Foot Locker (NYSE:FL) Will Want To Turn Around Its Return Trends
Foot Locker (NYSE:FL) Will Want To Turn Around Its Return Trends
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Foot Locker (NYSE:FL) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
我們應該尋找哪些趨勢?我們想確定可以長期價值成倍增長的股票?一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 所用資本的比例。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,在簡短地查看了這些數字之後,我們認爲Foot Locker(紐約證券交易所代碼:FL)在未來不具備多袋裝的優勢,但讓我們來看看爲什麼會這樣。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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. The formula for this calculation on Foot Locker is:
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。在 Foot Locker 上進行此計算的公式爲:
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)
0.035 = US$194m ÷ (US$6.9b - US$1.3b) (Based on the trailing twelve months to February 2024).
0.035 = 1.94 億美元 ÷(69 億美元-13 億美元) (基於截至2024年2月的過去十二個月)。
Thus, Foot Locker has an ROCE of 3.5%. Ultimately, that's a low return and it under-performs the Specialty Retail industry average of 14%.
因此,Foot Locker的投資回報率爲3.5%。歸根結底,這是一個低迴報,其表現低於專業零售行業14%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240315/0-031ecff43281574a6713e1f465a051c7-0-eeccda48c78e9f6594698d7acf6671e4.png/big)
Above you can see how the current ROCE for Foot Locker compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Foot Locker for free.
在上面你可以看到Foot Locker當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,你可以免費查看報道Foot Locker的分析師的預測。
What Can We Tell From Foot Locker's ROCE Trend?
我們可以從 Foot Locker 的 ROCE 趨勢中得出什麼?
When we looked at the ROCE trend at Foot Locker, we didn't gain much confidence. To be more specific, ROCE has fallen from 24% over the last five years. 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 may take some time before the company starts to see any change in earnings from these investments.
當我們觀察Foot Locker的投資回報率趨勢時,我們並沒有獲得太大的信心。更具體地說,投資回報率已從過去五年的24%下降。同時,該業務正在使用更多的資本,但在過去的12個月中,這並沒有對銷售產生太大影響,因此這可能反映出長期投資。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
The Bottom Line On Foot Locker's ROCE
Foot Locker 的 ROCE 的底線
Bringing it all together, while we're somewhat encouraged by Foot Locker's reinvestment in its own business, we're aware that returns are shrinking. And in the last five years, the stock has given away 54% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
綜上所述,儘管Foot Locker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。在過去的五年中,該股已經下跌了54%,因此市場對這些趨勢在短期內走強似乎並不抱太大希望。總而言之,多裝袋機的固有趨勢並不常見,因此,如果您想要這樣做,我們認爲您在其他地方可能會有更多的運氣。
On a final note, we've found 1 warning sign for Foot Locker that we think you should be aware of.
最後,我們發現了Foot Locker的1個警告標誌,我們認爲你應該注意這個標誌。
While Foot Locker 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Foot Locker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%的公司清單。在這裏查看這個免費清單。
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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.
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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。