Capital Allocation Trends At Newmont (NYSE:NEM) Aren't Ideal
Capital Allocation Trends At Newmont (NYSE:NEM) Aren't Ideal
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. However, after briefly looking over the numbers, we don't think Newmont (NYSE:NEM) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想找到一個潛在的翻倍機會，往往有潛在的趨勢可以提供線索。通常，我們將要注意資本投入增長的趨勢。最終，這表明這是一個正在以不斷增加的回報率再投資利潤的企業。話說回來，從我們對曼谷文華東方國際酒店（SGX：M04）的第一眼印象來看，我們並沒有因爲回報率的趨勢而感到激動，但讓我們深入了解一下吧。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）資本使用的回報率。如果你看到這個，通常意味着它是一個擁有出色的業務模式和充足的盈利再投資機會的公司。然而，簡要地審視數字後，我們認爲紐曼礦業（NYSE:NEM）未來不具備成倍增長的潛力，但是讓我們看看原因。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Newmont is:
如果你以前沒有用過ROCE，它衡量的是公司從業務中使用的資本所產生的“回報”（稅前利潤）。關於紐曼礦業的這個計算的公式是：
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。
0.023 = US$1.2b ÷ (US$55b - US$5.5b) (Based on the trailing twelve months to March 2024).
0.023 = 12億美元÷（550億美元-55億美元）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, Newmont has an ROCE of 2.3%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 8.9%.
因此，紐曼礦業的ROCE爲2.3%。絕對來說，這是一個較低的回報率，它也表現不如貴金屬和礦業板塊的平均回報率8.9%。
Above you can see how the current ROCE for Newmont compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Newmont .
你可以看到紐曼礦業當前的ROCE與其先前的資本回報率相比如何，但從過去只能得出有限的信息。如果你想看看分析師們未來的預測，你應該查看我們免費的紐曼礦業分析師報告。
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。
When we looked at the ROCE trend at Newmont, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 2.3% from 6.2% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
當我們觀察紐曼礦業的ROCE趨勢時，我們並沒有獲得太多信心。在過去的五年中，資本回報率從五年前的6.2%下降到了2.3%。然而，鑑於資本使用和營業收入都有所增加，看起來該企業目前正在追求增長，這是以短期回報爲代價的。如果這些投資證明是成功的，這對於長期股票表現來說非常有利。
The Bottom Line On Newmont's ROCE
紐曼礦業ROCE的底線。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Newmont. In light of this, the stock has only gained 27% over the last five years. Therefore we'd recommend looking further into this stock to confirm if it has the makings of a good investment.
儘管資本回報率短期內有所下降，我們發現紐曼礦業的營業收入和資本使用均有所增加是有希望的。考慮到這一點，股票在過去的五年中僅上漲了27%。因此，我們建議進一步研究這個股票，以確認它是否具備良好的投資潛力。
Newmont does have some risks, we noticed 2 warning signs (and 1 which is significant) we think you should know about.
紐曼礦業確實存在一些風險，我們注意到了2個警告信號（其中1個很重要），我們認爲你應該知道。
While Newmont isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然紐曼礦業不是獲得最高回報的公司，但是請查看這個免費的公司列表，這些公司擁有強大的資產負債表並實現了高回報率。
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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。