TJX Companies (NYSE:TJX) Might Become A Compounding Machine
TJX Companies (NYSE:TJX) Might Become A Compounding Machine
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. Ergo, when we looked at the ROCE trends at TJX Companies (NYSE:TJX), we liked what we saw.
要確定一隻可以長期成倍增長的股票，我們應該尋找哪些早期趨勢？首先，我們希望看到經過驗證的資本回報率（ROCE）不斷增加，其次，動用資本基礎的擴大。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。因此，當我們查看TJX公司（紐約證券交易所代碼：TJX）的投資回報率趨勢時，我們喜歡我們所看到的。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（ROCE）？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for TJX Companies:
對於那些不確定ROCE是什麼的人，它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。分析師使用這個公式來計算TJX公司的利潤：
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）
0.30 = US$6.0b ÷ (US$30b - US$10b) (Based on the trailing twelve months to May 2024).
0.30 = 60億美元 ÷（300億美元至100億美元）（基於截至2024年5月的過去十二個月）。
Thus, TJX Companies has an ROCE of 30%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此，TJX公司的投資回報率爲30％。這是一個了不起的回報，不僅如此，它還超過了同類行業公司13％的平均收入。
NYSE:TJX Return on Capital Employed June 16th 2024
紐約證券交易所：TJX 2024年6月16日動用資本回報率
Above you can see how the current ROCE for TJX Companies 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 TJX Companies for free.
上面你可以看到TJX公司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TJX公司的分析師的預測。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
It's hard not to be impressed by TJX Companies' returns on capital. The company has employed 23% more capital in the last five years, and the returns on that capital have remained stable at 30%. Now considering ROCE is an attractive 30%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. You'll see this when looking at well operated businesses or favorable business models.
TJX公司的資本回報率很難不給人留下深刻的印象。在過去五年中，該公司僱用的資本增加了23％，該資本的回報率一直穩定在30％。現在，考慮到ROCE的吸引力爲30％，這種組合實際上非常有吸引力，因爲這意味着企業可以持續投入資金併產生高回報。在查看運營良好的企業或有利的商業模式時，你會看到這一點。
Our Take On TJX Companies' ROCE
我們對 TJX 公司投資回報率的看法
In short, we'd argue TJX Companies has the makings of a multi-bagger since its been able to compound its capital at very profitable rates of return. And long term investors would be thrilled with the 119% return they've received over the last five years. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
簡而言之，我們認爲TJX Companies具有多口袋企業的實力，因爲它能夠以非常有利可圖的回報率來增加資本。長期投資者會對他們在過去五年中獲得的119％的回報感到興奮。因此，儘管該股可能比以前更 “昂貴”，但我們認爲強勁的基本面值得該股進行進一步研究。
TJX Companies does have some risks though, and we've spotted 1 warning sign for TJX Companies that you might be interested in.
但是，TJX Companies確實存在一些風險，我們已經發現了TJX公司的一個警告信號，你可能會對此感興趣。