The Returns On Capital At Packaging Corporation of America (NYSE:PKG) Don't Inspire Confidence
The Returns On Capital At Packaging Corporation of America (NYSE:PKG) Don't Inspire Confidence
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Packaging Corporation of America (NYSE:PKG) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
尋找一支多倍股,我們應該在業務中找到哪些潛在趨勢?首先,我們需要確定其資本利用率逐年增長,這證明該企業正在以逐漸增加的投資回報率重新投資利潤。考慮到這一點,Cimpress (NASDAQ:CMPR)的ROCE看起來非常不錯,因此讓我們看一下這種趨勢能告訴我們什麼。資產回報率:它是什麼?資本僱用回報率 (ROCE) 是一種早期趨勢,可以用來識別有可能在長期內翻倍增值的股票,然後在此基礎上,要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器,能夠不斷地將其收益再投入業務,從而產生更高的回報。因此,在這點上,Materialise (納斯達克:MTLS) 看起來相當有前途,因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益(EBIT)÷(總資產-流動負債)如果你看到這條消息,通常意味着它是一個具有良好商業模式和大量盈利的再投資機會的公司。話雖如此,從 Packaging Corporation of America(NYSE:PKG)的第一眼看起來,我們並沒有看到他們的收益率有多好,但我們再深入研究一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 Packaging Corporation of America:
ROCE是一個公司每年稅前利潤(其回報),相對於企業所用資本的度量。分析師使用這個公式來計算 Packaging Corporation of America 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。
0.14 = US$1.1b ÷ (US$8.9b - US$1.4b) (Based on the trailing twelve months to March 2024).
0.14=美元1.1億÷(美元89億-美元14億)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, Packaging Corporation of America has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 11% generated by the Packaging industry.
因此,美國包裝公司的ROCE爲14%。單獨看,這是一個標準的回報率,但它比包裝行業板塊生成的11%要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240606/0-d950001bcb57efdae6d9521b7da640ed-0-69d6b576bcf4ed38ff4524996c363c0b.png/big)
Above you can see how the current ROCE for Packaging Corporation of America compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Packaging Corporation of America .
上面你可以看到 Packaging Corporation of America 現在的 ROCE 如何與其過去的資本回報率相比,但是你只能從過去了解到有限的信息。如果你感興趣,可以查看我們免費的分析報告,了解分析師的預測。
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 Packaging Corporation of America doesn't inspire confidence. Around five years ago the returns on capital were 19%, but since then they've fallen to 14%. 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'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.
表面上看,Packaging Corporation of America ROCE 的趨勢並沒有激發信心。五年前,資本回報率是19%,但此後已下降至14%。與此同時,這個企業正使用更多的資本,但在過去的12個月中,這並沒有在銷售方面起到太大作用,所以這可能反映了更長期的投資。從這裏起,看一眼公司的收益情況是否會對底線做出貢獻是值得的。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
To conclude, we've found that Packaging Corporation of America is reinvesting in the business, but returns have been falling. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 124% gain to shareholders who have held over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
總之,我們發現 Packaging Corporation of America 正在爲企業再投資,但是收益率正在下降。投資者必須認爲有更好的事情即將發生,因爲這支股票已經讓股東們大賺124%,並保持了過去五年的增長勢頭。但是,如果這些潛在趨勢的軌跡繼續,我們認爲從這裏成爲多倍增長的可能性不高。
One more thing, we've spotted 2 warning signs facing Packaging Corporation of America that you might find interesting.
還有一件事,我們已經發現 Packaging Corporation of America 面臨兩個警告跡象,你可能會感到有趣。
While Packaging Corporation of America 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 Packaging Corporation of America 沒有獲得最高回報,但請查看此免費公司列表,了解利潤高且財務狀況穩固的公司。
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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。