Etsy (NASDAQ:ETSY) Might Have The Makings Of A Multi-Bagger
Etsy (NASDAQ:ETSY) Might Have The Makings Of A Multi-Bagger
What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Speaking of which, we noticed some great changes in Etsy's (NASDAQ:ETSY) returns on capital, so let's have a look.
應該尋找早期趨勢來識別可以長期增值的股票。一種常見方法是試圖找到一傢俱有充足資本的公司。最終，這表明它是一個在不斷提高回報率的利潤再投資的業務。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。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。最終，這表明這是一個以增加的利率重新投資利潤的業務。順便說一句，我們注意到Etsy (納斯達克:ETSY) 的資本回報率有了很大的變化，讓我們來看看。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Etsy is:
只要您不確定，ROCE是評估公司在業務中投資的資本回報率的度量標準（以百分比爲單位）。Etsy的計算公式是：
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。
0.19 = US$366m ÷ (US$2.5b - US$565m) (Based on the trailing twelve months to March 2024).
0.19 = 3.66億美元 ÷（25億美元 - 5.65億美元）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。.
Therefore, Etsy has an ROCE of 19%. In absolute terms, that's a satisfactory return, but compared to the Multiline Retail industry average of 11% it's much better.
因此，Etsy的ROCE爲19％。從絕對意義上講，這是一個令人滿意的回報，但與多行零售業平均值11％相比，要好得多。
Above you can see how the current ROCE for Etsy 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 Etsy for free.
在上面，您可以看到Etsy當前的ROCE與其以前的資本回報率相比如何，但從過去只能得出有限的結論。如果您願意，可以免費查看覆蓋Etsy的分析師的預測。
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。
We like the trends that we're seeing from Etsy. Over the last five years, returns on capital employed have risen substantially to 19%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 132%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我們喜歡從Etsy看到的趨勢。在過去的五年中，使用資本回報率已經大幅提高，達到19％。公司實際上正在以每美元所使用的資本賺取更多的錢，值得注意的是，所使用的資本額也增加了132％。這可能表明有大量的機會在內部投資資本，並以更高的利率進行投資，這是重合並者的共同特徵。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Etsy has. Astute investors may have an opportunity here because the stock has declined 12% in the last five years. That being the case, research into the company's current valuation metrics and future prospects seems fitting.
一個在不斷增長其資本回報率並能持續重新投資的公司是一個極具吸引力的特徵，而Etsy就具備這個特徵。明智的投資者可能有這樣一個機會，因爲該股在過去五年中下跌了12％。鑑於這種情況，研究公司的當前估值指標和未來前景似乎是適當的。
One final note, you should learn about the 3 warning signs we've spotted with Etsy (including 1 which is a bit concerning) .
最後要注意的是，您應該了解我們在Etsy上發現的3個警告信號（其中1個有點令人擔憂）。
While Etsy 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Etsy目前的回報率可能不是最高的，但我們已經編制了一份目前回報率超過25％的公司列表。在此處免費查看此列表。
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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。