There Are Reasons To Feel Uneasy About CoCreation Grass' (SHSE:605099) Returns On Capital
There Are Reasons To Feel Uneasy About CoCreation Grass' (SHSE:605099) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at CoCreation Grass (SHSE:605099) and its ROCE trend, we weren't exactly thrilled.
我們應該尋找哪些早期趨勢來識別一隻可能在長期內成倍增值的股票?在一個完美的世界裡,我們希望看到一家公司向其業務投入更多資本,理想情況下,從這些資本中賺取的回報也在增加。如果你看到這個,通常意味著它是一家擁有出色商業模式和大量有利可圖的再投資機會的公司。有鑒於此,當我們看到共生之草(上海證券交易所:605099)和它的ROCE趨勢,我們並不是很興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本回報率(ROCE)?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for CoCreation Grass, this is the formula:
如果您不確定,只需澄清一下,ROCE是一種評估公司投資於其業務的資本獲得多少稅前收入(按百分比計算)的指標。要計算共同創造草的此度量,請使用以下公式:
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)
0.18 = CN¥413m ÷ (CN¥2.7b - CN¥322m) (Based on the trailing twelve months to June 2023).
0.18=CN元4.13億?(CN元27億-CN元3.22億)(根據截至2023年6月的往績12個月計算)。
Thus, CoCreation Grass has an ROCE of 18%. In absolute terms, that's a satisfactory return, but compared to the Leisure industry average of 6.6% it's much better.
因此,共生之草的淨資產收益率為18%。就絕對值而言,這是一個令人滿意的回報,但與休閒行業6.6%的平均回報率相比,這要好得多。
View our latest analysis for CoCreation Grass
查看我們對聯合創造草的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231023/0-c5de2ecf9ed500a366843149d212cd43-0-5cb7249d44e59a5e5ca5547a302a729e.png/big)
In the above chart we have measured CoCreation Grass' 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 report for CoCreation Grass.
在上面的圖表中,我們衡量了CoCreation Grass之前的ROCE和它之前的表現,但可以說,未來更重要。如果您想查看分析師對未來的預測,您應該查看我們的免費為共生之草報到。
What Can We Tell From CoCreation Grass' ROCE Trend?
從共生草的ROCE趨勢中我們能看出什麼?
When we looked at the ROCE trend at CoCreation Grass, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 18% from 37% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
當我們觀察CoCreation Grass的ROCE趨勢時,我們並沒有獲得太多信心。過去五年,資本回報率從五年前的37%降至18%。與此同時,該公司正在利用更多資本,但這在過去12個月的銷售額方面沒有太大變化,因此這可能反映了較長期的投資。從現在開始,值得密切關注該公司的收益,看看這些投資最終是否真的為利潤做出了貢獻。
On a side note, CoCreation Grass has done well to pay down its current liabilities to 12% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另一方面,CoCreation Grass在將目前的負債降低到總資產的12%方面做得很好。因此,我們可以將其中一些因素與淨資產收益率的下降聯繫起來。更重要的是,這可以降低業務的某些方面的風險,因為現在該公司的供應商或短期債權人為其運營提供的資金減少了。由於企業基本上是用自有資金為更多的運營提供資金,你可以說這降低了企業產生淨資產收益率的效率。
Our Take On CoCreation Grass' ROCE
我們對共同創造草的ROCE的看法
In summary, CoCreation Grass is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 24% in the last three years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總而言之,CoCreation Grass正在將資金重新投資到業務中,以實現增長,但不幸的是,銷售額似乎還沒有增加多少。投資者似乎對趨勢是否會回升猶豫不決,因為該股在過去三年裡下跌了24%。總體而言,我們不太受潛在趨勢的鼓舞,我們認為在其他地方可能會有更好的機會找到多個袋子。
If you'd like to know about the risks facing CoCreation Grass, we've discovered 1 warning sign that you should be aware of.
如果你想知道生育草面臨的風險,我們發現1個個警告標誌這一點你應該知道.
While CoCreation Grass isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然共同創造草並沒有獲得最高的回報,但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.