Returns On Capital At Sensient Technologies (NYSE:SXT) Have Stalled
Returns On Capital At Sensient Technologies (NYSE:SXT) Have Stalled
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. Having said that, from a first glance at Sensient Technologies (NYSE:SXT) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一個有巨大增長潛力的企業並不容易,但只要我們看幾個關鍵的財務指標就有可能。一個常見的方法是嘗試找到一個ROCE(資本僱用回報率)正在增加,並配以越來越多的資本僱用的公司。這表明它是一個正在以逐漸加快的回報率重新投資利潤的企業。與此同時,就Sensient Technologies(紐交所:SXT)的回報率趨勢來看,我們並沒有跳出椅子看待這個問題,但讓我們深入研究一下。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Sensient Technologies:
如果您之前沒有使用過ROCE,則它衡量公司從其業務中使用的資本僱用中生成的“回報率”(稅前利潤).分析師使用此公式爲Sensient Technologies計算:
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。
0.10 = US$181m ÷ (US$2.0b - US$219m) (Based on the trailing twelve months to March 2024).
0.10 = 18100萬美元÷(20億美元-2.19億美元)(基於過去12個月至2024年3月)。
Therefore, Sensient Technologies has an ROCE of 10%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Chemicals industry average of 8.8%.
因此,Sensient Technologies的ROCE爲10%。從絕對值上看,這是一個相當正常的回報率,並且與化學品行業平均水平的8.8%相當接近。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240712/0-cedba17041a7b6fa6b867145b653507c-0-edea485c962d36186b1b773888c2aec4.png/big)
In the above chart we have measured Sensient Technologies' 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 Sensient Technologies .
在上圖中,我們已經測量了Sensient Technologies之前的ROCE對其之前表現的影響,但未來則更爲重要。如果您想了解分析師對其未來的預測,請查看我們免費提供給Sensient Technologies的分析師報告。
What Can We Tell From Sensient Technologies' ROCE Trend?
從Sensient Technologies的ROCE趨勢中可以得出什麼結論?
There hasn't been much to report for Sensient Technologies' returns and its level of capital employed because both metrics have been steady for the past five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. With that in mind, unless investment picks up again in the future, we wouldn't expect Sensient Technologies to be a multi-bagger going forward. This probably explains why Sensient Technologies is paying out 45% of its income to shareholders in the form of dividends. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
在過去的五年中,Sensient Technologies的回報率和資本僱用水平都保持穩定,因此沒有太多可報告的。當觀察一個已成熟且穩定的企業且其不再重新投資其收益時,看到這是很常見的,因爲它可能已經通過了企業週期的那個階段。因此,在未來除非投資再次增加,否則我們不會希望Sensient Technologies成爲一個多倍器。這可能解釋了爲什麼Sensient Technologies以45%的收益向股東以分紅派息的形式支付收益。考慮到該業務沒有再投資自身,將部分收益分配給股東是有意義的。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
In summary, Sensient Technologies isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And investors may be recognizing these trends since the stock has only returned a total of 19% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總之,Sensient Technologies沒有複合其收益,但是在相同的資本僱用額上產生穩定的回報率。由於股票在過去五年中僅爲股東提供了19%的總回報,因此投資者可能已經意識到這些趨勢。因此,如果您正在尋找一個多倍投資者,我們認爲您在其他地方可能會更幸運。
One more thing to note, we've identified 2 warning signs with Sensient Technologies and understanding these should be part of your investment process.
還有一件事要注意,我們已經確定了Sensient Technologies的2個警告信號,並且了解這些信號應該成爲您的投資過程的一部分。
While Sensient Technologies 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Sensient Technologies可能目前沒有獲得最高的回報,但我們已經編制了一份目前獲得25%以上淨資產收益率的公司列表。在這裏查看免費列表。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。