There Are Reasons To Feel Uneasy About JL Mag Rare-Earth's (SZSE:300748) Returns On Capital
There Are Reasons To Feel Uneasy About JL Mag Rare-Earth's (SZSE:300748) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Having said that, from a first glance at JL Mag Rare-Earth (SZSE:300748) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我們應該看什麼早期趨勢來判斷一隻長期能夠翻倍的股票呢？業務應該會呈現兩個趨勢，首先是資本僱用率增長；這體現了企業以越來越高的回報率將利潤再投資於業務。因此，納斯達克g-iii服裝集團的資本僱用率回報率（ROCE）目前看起來不錯，讓我們看看回報率的趨勢能告訴我們什麼。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。這基本上意味着一家公司有盈利的計劃，可以繼續投資，這是複利機器的特點。儘管這樣說，在初看JL Mag Rare-Earth（SZSE：300748）的收益趨勢並沒有引起我們的興趣，但讓我們深入了解一下。
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 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. To calculate this metric for JL Mag Rare-Earth, this is the formula:
對於那些不確定ROCE是什麼的人，它衡量一家公司從其業務中投入的資本所能產生的稅前利潤總額。要計算JL Mag Rare-Earth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。
0.036 = CN¥294m ÷ (CN¥12b - CN¥3.5b) (Based on the trailing twelve months to March 2024).
0.036 = CN¥294m÷(CN¥12b-CN¥3.5b)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, JL Mag Rare-Earth has an ROCE of 3.6%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 6.0%.
因此，JL Mag Rare-Earth的ROCE爲3.6％。 絕對看來，這是一個低迴報，並且也表現不如6.0％的電氣行業平均水平。
Above you can see how the current ROCE for JL Mag Rare-Earth 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 JL Mag Rare-Earth .
您可以看到JL Mag Rare-Earth目前的ROCE與其對資本的歷史回報進行比較，但是您只能從過去得出有限的結論。如果您有興趣，您可以查看我們免費的JL Mag Rare-Earth分析師報告中的分析師預測。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
The trend of ROCE doesn't look fantastic because it's fallen from 13% five years ago, while the business's capital employed increased by 579%. Usually this isn't ideal, but given JL Mag Rare-Earth conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. JL Mag Rare-Earth probably hasn't received a full year of earnings yet from the new funds it raised, so these figures should be taken with a grain of salt.
ROCE的趨勢看起來並不理想，因爲它從五年前的13％下降，而企業的資本僱用增加了579％。通常情況下，這並不理想，但考慮到JL Mag Rare-Earth在最近的盈利公告前進行了募資，這可能至少部分地contributed了增加的資本僱用。JL Mag Rare-Earth可能尚未從籌集的新資金中獲得全年的收益，因此這些數字應該謹慎對待。
On a related note, JL Mag Rare-Earth has decreased its current liabilities to 30% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
在相關的筆記中，JL Mag Rare-Earth將其流動負債減少到總資產的30％。因此，我們可以將某些內容鏈接到ROCE的降低。這實際上意味着他們的供應商或短期債權人負擔的業務較少，這減少了某些元素的風險。由於企業基本上正在使用自己的資金爲其運營提供更多資金，因此可以說這使企業的ROCE產生了更少的效率。
The Key Takeaway
重要提示
From the above analysis, we find it rather worrisome that returns on capital and sales for JL Mag Rare-Earth have fallen, meanwhile the business is employing more capital than it was five years ago. It should come as no surprise then that the stock has fallen 38% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
通過上面的分析，我們發現JL Mag Rare-Earth的資本回報和銷售額下降令人擔憂，與此同時，業務使用的資本多於五年前。因此，不足爲奇最近五年股票下跌了38％，因此看起來投資者正在意識到這些變化。在這些領域趨勢不佳的情況下，我們要考慮尋找其他投資。
On a final note, we found 2 warning signs for JL Mag Rare-Earth (1 doesn't sit too well with us) you should be aware of.
最後提醒，我們發現了金力永磁的兩個警示信號（其中一個讓我們不太滿意），你應該注意一下。
While JL Mag Rare-Earth 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JL Mag Rare-Earth的回報不高，但請查看此具有堅實資產負債表的高回報股票的免費清單。
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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。
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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