Capital Allocation Trends At Glodon (SZSE:002410) Aren't Ideal
Capital Allocation Trends At Glodon (SZSE:002410) Aren't Ideal
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. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. However, after investigating Glodon (SZSE:002410), we don't think it's current trends fit the mold of a multi-bagger.
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。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 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,在調查了Glodon(深圳證券交易所:002410)之後,我們認爲目前的趨勢不符合多袋機的模式。
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 Glodon:
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 Glodon 的值:
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)
0.014 = CN¥91m ÷ (CN¥10b - CN¥3.5b) (Based on the trailing twelve months to March 2024).
0.014 = 9.1億元人民幣 ÷(10億元人民幣-35億元人民幣) (基於截至2024年3月的過去十二個月)。
Thus, Glodon has an ROCE of 1.4%. In absolute terms, that's a low return and it also under-performs the Software industry average of 3.0%.
因此,格洛登的投資回報率爲1.4%。從絕對值來看,這是一個低迴報,它的表現也低於軟件行業3.0%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240523/0-3fffb642443515dce7af51db048fca02-0-93d5684e2a1d110dea7e8f615d599a4e.png/big)
Above you can see how the current ROCE for Glodon compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Glodon .
上面你可以看到Glodon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。如果你想了解分析師對未來的預測,你應該查看我們的免費Glodon分析師報告。
What Can We Tell From Glodon's ROCE Trend?
我們可以從Glodon的ROCE趨勢中得出什麼?
On the surface, the trend of ROCE at Glodon doesn't inspire confidence. Around five years ago the returns on capital were 11%, but since then they've fallen to 1.4%. However it looks like Glodon might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. 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,Glodon的投資回報率趨勢並不能激發信心。大約五年前,資本回報率爲11%,但此後已降至1.4%。但是,看來Glodon可能正在進行再投資以實現長期增長,因爲儘管資本使用量有所增加,但該公司的銷售額在過去12個月中沒有太大變化。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, Glodon's current liabilities have increased over the last five years to 35% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. While the ratio isn't currently too high, it's worth keeping an eye on this because if it gets particularly high, the business could then face some new elements of risk.
順便說一句,在過去五年中,格洛登的流動負債已增加到總資產的35%,這在某種程度上實際上扭曲了投資回報率。如果流動負債沒有像以前那樣增加,投資回報率實際上可能會更低。儘管該比率目前還不太高,但值得關注,因爲如果該比率變得特別高,則業務可能會面臨一些新的風險因素。
In Conclusion...
總之...
Bringing it all together, while we're somewhat encouraged by Glodon's reinvestment in its own business, we're aware that returns are shrinking. And investors appear hesitant that the trends will pick up because the stock has fallen 34% in the last five years. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
綜上所述,儘管Glodon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。投資者似乎對趨勢能否回升猶豫不決,因爲該股在過去五年中下跌了34%。無論如何,該股票不具有上面討論的多袋裝股票的特徵,因此,如果您正在尋找這種特徵,我們認爲您在其他地方會更幸運。
One more thing to note, we've identified 2 warning signs with Glodon and understanding them should be part of your investment process.
還有一件事需要注意,我們已經向Glodon確定了兩個警告信號,並了解它們應該成爲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。