C.H. Robinson Worldwide (NASDAQ:CHRW) May Have Issues Allocating Its Capital
C.H. Robinson Worldwide (NASDAQ:CHRW) May Have Issues Allocating Its Capital
What underlying fundamental trends can indicate that a company might be in decline? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base 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 C.H. Robinson Worldwide (NASDAQ:CHRW), we weren't too upbeat about how things were going.
什么基础的基本趋势可以表明一家公司可能正在衰退? 衰退中的企业通常有两个基础趋势,首先是资本回报率(ROCE)下降,其次是使用的资本基础下降。 基本上,公司在其投资上的收益在减少,同时总资产也在减少。 在这一点上,考虑到罗宾逊物流(纳斯达克:CHRW),我们对情况并不太乐观。
Understanding Return On Capital Employed (ROCE)
理解已投资资本回报率(ROCE)
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 C.H. Robinson Worldwide, this is the formula:
对于那些不确定ROCE是什么的人来说,它衡量的是公司从其业务中使用的资本生成的税前利润的数量。 计算罗宾逊物流的这一指标的公式是:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)
0.19 = US$625m ÷ (US$5.6b - US$2.2b) (Based on the trailing twelve months to September 2024).
0.19 = US$62500万 ÷ (US$56亿 - US$2.2b)(基于截至2024年9月的过去十二个月)。
Therefore, C.H. Robinson Worldwide has an ROCE of 19%. On its own, that's a standard return, however it's much better than the 13% generated by the Logistics industry.
因此,罗宾逊物流的资本回报率为19%。就其本身而言,这是一项标准回报,但比物流行业产生的13%要好得多。
In the above chart we have measured C.H. Robinson Worldwide'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 C.H. Robinson Worldwide for free.
在以上图表中,我们比较了罗宾逊物流之前的资本回报率与其之前的表现,但未来的表现无疑更为重要。如果您愿意,可以免费查看覆盖罗宾逊物流的分析师的预测。
What Can We Tell From C.H. Robinson Worldwide's ROCE Trend?
我们可以从罗宾逊物流的资本回报率趋势中得出什么?
In terms of C.H. Robinson Worldwide's historical ROCE movements, the trend doesn't inspire confidence. Unfortunately the returns on capital have diminished from the 28% that they were earning five years ago. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect C.H. Robinson Worldwide to turn into a multi-bagger.
就罗宾逊物流历史资本回报率的变化来看,这一趋势并没有让人感到信心。很不幸的是,资本回报率从五年前的28%降低了。此外,值得注意的是,业务中所使用的资本量保持相对稳定。这样的组合可能表明这是一个成熟的业务,仍有地方可以部署资本,但所获得的回报却可能因为新的竞争或利润率的降低而没有那么高。如果这些趋势持续下去,我们不希望罗宾逊物流会转变为一个多倍收益的股票。
What We Can Learn From C.H. Robinson Worldwide's ROCE
我们可以从罗宾逊物流的资本回报率中学到什么
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. But investors must be expecting an improvement of sorts because over the last five yearsthe stock has delivered a respectable 64% return. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
最后,相同资本下回报率降低的趋势通常并不意味着我们在关注一只成长型股票。但投资者必须期待某种改善,因为在过去五年里,该股票提供了可观的64%回报。无论如何,我们对基本面并不感到太舒适,因此现在我们会避免购买这只股票。
C.H. Robinson Worldwide does have some risks, we noticed 2 warning signs (and 1 which shouldn't be ignored) we think you should know about.
罗宾逊物流确实存在一些风险,我们注意到了2个警告信号(还有1个不容忽视的信号),我们认为您应该了解这些。
While C.H. Robinson Worldwide 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.
虽然罗宾逊物流目前可能未能获得最高的回报,但我们已整理了一份当前资本回报率超过25%的公司的名单。请在这里查看这份免费名单。
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这篇来自Simply Wall St的文章是一般性的。我们根据历史数据和分析师预测提供评论,采用无偏见的方法,我们的文章并不旨在提供财务建议。它不构成对任何股票的买入或卖出建议,也未考虑到您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均没有持仓。
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