LivaNova (NASDAQ:LIVN) Is Doing The Right Things To Multiply Its Share Price
LivaNova (NASDAQ:LIVN) Is Doing The Right Things To Multiply Its Share Price
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. So on that note, LivaNova (NASDAQ:LIVN) looks quite promising in regards to its trends of return on capital.
如果我們想要找到一個潛在的多頭投資人,通常有一些潛在的趨勢可以提供線索。理想情況下,一個業務將顯示兩個趨勢;首先是資本僱用的增長。最終,這表明這是一個正在以遞增的回報率重新投資利潤的商業。然而,簡要查看數字後,我們認爲福建龍淨環保(SHSE:600388)不具備未來的多頭投資者特質,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。基本上,這意味着公司擁有有利可圖的計劃,可以繼續投資,這是複合機的特點。就此而言,LivaNova(NASDAQ:LIVN)在資本回報率趨勢方面看起來非常有前途。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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. To calculate this metric for LivaNova, this is the formula:
對於那些不了解ROCE的人來說,ROCE是衡量公司每年稅前利潤(其回報率)相對於業務中使用的資本的指標。要計算LivaNova的這個指標,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。
0.047 = US$101m ÷ (US$2.5b - US$328m) (Based on the trailing twelve months to March 2024).
0.047 = 1.01億美元÷(25億美元-3.28億美元)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, LivaNova has an ROCE of 4.7%. In absolute terms, that's a low return and it also under-performs the Medical Equipment industry average of 10%.
所以,LivaNova的ROCE爲4.7%。從絕對值來看,這是一個較低的回報率,也低於醫療設備行業的平均水平10%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240619/0-dfef6ccca5a764a01203e2496a6ad7f3-0-e235d43ebd50007befaddb7470d6c988.png/big)
In the above chart we have measured LivaNova'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 LivaNova .
在上面的圖表中,我們已經測量了LivaNova以前的ROCE和以前的表現,但未來可能更重要。如果您想查看分析師對未來的預測,可以查看我們免費的LivaNova分析師報告。
So How Is LivaNova's ROCE Trending?
那麼LivaNova的ROCE趨勢如何呢?
Even though ROCE is still low in absolute terms, it's good to see it's heading in the right direction. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 55% in that same time. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
儘管ROCE在絕對數值上仍然較低,但好在它正在朝着正確的方向發展。更具體地說,儘管公司在過去五年中保持了相對平穩的資本僱用水平,但ROCE在同一時期內攀升了55%。基本上,公司從相同的資本中獲取更高的回報,這證明了公司效率的提高。在這方面,情況看起來不錯,因此值得探索管理層有關未來增長計劃的說法。
One more thing to note, LivaNova has decreased current liabilities to 13% of total assets over this period, which effectively reduces the amount of funding from suppliers or short-term creditors. Therefore we can rest assured that the growth in ROCE is a result of the business' fundamental improvements, rather than a cooking class featuring this company's books.
還有一件事要注意,LivaNova已將流動負債降至總資產的13%,這有效地減少了來自供應商或短期債權人的資金。因此,我們可以放心地認爲ROCE的增長是業務基本面改善的結果,而不是這家公司賬簿的烹飪課。
Our Take On LivaNova's ROCE
我們對LivaNova的ROCE的看法。正如上述討論,由於使用的資本保持不變,但收益(利息和稅前)增加,LivaNova似乎變得更加熟練於產生回報。由於股票在過去五年中下跌了27%,因此可能存在機會。考慮到這一點,我們認爲有前途的趨勢值得進一步調查。
As discussed above, LivaNova appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And since the stock has fallen 27% over the last five years, there might be an opportunity here. With that in mind, we believe the promising trends warrant this stock for further investigation.
雖然LivaNova看起來令人印象深刻,但沒有公司值得無限的價格。 LIVN的內在價值信息圖表可以幫助您直觀地了解其當前是否以公平價格交易。
While LivaNova looks impressive, no company is worth an infinite price. The intrinsic value infographic for LIVN helps visualize whether it is currently trading for a fair price.
雖然LivaNova的回報率不是最高的,但請查看這個具有良好資產負債表並獲得高回報率的公司的免費列表。
While LivaNova isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管Livanova的收益率不是最高的,但請查看這個免費的公司列表,這些公司的股權收益率高,且財務狀況穩定。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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