Tell From Centene's ROCE Trend?
从康西哥的ROCE趋势中我们可以获得什么信息呢?
In terms of Centene's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 10.0% and the business has deployed 132% more capital into its operations. 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.
就康西哥的历史ROCE趋势而言,它并没有引起注意。在过去的五年中,ROCE保持在大约10.0%的水平,并且该业务在其运营中投入了132%的资本。这样的低ROCE现在并不令人信服,由于投入的资本增加,显然业务没有将资金投入高回报的投资中。
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。
Long story short, while Centene has been reinvesting its capital, the returns that it's generating haven't increased. Since the stock has gained an impressive 75% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
长话短说,尽管康西哥一直在重新投资其资本,但它所产生的回报率并没有增加。由于股票在过去五年中上涨了75%,投资者必须认为会有更好的前景。最终,如果基本趋势继续存在,那么我们不会抱有其成为多克斯机会的期望。
If you're still interested in Centene it's worth checking out our FREE intrinsic value approximation for CNC to see if it's trading at an attractive price in other respects.
如果您仍然对康西哥感兴趣,那么请查看我们免费的CNC内在价值近似计算,以查看它是否以其他方面的吸引价格交易。
While Centene may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然康西哥目前的回报率可能不是最高的,但我们已经编制了一份目前获得超过25%股权回报的公司列表。在此处查看这个免费列表。
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