Shaanxi Provincial Natural GasLtd's (SZSE:002267) Returns Have Hit A Wall
Shaanxi Provincial Natural GasLtd's (SZSE:002267) Returns Have Hit A Wall
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. Although, when we looked at Shaanxi Provincial Natural GasLtd (SZSE:002267), it didn't seem to tick all of these boxes.
如果我們想要找到一個潛在的多管齊下的人,往往有潛在的趨勢可以提供線索。在其他方面,我們希望看到兩件事;第一,不斷增長的退貨一是關於已用資本(ROCE),二是公司的金額已動用資本的比例。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。雖然,當我們看到陝西省天然氣有限責任公司(SZSE:002267),它似乎沒有勾選所有這些框。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Shaanxi Provincial Natural GasLtd is:
如果你以前沒有使用過ROCE,它衡量的是一家公司從業務資本中獲得的“回報”(稅前利潤)。陝西省天然氣有限責任公司的計算公式為:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)
0.085 = CN¥703m ÷ (CN¥13b - CN¥4.8b) (Based on the trailing twelve months to March 2023).
0.085=7.03億元?(13億元-48億元)(根據截至2023年3月的往績12個月計算)。
Thus, Shaanxi Provincial Natural GasLtd has an ROCE of 8.5%. On its own that's a low return on capital but it's in line with the industry's average returns of 9.2%.
因此,陝西省天然氣股份有限公司的淨資產收益率為8.5%。就其本身而言,這是一個較低的資本回報率,但與該行業9.2%的平均回報率一致。
View our latest analysis for Shaanxi Provincial Natural GasLtd
查看我們對陝西省天然氣有限公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230818/0-af74e26d93c4b32aadcc24ba453bb6fb-0-82bcdb2655dbec0f7ea2bc43b0bc6212.png/big)
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Shaanxi Provincial Natural GasLtd, check out these free graphs here.
雖然過去並不代表未來,但瞭解一家公司歷史上的表現是有幫助的,這就是為什麼我們有上面的圖表。如果你想深入研究陝西省天然氣有限公司的歷史收益、收入和現金流,請查看以下內容免費圖表在這裡。
The Trend Of ROCE
ROCE的發展趨勢
Things have been pretty stable at Shaanxi Provincial Natural GasLtd, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So unless we see a substantial change at Shaanxi Provincial Natural GasLtd in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
陝西省天然氣股份有限公司的情況相當穩定,過去五年,其資本投入和資本回報率保持不變。具有這些特徵的企業往往是成熟和穩定的運營,因為它們已經過了成長期。因此,除非我們看到陝西省天然氣股份有限公司在淨資產收益率和額外投資方面發生實質性變化,否則我們不會對它是一家多袋子公司抱有太大希望。
The Bottom Line
底線
In summary, Shaanxi Provincial Natural GasLtd isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Unsurprisingly, the stock has only gained 28% over the last five years, which potentially indicates that investors are accounting for this going forward. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總而言之,陝西省天然氣股份有限公司並沒有實現盈利複利,而是用同樣數量的資本產生了穩定的回報。不出所料,該股在過去五年中僅上漲了28%,這可能表明未來投資者正在考慮這一點。因此,如果你正在尋找一個多袋子,潛在的趨勢表明,你可能在其他地方有更好的機會。
One more thing, we've spotted 1 warning sign facing Shaanxi Provincial Natural GasLtd that you might find interesting.
還有一件事,我們發現了1個個警告標誌面對陝西省天然氣有限公司,你可能會感興趣。
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.
對於那些喜歡投資於穩固的公司,看看這個免費資產負債表穩健、股本回報率高的公司名單。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.