The Return Trends At PVH (NYSE:PVH) Look Promising
The Return Trends At PVH (NYSE:PVH) Look Promising
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. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So on that note, PVH (NYSE:PVH) looks quite promising in regards to its trends of return on capital.
如果你不確定下一個井噴股票的選股方向,那麼有幾個關鍵的趨勢是需要關注的。其中,我們需要看到兩個因素:首先,資本投入增長;其次,業務能夠不斷將收益再投入並獲得更高的回報。因此,當我們簡要了解中國科培教育集團(HKG:1890)的ROCE趨勢時,我們非常滿意所看到的。資產回報率:它是什麼?如果您不確定ROCE是什麼,它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數,使用以下公式:0.054 = 1.24億美元÷(31億美元 - 8.53億美元)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。這展示了它是一臺複合機器,能夠不斷地將其收益重新投入業務併產生更高的回報。因此,在這一點上,PVH (紐交所: PVH) 在回報率趨勢方面看起來非常有前途。
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. To calculate this metric for PVH, this is the formula:
對於那些不知道ROCE是什麼的人來說,它是一個公司年利潤(其回報),相對於業務中使用的資本來衡量的。爲了計算PVH的這一指標,這是公式:
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。
0.11 = US$940m ÷ (US$11b - US$1.9b) (Based on the trailing twelve months to May 2024).
0.11 = 9.4億美元 ÷ (110億美元 - 19億美元)(截至2024年5月的過去十二個月).
Therefore, PVH has an ROCE of 11%. That's a relatively normal return on capital, and it's around the 12% generated by the Luxury industry.
因此,PVH的ROCE爲11%。這是一種相對正常的資本回報率,約爲奢侈品行業產生的12%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240619/0-2c64d331c22a7ea18fc5c8bb0f16d3d0-0-2cdf273408c43f154f2a5a8a81adb133.png/big)
In the above chart we have measured PVH'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 PVH .
在上圖中,我們已經測量了PVH以前的ROCE與其以前的表現,但未來可能更重要。如果您想了解分析師對未來的預測,請查看我們免費的PVH分析師報告。
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。
PVH has not disappointed in regards to ROCE growth. The data shows that returns on capital have increased by 23% over the trailing five years. That's not bad because this tells for every dollar invested (capital employed), the company is increasing the amount earned from that dollar. In regards to capital employed, PVH appears to been achieving more with less, since the business is using 20% less capital to run its operation. A business that's shrinking its asset base like this isn't usually typical of a soon to be multi-bagger company.
PVH在ROCE增長方面表現不錯。數據顯示,過去五年間,資本回報率增長了23%。這並不差,因爲這表明對於每一美元的投資(使用的資本),公司正在增加從該美元的收益金額。就資本使用而言,PVH似乎是在以更少的資本實現更多效益,因爲企業使用的資本減少了20%。這種縮小其資產基礎的企業通常並不是即將成爲多元化公司的典型。
The Key Takeaway
重要提示
From what we've seen above, PVH has managed to increase it's returns on capital all the while reducing it's capital base. Investors may not be impressed by the favorable underlying trends yet because over the last five years the stock has only returned 25% to shareholders. So with that in mind, we think the stock deserves further research.
從我們上面看到的,PVH設法增加其對資本的回報,同時還減少了資本基礎。然而,在過去的五年中,股票僅向股東回報了25%,投資者可能並不會對有利的基本趨勢印象深刻。因此,在我們看來,股票值得進一步研究。
Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation for PVH that compares the share price and estimated value.
儘管如此,我們在得出任何結論之前需要知道我們對當前股價得到的價值。您可以查看我們的PVH自由內在價值估算,以比較股價和預估價值。
While PVH may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然PVH目前可能沒有最高的回報,但我們已經編制了一份目前獲得超過25%淨資產回報率的公司列表。在此免費查看此列表。
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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。或者,發送電子郵件至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
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。