Be Wary Of Lear (NYSE:LEA) And Its Returns On Capital
Be Wary Of Lear (NYSE:LEA) And Its Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. In light of that, when we looked at Lear (NYSE:LEA) and its ROCE trend, we weren't exactly thrilled.
我們應該尋找什麼樣的趨勢,我們想要找出能夠長期成倍增值的股票?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。有鑒於此,當我們看到李爾王(紐約證券交易所股票代碼:LEA)及其ROCE趨勢,我們並不是很興奮。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Lear, this is the formula:
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)。要計算Lear的此指標,公式如下:
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)
0.12 = US$1.0b ÷ (US$15b - US$5.7b) (Based on the trailing twelve months to September 2023).
0.12=10億美元?(150億-57億美元)(根據截至2023年9月的往績12個月計算)。
Thus, Lear has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Auto Components industry average of 13%.
因此,李爾的淨資產收益率為12%。按絕對值計算,這是一個相當正常的回報率,有點接近汽車零部件行業13%的平均水準。
View our latest analysis for Lear
查看我們對李爾的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231029/0-af7f5f7e9c45737f016e7c50d3516a80-0-7cd07cb046a5ba0ab0fdd5b060259f1c.png/big)
Above you can see how the current ROCE for Lear compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上面,你可以看到李爾目前的淨資產收益率與之前的資本回報率相比,但你只能從過去知道這麼多。如果您感興趣,您可以在我們的免費分析師對該公司的預測報告.
What Does the ROCE Trend For Lear Tell Us?
李爾王的ROCE趨勢告訴了我們什麼?
On the surface, the trend of ROCE at Lear doesn't inspire confidence. To be more specific, ROCE has fallen from 24% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
從表面上看,李爾王的ROCE趨勢並沒有激發人們的信心。更具體地說,ROCE在過去五年中從24%下降。儘管,考慮到收入和業務中使用的資產數量都有所增加,這可能表明該公司正在投資於增長,而額外的資本導致了ROCE的短期下降。如果這些投資被證明是成功的,這可能是長期股票表現的好兆頭。
The Bottom Line
底線
In summary, despite lower returns in the short term, we're encouraged to see that Lear is reinvesting for growth and has higher sales as a result. These trends are starting to be recognized by investors since the stock has delivered a 0.5% gain to shareholders who've held over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
總而言之,儘管短期內回報較低,但我們感到鼓舞的是,李爾正在為增長進行再投資,並因此獲得了更高的銷售額。這些趨勢開始得到投資者的認可,因為該股在過去五年裡為持有該股的股東帶來了0.5%的收益。因此,我們建議進一步研究這只股票,以確認它是否具備良好的投資條件。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 3 warning signs for Lear (of which 1 shouldn't be ignored!) that you should know about.
由於幾乎每家公司都面臨一些風險,瞭解它們是什麼是值得的,我們已經發現李爾王的3個警告信號(其中1個不應該被忽視!)這是你應該知道的。
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
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.