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Returns Are Gaining Momentum At Argan (NYSE:AGX)

Returns Are Gaining Momentum At Argan (NYSE:AGX)

返回正在argan(纽交所:AGX)获得动力
Simply Wall St ·  10/01 07:58

To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So on that note, Argan (NYSE:AGX) looks quite promising in regards to its trends of return on capital.

要找到一只潜力巨大的股票,我们应该在一家企业中寻找哪些潜在趋势?一种常见的方法是尝试找到一家资本使用效率(ROCE)不断增加,并且使用的资本量不断增加的公司。如果您看到这一点,通常意味着这是一家拥有出色业务模式和许多盈利再投资机会的公司。因此,在这一点上,纽交所上的Argan(AGX)在资本回报趋势方面看起来相当有前景。

Return On Capital Employed (ROCE): What Is It?

资本雇用回报率(ROCE)是什么?

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. To calculate this metric for Argan, this is the formula:

对于不确定ROCE是什么的人,它衡量的是一家公司从所使用的资本中可以产生多少税前利润。要为Argan计算这个指标,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。

0.14 = US$45m ÷ (US$727m - US$415m) (Based on the trailing twelve months to July 2024).

0.14 = 4500万美元 ÷ (72700万美元 - 4.15亿美元)(基于2024年7月的过去十二个月)。

Thus, Argan has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 11% generated by the Construction industry.

因此,Argan的ROCE为14%。就它本身而言,这是一个标准的回报,但比建筑业产生的11%要好得多。

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NYSE:AGX Return on Capital Employed October 1st 2024
纽交所:AGX 2024年10月1日资本使用效率回报

Above you can see how the current ROCE for Argan compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Argan .

以上是Argan当前ROCE与以往资本回报率的比较,但仅凭过去所能得知的有限。如果想要了解分析师对未来的预测,请查看我们为Argan提供的免费分析师报告。

So How Is Argan's ROCE Trending?

那Argan的ROCE趋势如何?

Shareholders will be relieved that Argan has broken into profitability. The company was generating losses five years ago, but has managed to turn it around and as we saw earlier is now earning 14%, which is always encouraging. On top of that, what's interesting is that the amount of capital being employed has remained steady, so the business hasn't needed to put any additional money to work to generate these higher returns. So while we're happy that the business is more efficient, just keep in mind that could mean that going forward the business is lacking areas to invest internally for growth. So if you're looking for high growth, you'll want to see a business's capital employed also increasing.

股东将会松一口气,因为Argan已经实现盈利。五年前公司还在亏损,但现在已成功扭亏为盈,正如前文所述,目前盈利率为14%,这总是令人鼓舞的。更有趣的是,所使用的资本量保持稳定,因此业务无需投入额外资金即可创造更高的回报。虽然我们对业务更有效率感到高兴,但请记得,这可能意味着未来业务在内部投资增长方面存在局限。因此,如果您寻求高增长,就需要看到业务使用的资本增加。

On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 57% of the business, which is more than it was five years ago. And with current liabilities at those levels, that's pretty high.

另外,我们注意到ROCE改善似乎部分源于流动负债的增加。实质上,这意味着供应商或短期债权人如今为业务提供了57%的资金,这比五年前多了。而且,目前负债处于这个水平,相当高。

Our Take On Argan's ROCE

我们对Argan的ROCE看法

To bring it all together, Argan has done well to increase the returns it's generating from its capital employed. Since the stock has returned a staggering 209% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.

总的来说,Argan成功提高了资本使用所带来的回报。由于股票在过去五年为股东带来了惊人的209%回报,投资者似乎已经认识到这些变化。话虽如此,我们仍然认为,这些有前景的基本面意味着公司值得进一步进行尽职调查。

If you want to continue researching Argan, you might be interested to know about the 1 warning sign that our analysis has discovered.

如果您想继续研究argan,您可能有兴趣了解我们分析发现的1个警告信号。

While Argan 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Argan目前可能没有最高的回报率,但我们已经编制了一份目前股东权益回报率超过25%的公司名单。查看这里的免费名单。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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