The Returns At Amphenol (NYSE:APH) Aren't Growing
The Returns At Amphenol (NYSE:APH) Aren't Growing
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. That's why when we briefly looked at Amphenol's (NYSE:APH) ROCE trend, we were pretty happy with what we saw.
如果我们想要找到一个潜在的多倍收益股票,通常会有一些潜在的趋势提供线索。在其他方面,我们希望看到两件事;首先是资本回报率(ROCE)的增长,其次是公司所使用的资本的扩张。简单来说,这些类型的企业是复合增长机器,意味着它们持续以更高的回报率再投资其收益。 这就是为什么当我们简要查看安诺电子(纽交所:APH)的ROCE趋势时,我们对看到的结果感到很满意。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE):它是什么?
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 Amphenol, this is the formula:
对于那些不确定ROCE是什么的人来说,它衡量的是公司可以从其业务中使用的资本生成的税前利润。如果要计算安诺电子的这一指标,公式如下:
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$3.0b ÷ (US$20b - US$3.9b) (Based on the trailing twelve months to September 2024).
0.19 = 30亿美金 ÷ (200亿美金 - 39亿美金)(基于截至2024年9月的过去12个月)。
Therefore, Amphenol has an ROCE of 19%. In absolute terms, that's a satisfactory return, but compared to the Electronic industry average of 10% it's much better.
因此,安诺电子的ROCE为19%。从绝对值来看,这是一个令人满意的回报,但与电子行业平均10%相比,要好得多。
In the above chart we have measured Amphenol's 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 Amphenol .
在上面的图表中,我们将安诺电子之前的资本回报率(ROCE)与其先前的表现进行了比较,但未来的表现无疑更为重要。如果您想了解分析师对未来的预测,您应该查看我们的安诺电子免费分析报告。
So How Is Amphenol's ROCE Trending?
那么安诺电子的资本回报率(ROCE)走势如何?
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has employed 83% more capital in the last five years, and the returns on that capital have remained stable at 19%. 19% is a pretty standard return, and it provides some comfort knowing that Amphenol 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.
资本回报率(ROCE)的趋势并不突出,但整体回报是不错的。这家公司在过去五年中使用了更多83%的资本,且这些资本的回报保持在19%的稳定水平。19%的回报率相当标准,知道安诺电子一直获得这样的回报令人感到安慰。这个范围内的稳定回报可能并不激动人心,但如果能在长期内保持,通常能为股东带来不错的回报。
The Bottom Line On Amphenol's ROCE
安诺电子资本回报率(ROCE)的底线
The main thing to remember is that Amphenol has proven its ability to continually reinvest at respectable rates of return. And long term investors would be thrilled with the 174% return they've received over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
要记住的主要一点是,安诺电子已经证明其能以可观的回报率持续再投资。长期投资者会对过去五年来获得的174%的回报感到高兴。因此,尽管投资者似乎正在认识到这些有希望的趋势,我们仍然认为这只股票值得进一步研究。
On a final note, we've found 1 warning sign for Amphenol that we think you should be aware of.
最后,我们发现安诺电子有1个警告信号,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.
对于喜欢投资于稳健公司的投资者,可以查看这个免费的稳健资产负债表和高股本回报率公司的列表。
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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。