Tower Semiconductor's (NASDAQ:TSEM) Returns On Capital Not Reflecting Well On The Business
Tower Semiconductor's (NASDAQ:TSEM) Returns On Capital Not Reflecting Well On The Business
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. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Tower Semiconductor (NASDAQ:TSEM), we don't think it's current trends fit the mold of a multi-bagger.
如果你不確定從哪裏開始尋找下一個多倍股票,那麼你應該關注幾個關鍵趨勢。在完美的世界中,我們希望看到一家公司增加更多資本投入業務,並且從該資本獲得的回報也在增加。如果你看到這種情況,通常意味着這是一家擁有極佳業務模式和充足盈利再投資機會的公司。但是在調查了納斯達克股票交易市場上的tower半導體後,我們認爲它的現行趨勢無法適用於多倍股票。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Tower Semiconductor:
如果你以前沒有使用過ROCE,它是衡量公司從經營的資本中產生的“回報”(稅前利潤)的工具。分析師使用此公式計算tower半導體的ROCE:
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。
0.067 = US$177m ÷ (US$3.0b - US$324m) (Based on the trailing twelve months to March 2024).
0.067=美元177m÷(美元3.0b-美元324m)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。.
Thus, Tower Semiconductor has an ROCE of 6.7%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 9.7%.
因此,tower半導體ROCE爲6.7%。這是一個較低的回報率,並且低於半導體行業平均水平9.7%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240526/0-1c639ff3363557625f329c216c1c0263-0-811c1bb815c27e9021ea39f813466ae3.png/big)
In the above chart we have measured Tower Semiconductor's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Tower Semiconductor .
在上圖中,我們比較了tower半導體在過去的ROCE與過去的表現,但未來才是更重要的。如果你想了解分析師的預測,請查看我們免費提供的tower半導體分析報告。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
On the surface, the trend of ROCE at Tower Semiconductor doesn't inspire confidence. Around five years ago the returns on capital were 9.3%, but since then they've fallen to 6.7%. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
表面上看,tower半導體的ROCE趨勢並不令人信服。大約五年前,資本回報率爲9.3%,但自那時以來下降至6.7%。考慮到該業務正在投入更多的資本,而收入卻有所下降,這有點令人擔憂。如果這種情況繼續下去,你可能在看着一家試圖通過再投資來創造增長,但實際上由於銷售額未增加而正在失去市場份額的公司。
What We Can Learn From Tower Semiconductor's ROCE
從tower半導體的ROCE中我們可以學到什麼
We're a bit apprehensive about Tower Semiconductor because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Since the stock has skyrocketed 153% over the last five years, it looks like investors have high expectations of the stock. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
我們對tower半導體有些擔憂,因爲儘管在業務中部署了更多資本,但資本回報率和銷售額都下降了。由於股票在過去五年中暴漲153%,看來投資者對該股票有很高的期望值。但是,考慮到我們對基本面不太舒適,我們現在會避開這支股票。
One more thing: We've identified 2 warning signs with Tower Semiconductor (at least 1 which can't be ignored) , and understanding them would certainly be useful.
還有一件事:我們已經確定了tower半導體的2個警示信號(至少有1個不能被忽視),理解它們肯定會有用。
While Tower Semiconductor 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tower半導體沒有獲得最高回報,但你可以查看此免費公司列表,這些公司憑藉堅實的資產負債表獲得高回報率。
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