We Like These Underlying Return On Capital Trends At Universal Display (NASDAQ:OLED)
We Like These Underlying Return On Capital Trends At Universal Display (NASDAQ:OLED)
There are a few key trends to look for if we want to identify the next multi-bagger. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at Universal Display (NASDAQ:OLED) and its trend of ROCE, we really liked what we saw.
如果我們想確定下一款多袋機,有一些關鍵的趨勢需要考慮。在一個完美的世界中,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,從這些資本中獲得的回報也在增加。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。因此,當我們研究環球顯示器(納斯達克股票代碼:OLED)及其投資回報率趨勢時,我們真的很喜歡我們所看到的。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(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. Analysts use this formula to calculate it for Universal Display:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用以下公式來計算環球顯示器的利潤:
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)
0.16 = US$236m ÷ (US$1.6b - US$131m) (Based on the trailing twelve months to September 2023).
0.16 = 2.36億美元 ÷(16億美元-1.31億美元) (基於截至2023年9月的過去十二個月)。
Thus, Universal Display has an ROCE of 16%. On its own, that's a standard return, however it's much better than the 11% generated by the Semiconductor industry.
因此,環球顯示器的投資回報率爲16%。就其本身而言,這是標準回報,但要比半導體行業產生的11%好得多。
Check out our latest analysis for Universal Display
查看我們對通用顯示器的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240108/0-4d0cb0e9d213a1b80a0356584eb5584b-0-5a52e32a4729b4c72f305564e2a95a8d.png/big)
In the above chart we have measured Universal Display's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Universal Display here for free.
在上圖中,我們將環球顯示器之前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你願意,可以在這裏免費查看報道環球顯示器的分析師的預測。
The Trend Of ROCE
ROCE 的趨勢
Universal Display is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 16%. The amount of capital employed has increased too, by 94%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
環球顯示出一些積極的趨勢。數據顯示,在過去五年中,資本回報率大幅上升至16%。使用的資本金額也增加了94%。這可能表明,內部有很多機會以更高的利率進行資本投資,這種組合在多袋公司中很常見。
Our Take On Universal Display's ROCE
我們對環球顯示器投資回報率的看法
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Universal Display has. And with a respectable 95% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. In light of that, we think it's worth looking further into this stock because if Universal Display can keep these trends up, it could have a bright future ahead.
一家資本回報率不斷提高且能夠持續進行自我再投資的公司是一個備受追捧的特徵,而這正是環球顯示所擁有的。而且,在過去五年中持有該股票的人獲得了可觀的95%的獎勵,你可以說這些發展已開始得到應有的關注。有鑑於此,我們認爲值得進一步研究這隻股票,因爲如果環球顯示能夠保持這些趨勢,它可能會有一個光明的未來。
One more thing to note, we've identified 1 warning sign with Universal Display and understanding it should be part of your investment process.
還有一件事需要注意,我們已經確定了環球顯示的1個警告標誌,並知道它應該是您投資過程的一部分。
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.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。