Return Trends At Federal Signal (NYSE:FSS) Aren't Appealing
Return Trends At Federal Signal (NYSE:FSS) Aren't Appealing
0.18 = US$261m ÷ (US$1.7b - US$212m) What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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. That's why when we briefly looked at Federal Signal's (NYSE:FSS) ROCE trend, we were pretty happy with what we saw.
如果我们想要寻找那些长期可以增值的股票，我们应该关注哪些趋势呢？通常，我们希望注意到资本运营回报率（ROCE）的增长趋势，以及与此同时，资本运营基数的扩大。基本上，这意味着公司有盈利的项目可以继续投资，这是一个复利机器的特点。所以当我们简要地看了一下联邦信号（纽交所：FSS）的ROCE趋势时，我们对所见到的情况感到非常满意。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Federal Signal, this is the formula:
如果您以前没有使用ROCE这个指标，它衡量了公司从所投入的资本中获得的“回报”（税前利润）。要计算联邦信号的这个指标，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。
0.18 = US$261m ÷ (US$1.7b - US$212m) (Based on the trailing twelve months to June 2024).
0.18 = 2.61亿美元 ÷（17亿美元-2.12亿美元）（基于截至2024年6月的过去十二个月）。
So, Federal Signal has an ROCE of 18%. On its own, that's a standard return, however it's much better than the 14% generated by the Machinery industry.
因此，联邦信号的ROCE为18%。单看这个数字，这是一个标准的回报率，但它比机械行业的14%要高得多。
In the above chart we have measured Federal Signal's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Federal Signal for free.
在上面的图表中，我们对联邦信号的先前ROCE进行了测量，但未来更重要。如果您愿意，您可以免费查看分析师对联邦信号的预测。
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。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has consistently earned 18% for the last five years, and the capital employed within the business has risen 59% in that time. 18% is a pretty standard return, and it provides some comfort knowing that Federal Signal has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
ROCE的趋势并不突出，但整体回报是可观的。过去5年中，公司连续获得了18%的回报，并且业务中使用的资本在此期间增长了59%。18%是一个相当标准的回报率，可以提供一定的安慰，因为联邦信号持续获得了这个金额。这个范围内的稳定回报可能不太令人兴奋，但如果能够长期保持，它们常常会为股东提供不错的回报。
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, Federal Signal has proven its ability to adequately reinvest capital at good rates of return. And the stock has done incredibly well with a 229% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
最后，联邦信号证明了其能够以良好的回报率适当地再投资资本。而且股票在过去5年中获得了229%的回报率，因此长期投资者无疑对此结果感到兴奋。因此，虽然积极的基本趋势可能已经被投资者计算进去，但我们仍然认为这支股票值得进一步研究。
If you're still interested in Federal Signal it's worth checking out our FREE intrinsic value approximation for FSS to see if it's trading at an attractive price in other respects.
如果您仍然对联邦信号感兴趣，不妨查看我们免费提供的FSS内在价值估计，以了解其在其他方面是否具有吸引力的交易价格。
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