ADAMA's (SZSE:000553) Returns On Capital Tell Us There Is Reason To Feel Uneasy
ADAMA's (SZSE:000553) Returns On Capital Tell Us There Is Reason To Feel Uneasy
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. On that note, looking into ADAMA (SZSE:000553), we weren't too upbeat about how things were going.
如果我们想要避免一个在衰退的企业,有哪些趋势可以提前警示我们?往往情况是我们会看到资本运营回报率(ROCE)和资本运营量都在下降。基本上,这家公司在其投资上的收益在降低,并且还在减少其总资产。在这一点上,我们对ADAMA (深圳证券交易所:000553) 的情况并不太乐观。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on ADAMA is:
对于那些不了解的人,ROCE是衡量公司年度税前利润(其回报)相对于业务中使用的资本的一种指标。在ADAMA上进行这种计算的公式是:
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。
0.011 = CN¥410m ÷ (CN¥55b - CN¥18b) (Based on the trailing twelve months to March 2024).
0.011 = 4.1亿人民币 ÷ (550亿元人民币 - 18亿人民币)(截至2024年3月的过去十二个月为基础)。
So, ADAMA has an ROCE of 1.1%. Ultimately, that's a low return and it under-performs the Chemicals industry average of 5.5%.
因此,ADAMA的ROCE为1.1%。最终,这是一个较低的回报率,低于化学行业平均水平5.5%。
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Above you can see how the current ROCE for ADAMA 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 ADAMA .
您可以看到ADAMA当前ROCE与其过去的资本回报率进行比较,但过去的表现只能提供有限的信息。如果您感兴趣,可以查看我们免费的ADAMA分析师报告中的分析师预测。
What Does the ROCE Trend For ADAMA Tell Us?
ADAMA的ROCE趋势告诉我们什么?
There is reason to be cautious about ADAMA, given the returns are trending downwards. About five years ago, returns on capital were 6.8%, however they're now substantially lower than that as we saw above. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect ADAMA to turn into a multi-bagger.
鉴于资本回报率不断下降,对ADAMA持谨慎态度是有理由的。大约五年前,资本回报率为6.8%,然而,现在的回报率远低于此水平,正如我们之前所见。此外,值得注意的是,企业所使用的资本规模相对稳定。由于回报率下降且企业所使用的资产仍然相同,这可能表明该企业在过去五年中发展不大,是一个成熟的企业。如果这些趋势继续下去,我们不会指望ADAMA成为一个多倍增长的机会。
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 summary, it's unfortunate that ADAMA is generating lower returns from the same amount of capital. Investors haven't taken kindly to these developments, since the stock has declined 53% from where it was five years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
总之,遗憾的是ADAMA在同等资本规模下产生了更低的回报率。投资者对这些发展趋势并不乐观,因为股价从五年前的水平下降了53%。除非这些指标有望转为更为积极的轨迹,否则我们会寻找其他机会。
One more thing, we've spotted 1 warning sign facing ADAMA that you might find interesting.
还有一件事,我们注意到ADAMA面临1个警示信号,您可能会对此感兴趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。
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