Investors Met With Slowing Returns on Capital At Construction Partners (NASDAQ:ROAD)
Investors Met With Slowing Returns on Capital At Construction Partners (NASDAQ:ROAD)
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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. That's why when we briefly looked at Construction Partners' (NASDAQ:ROAD) ROCE trend, we were pretty happy with what we saw.
如果我們想找到一個潛在的多倍投資機會,通常有一些潛在趨勢能夠提供線索。通常,我們需要注意ROCE盈利能力的增長趨勢,以及伴隨着逐步擴大的資本投入。簡而言之,這些類型的企業是複利機器,這意味着他們不斷地以越來越高的盈利率重新投資他們的收益。那就是爲什麼當我們簡要地研究Construction Partners(納斯達克:ROAD)的ROCE趨勢時,我們對所看到的內容感到非常滿意。
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 Construction Partners, this is the formula:
對於那些不確定什麼是ROCE的人來說,它衡量了一家公司從其業務中所使用的資本所能夠產生的稅前利潤總額。對於Construction Partners計算這個指標的公式是:
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。
0.10 = US$104m ÷ (US$1.3b - US$290m) (Based on the trailing twelve months to March 2024).
因此,Construction Partners的ROCE爲10%。這是一個相對正常的資本回報率,大約是建築行業創造的11%。
Therefore, Construction Partners has an ROCE of 10%. That's a relatively normal return on capital, and it's around the 11% generated by the Construction industry.
NasdaqGS: ROAD Return on Capital Employed July 17th 2024
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Above you can see how the current ROCE for Construction Partners 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 Construction Partners for free.
那麼,Construction Partners的ROCE趨勢如何?
So How Is Construction Partners' ROCE Trending?
ROCE的趨勢並不突出,但總體上的回報還是不錯的。公司在過去五年中投入的資本增加了181%,而這些資本的回報率保持穩定在10%。10%是一個相當標準的回報率,知道Construction Partners已經一直賺取這樣的回報率會給人一些安慰。在長時間內,這些回報可能並不太令人興奮,但是通過始終如一地取得這些回報,可以帶來股票回報。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has employed 181% more capital in the last five years, and the returns on that capital have remained stable at 10%. 10% is a pretty standard return, and it provides some comfort knowing that Construction Partners has consistently earned this amount. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
最終,Construction Partners已經證明其能夠以良好的投資回報率充分地再次投資資本。此外,股票還獎勵股東在過去5年中持有的remarkable 320%的回報。因此,儘管積極的潛在趨勢可能已被投資者考慮在內,但我們仍然認爲這隻股票值得進一步研究。
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 the end, Construction Partners has proven its ability to adequately reinvest capital at good rates of return. On top of that, the stock has rewarded shareholders with a remarkable 320% return to those who've held over the last five years. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
與大多數公司一樣,Construction Partners也存在一些風險,我們發現了2個警告信號,您應該注意。
Like most companies, Construction Partners does come with some risks, and we've found 2 warning signs that you should be aware of.
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For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。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?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。