Shenergy's consistent low ROCE and increase in capital employed indicate that the business isn't deploying funds into high return investments. Given these underlying trends, the likelihood of it being a multi-bagger from here isn't high.
Despite Shenergy's reinvestment, capital returns haven't risen, potentially dampening its 'multi-bagger' prospect. Market anticipates improvements based on five-year gain, but unless trends turn positive, hopes may be premature.