Melco Resorts & Entertainment (NASDAQ:MLCO) Will Be Looking To Turn Around Its Returns
Melco Resorts & Entertainment (NASDAQ:MLCO) Will Be Looking To Turn Around Its Returns
When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. So after we looked into Melco Resorts & Entertainment (NASDAQ:MLCO), the trends above didn't look too great.
在投資方面,有一些有用的財務指標可以在企業可能遇到麻煩時向我們發出警告。通常,我們會看到兩者的趨勢 返回 在資本使用率(ROCE)下降時,這通常與下降同時發生 金額 所用資本的比例。這樣的趨勢最終意味着該企業正在減少投資,同時也減少了其投資的收益。因此,在我們調查了新濠度假村及娛樂公司(納斯達克股票代碼:MLCO)之後,上述趨勢看起來並不太好。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Melco Resorts & Entertainment:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用這個公式來計算新濠度假村及娛樂公司的利潤:
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)
0.0089 = US$65m ÷ (US$8.4b - US$1.1b) (Based on the trailing twelve months to December 2023).
0.0089 = 6,500萬美元 ÷(84億美元-11億美元) (基於截至2023年12月的過去十二個月)。
Therefore, Melco Resorts & Entertainment has an ROCE of 0.9%. Ultimately, that's a low return and it under-performs the Hospitality industry average of 9.6%.
因此,新濠度假村及娛樂的投資回報率爲0.9%。歸根結底,這是一個低迴報,其表現低於酒店業9.6%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240304/0-a611068e1f66da397b634d4cbd1a01c3-0-c2e5c1fbdb17b925191fa21aa1349e3f.png/big)
In the above chart we have measured Melco Resorts & Entertainment'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 analyst report for Melco Resorts & Entertainment .
在上圖中,我們將新濠度假村及娛樂公司先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果您有興趣,可以在我們的免費新濠度假村及娛樂分析師報告中查看分析師的預測。
How Are Returns Trending?
退貨趨勢如何?
We are a bit worried about the trend of returns on capital at Melco Resorts & Entertainment. To be more specific, the ROCE was 8.8% five years ago, but since then it has dropped noticeably. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Melco Resorts & Entertainment to turn into a multi-bagger.
我們對新濠度假村及娛樂的資本回報率趨勢有些擔憂。更具體地說,五年前的投資回報率爲8.8%,但此後已明顯下降。同時,在此期間,該業務使用的資本基本保持不變。由於回報率下降且該企業的資產數量相同,這可能表明它是一家成熟的企業,在過去五年中沒有太大的增長。如果這些趨勢繼續下去,我們預計新濠度假村及娛樂不會變成一個多頭的公司。
On a related note, Melco Resorts & Entertainment has decreased its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
與此相關的是,新濠度假村及娛樂已將其流動負債減少至總資產的13%。因此,我們可以將其中一些與投資回報率的下降聯繫起來。實際上,這意味着他們的供應商或短期債權人減少了對企業的融資,從而降低了某些風險因素。有人會聲稱這降低了企業產生投資回報率的效率,因爲該公司現在正在用自己的資金爲更多的業務提供資金。
The Bottom Line On Melco Resorts & Entertainment's ROCE
新濠度假村及娛樂旗下ROCE的底線
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. It should come as no surprise then that the stock has fallen 68% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
歸根結底,相同數量的資本回報率下降的趨勢通常並不表示我們正在考慮成長型股票。因此,該股在過去五年中下跌了68%也就不足爲奇了,因此投資者似乎已經意識到了這些變化。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。
One more thing to note, we've identified 1 warning sign with Melco Resorts & Entertainment and understanding this should be part of your investment process.
還有一件事需要注意,我們已經向新濠度假村及娛樂公司確定了一個警告信號,我們知道這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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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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。