Slowing Rates Of Return At California Water Service Group (NYSE:CWT) Leave Little Room For Excitement
Slowing Rates Of Return At California Water Service Group (NYSE:CWT) Leave Little Room For Excitement
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at California Water Service Group (NYSE:CWT), it didn't seem to tick all of these boxes.
你是否知道,一些財務指標可以提供潛在的多倍投資機會的線索?理想情況下,一個企業將顯示兩個趨勢;首先是資本投入的增長。如果你看到這個,通常意味着這是一家擁有優秀商業模式和充足利潤再投資機會的公司。然而,經過簡要的數字分析後,我們認爲柯力傳感(寧波)股份有限公司(SHSE:603662)未來不具備成爲多倍投資機會的條件,但讓我們看看爲什麼。資產回報率:它是什麼?資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼?比起 Enphase Energy,有更好的資本回報率選擇。在過去的五年中,該公司增加了 1,306% 的資本,而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服,而且隨着資本的增加,很明顯企業並沒有將資金投入到高回報的投資中。最終,這表明它是一個以遞增的回報率再投資利潤的企業。雖然在我們看加州水務集團(NYSE:CWT)的時候,似乎並沒有完全符合這些規則。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for California Water Service Group, this is the formula:
如果你以前沒有使用過ROCE,那麼它可以衡量公司在業務中使用的資本產生的“回報率”(稅前利潤)。要計算出加州水務集團的這個指標,需使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.046 = US$197m ÷ (US$4.8b - US$508m) (Based on the trailing twelve months to March 2024).
0.046 = 1.97億美元 ÷(48億美元 - 5.08億美元)在Elevance Health上,我們已經注意到的趨勢是相當令人放心的。數據顯示,過去五年資產回報率大幅提高至15%。投資所用資產的規模也增加了30%。這表明有很多機會進行內部資本投資,並以更高的速度不斷增長,這種組合在多倍增長方面很常見。.
So, California Water Service Group has an ROCE of 4.6%. On its own, that's a low figure but it's around the 4.3% average generated by the Water Utilities industry.
所以,加州水務集團的ROCE是4.6%。單獨看這個數字,雖然有些低,但它比水公用事業行業產生的4.3%平均水平更高。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240524/0-cb3189e15e1da877bdb973dcb23dcdc4-0-367f6cf7028f967ac0b7aa9e6f90d08b.png/big)
Above you can see how the current ROCE for California Water Service Group 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 California Water Service Group .
上面你可以看到加州水務集團當前ROCE與其以前資本回報之間的比較,但過去只能告訴你這麼多。如果你想看看分析師預測未來的情況,可以查看我們免費的分析師報告。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
There are better returns on capital out there than what we're seeing at California Water Service Group. The company has employed 70% more capital in the last five years, and the returns on that capital have remained stable at 4.6%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
有比我們在加州水務集團看到的更好的資本回報。過去五年,該公司使用的資本增加了70%,但資本回報率仍保持在4.6%的穩定水平。這種糟糕的ROCE現在並不鼓舞人心,而且隨着資本僱用的增加,很明顯該企業沒有將資金投入到高回報的投資中。
Our Take On California Water Service Group's ROCE
我們對加州水務集團的ROCE的看法
As we've seen above, California Water Service Group's returns on capital haven't increased but it is reinvesting in the business. And investors may be recognizing these trends since the stock has only returned a total of 14% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
正如我們上面所看到的,加州水務集團的資本回報率沒有增加,但它正在對業務進行再投資。而股票回報僅在過去五年裏返回給股東14%。因此,如果你正在尋找一個多倍增長的投資機會,底層趨勢表明你可能在別的地方有更好的機會。
If you'd like to know more about California Water Service Group, we've spotted 3 warning signs, and 1 of them is a bit concerning.
如果你想了解有關加州水務集團的更多信息,我們已經發現了3個預警信號,其中1個令人有些擔憂。
While California Water Service Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然加州水務集團的回報率不是最高的,但是可以查看這個自由公司列表,這些公司在資產負債表上擁有高回報率和堅實的資產表現。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。