The Returns At Southern (NYSE:SO) Aren't Growing
The Returns At Southern (NYSE:SO) Aren't Growing
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. However, after briefly looking over the numbers, we don't think Southern (NYSE:SO) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
寻找具有大幅增长潜力的企业并不容易,但是如果我们看一些关键的财务指标,这是可能的。首先,我们希望看到经过验证的资本回报率(ROCE)不断增加,其次,利用资本基础的扩大。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,在简短地研究了这些数字之后,我们认为南方航空(纽约证券交易所代码:SO)未来不具备多袋装货商的实力,但让我们来看看为什么会这样。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. The formula for this calculation on Southern is:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。在 Southern 上进行此计算的公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)
0.058 = US$7.6b ÷ (US$142b - US$12b) (Based on the trailing twelve months to June 2024).
0.058 = 76亿美元 ÷(1420亿美元至120亿美元)(基于截至2024年6月的过去十二个月)。
Therefore, Southern has an ROCE of 5.8%. On its own that's a low return, but compared to the average of 4.7% generated by the Electric Utilities industry, it's much better.
因此,南方航空的投资回报率为5.8%。就其本身而言,回报率很低,但与电力公用事业行业4.7%的平均回报率相比,要好得多。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240910/0-4d5175f16b766be232d570af95e4013e-0-a56d9b66c08ea9680b2ba5b387c63fa3.png/big)
In the above chart we have measured Southern'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 Southern for free.
在上图中,我们将南方航空先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你愿意,你可以免费查看报道南方航空的分析师的预测。
The Trend Of ROCE
ROCE 的趋势
In terms of Southern's historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 5.8% for the last five years, and the capital employed within the business has risen 25% 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.
就南方航空的历史投资回报率趋势而言,这并不完全值得关注。在过去五年中,该公司的收入一直保持在5.8%,在此期间,公司内部使用的资本增长了25%。这种糟糕的投资回报率目前并不能激发信心,随着所用资本的增加,很明显,该企业没有将资金部署到高回报的投资中。
What We Can Learn From Southern's ROCE
我们可以从南方航空的 ROCE 中学到什么
As we've seen above, Southern's returns on capital haven't increased but it is reinvesting in the business. Although the market must be expecting these trends to improve because the stock has gained 80% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
正如我们在上面看到的那样,南方航空的资本回报率没有增加,但它正在对该业务进行再投资。尽管市场必须预期这些趋势会有所改善,因为该股在过去五年中上涨了80%。但是,如果这些潜在趋势的发展轨迹继续下去,我们认为从现在起它成为多股势力的可能性并不高。
Southern does come with some risks though, we found 3 warning signs in our investment analysis, and 1 of those makes us a bit uncomfortable...
但是,南方航空确实存在一些风险,我们在投资分析中发现了3个警告信号,其中一个让我们有点不舒服...
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.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。