Return Trends At Camping World Holdings (NYSE:CWH) Aren't Appealing
Return Trends At Camping World Holdings (NYSE:CWH) Aren't Appealing
0.069 = US$201m ÷ (US$5.0b - US$2.0b) 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. 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. However, after investigating Camping World Holdings (NYSE:CWH), we don't think it's current trends fit the mold of a multi-bagger.
如果您在寻找下一个多倍股时不确定从哪里开始，有几个关键趋势您应该留意。其中一种常见方法是尝试找到一个资本利用率（ROCE）逐渐增长，并且资本利用量不断增加的公司。如果您看到这一点，通常意味着这是一家拥有出色商业模式和大量有利可图的再投资机会的公司。然而，在调查露营世界（纽交所：CWH）后，我们认为它目前的趋势不符合多倍股的模式。
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. Analysts use this formula to calculate it for Camping World Holdings:
如果您之前没有接触过ROCE，它衡量了公司从经营中投入的资本所产生的“回报”（税前利润）。分析师使用这个公式为露营世界进行计算：
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。
0.069 = US$201m ÷ (US$5.0b - US$2.0b) (Based on the trailing twelve months to June 2024).
0.069 = 2,010百万美元 ÷ （50亿美元 - 20亿美元）（截至2024年6月的过去十二个月）。
Thus, Camping World Holdings has an ROCE of 6.9%. Ultimately, that's a low return and it under-performs the Specialty Retail industry average of 12%.
因此，露营世界的ROCE为6.9%。最终，这是一个较低的回报率，低于专业零售行业的平均回报率12%。
In the above chart we have measured Camping World Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Camping World Holdings .
在上面的图表中，我们已经测量了露营世界控股公司之前的ROCE与其之前的表现，但未来可能更为重要。如果您想了解分析师对未来的预测，请查看我们为露营世界控股公司准备的免费分析师报告。
What Does the ROCE Trend For Camping World Holdings Tell Us?
露营世界控股公司的ROCE趋势告诉我们什么？
The returns on capital haven't changed much for Camping World Holdings in recent years. Over the past five years, ROCE has remained relatively flat at around 6.9% and the business has deployed 30% more capital into its operations. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
近年来，露营世界控股公司的资本回报率并没有发生太大变化。在过去的五年中，ROCE基本保持在约6.9%左右，业务将更多资本投入运营。鉴于公司增加了投入的资本数量，这些投资似乎并未带来较高的资本回报率。
On a separate but related note, it's important to know that Camping World Holdings has a current liabilities to total assets ratio of 41%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是，露营世界的流动负债占总资产的比率达到了41％，这被认为是非常高的。这意味着，供应商（或短期债权人）在资金中为业务提供了很大的帮助，因此需要注意降低这个比率来减少承担的风险。这样做的好处是减少轴承风险。
The Key Takeaway
重要提示
As we've seen above, Camping World Holdings' returns on capital haven't increased but it is reinvesting in the business. Yet to long term shareholders the stock has gifted them an incredible 289% return in the last five years, so the market appears to be rosy about its future. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
正如我们上面所看到的，露营世界控股公司的资本回报率并没有增加，但它正在对业务进行再投资。然而，对于长期股东来说，过去五年股票为他们带来了惊人的289%的回报，所以市场似乎对其未来持乐观态度。然而，除非这些潜在趋势变得更为积极，否则我们不会抱太高的期望。
On a final note, we found 3 warning signs for Camping World Holdings (2 are concerning) you should be aware of.
最后要注意的是，我们发现了Camping World Holdings的3个警告标志（其中2个令人担忧），您应该注意。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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