Some Investors May Be Worried About VATS Liquor Chain Store Management's (SZSE:300755) Returns On Capital
Some Investors May Be Worried About VATS Liquor Chain Store Management's (SZSE:300755) Returns On Capital
0.067 = CN¥263m ÷ (CN¥7.7b - CN¥3.7b) (Based on the trailing twelve months to September 2023).If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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 VATS Liquor Chain Store Management (SZSE:300755), it didn't seem to tick all of these boxes.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始，那麼你應該留意一些關鍵趨勢。理想情況下，企業將表現出兩種趨勢；首先是增長 返回 論資本使用率（ROCE），其次是增加 金額 所用資本的比例。簡而言之，這些類型的企業是複合機器，這意味着他們不斷以更高的回報率對收益進行再投資。但是，當我們查看VATS酒類連鎖店管理（深圳證券交易所代碼：300755）時，它似乎並沒有勾選所有這些方框。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（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. Analysts use this formula to calculate it for VATS Liquor Chain Store Management:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。分析師使用以下公式來計算VATS酒類連鎖店管理的利潤：
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）
0.067 = CN¥263m ÷ (CN¥7.7b - CN¥3.7b) (Based on the trailing twelve months to September 2023).
0.067 = 2.63億元人民幣 ÷（7.7億元人民幣-37億元人民幣） （基於截至2023年9月的過去十二個月）。
Therefore, VATS Liquor Chain Store Management has an ROCE of 6.7%. On its own that's a low return on capital but it's in line with the industry's average returns of 7.0%.
因此，VATS酒類連鎖店管理的投資回報率爲6.7％。這本身就是很低的資本回報率，但與該行業7.0％的平均回報率一致。
View our latest analysis for VATS Liquor Chain Store Management
查看我們對VATS酒類連鎖店管理的最新分析
In the above chart we have measured VATS Liquor Chain Store Management's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上圖中，我們將VATS酒類連鎖店管理公司先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。如果您有興趣，可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
What Can We Tell From VATS Liquor Chain Store Management's ROCE Trend?
我們可以從VATS酒類連鎖店管理層的ROCE趨勢中得出什麼？
On the surface, the trend of ROCE at VATS Liquor Chain Store Management doesn't inspire confidence. Around five years ago the returns on capital were 23%, but since then they've fallen to 6.7%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. 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.
從表面上看，VATS酒類連鎖店管理的ROCE趨勢並不能激發信心。大約五年前，資本回報率爲23％，但此後已降至6.7％。另一方面，該公司在去年一直在使用更多資本，但銷售額沒有相應改善，這可能表明這些投資是長期投資。從現在起，值得關注公司的收益，看看這些投資最終是否確實爲利潤做出了貢獻。
On a side note, VATS Liquor Chain Store Management's current liabilities are still rather high at 48% of total assets. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
順便說一句，VATS酒類連鎖店管理公司的流動負債仍然相當高，佔總資產的48％。這可能會帶來一些風險，因爲該公司的運營基本上在很大程度上依賴其供應商或其他類型的短期債權人。理想情況下，我們希望看到這種情況減少，因爲這意味着承擔風險的債務減少。
What We Can Learn From VATS Liquor Chain Store Management's ROCE
我們可以從VATS酒類連鎖店管理的ROCE中學到什麼
Bringing it all together, while we're somewhat encouraged by VATS Liquor Chain Store Management's reinvestment in its own business, we're aware that returns are shrinking. Unsurprisingly, the stock has only gained 24% 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.
綜上所述，儘管VATS酒類連鎖店管理公司對自有業務的再投資使我們感到有些鼓舞，但我們意識到回報正在萎縮。毫不奇怪，該股在過去五年中僅上漲了24％，這可能表明投資者正在考慮未來的情況。因此，如果你正在尋找一款多袋裝車，潛在的趨勢表明你在其他地方的機會可能更大。
On a separate note, we've found 2 warning signs for VATS Liquor Chain Store Management you'll probably want to know about.
另一方面，我們發現了兩個你可能想知道的VATS酒類連鎖店管理的警告信號。
While VATS Liquor Chain Store Management may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管VATS酒類連鎖店管理公司目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這個免費清單。
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