Investors Met With Slowing Returns on Capital At Vail Resorts (NYSE:MTN)
Investors Met With Slowing Returns on Capital At Vail Resorts (NYSE:MTN)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. That's why when we briefly looked at Vail Resorts' (NYSE:MTN) ROCE trend, we were pretty happy with what we saw.
要尋找潛力股，我們應該從業務方面尋找哪些潛在的趨勢呢？理想情況下，一個公司應該表現出兩個趨勢；首先是正在增長的企業資本回報率（ROCE），其次是不斷增長的企業資本。這表明它是一個複利機器，能夠不斷將其收益再投入業務，併產生更高的回報。這就是爲什麼當我們簡要了解Vail Resorts（NYSE:MTN）ROCE趨勢時，我們對所看到的感到相當滿意。
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。
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. Analysts use this formula to calculate it for Vail Resorts:
如果您不確定，ROCE是一種衡量公司在其業務中投入的資本所獲得的稅前收益（以百分比形式）的度量標準。分析師使用這個公式爲Vail Resorts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。
0.12 = US$573m ÷ (US$5.8b - US$1.0b) (Based on the trailing twelve months to April 2024).
0.12 = US$57300萬 ÷ (US$58億 - US$1.0b)（基於截至2024年4月的過去12個月）。
So, Vail Resorts has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Hospitality industry average of 11%.
因此，Vail Resorts的ROCE爲12%。從絕對值來看，這是一種相當正常的回報，與酒店業平均ROCE的11%相當接近。
In the above chart we have measured Vail Resorts' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Vail Resorts for free.
以上圖表中，我們根據Vail Resorts以往的表現來衡量其以前的ROCE，但未來則更爲重要。如果您願意，您可以免費查看覆蓋Vail Resorts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。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. Over the past five years, ROCE has remained relatively flat at around 12% and the business has deployed 27% more capital into its operations. Since 12% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
ROCE的趨勢並不太突出，但整體回報還是不錯的。在過去的五年中，ROCE保持在12%左右的相對穩定水平，並且該企業已將更多的資本投入其業務中。因爲12%是一個適度的ROCE，所以看到企業可以以這些適度的回報率繼續進行再投資是好的。在這個水平上穩定的回報可能並不令人興奮，但如果它們能夠長期保持，它們通常會給股東帶來不錯的回報。
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。
To sum it up, Vail Resorts has simply been reinvesting capital steadily, at those decent rates of return. Yet over the last five years the stock has declined 11%, so the decline might provide an opening. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
總之，Vail Resorts一直穩定地再投資，以這些適度的回報率。然而，在過去的五年中，該股票已經下跌了11%，因此下跌可能會提供一個機會。這就是爲什麼我們認爲，考慮到基本面是有吸引力的，進一步了解這隻股票是值得的。
One more thing, we've spotted 2 warning signs facing Vail Resorts that you might find interesting.
還有一件事，我們已經發現Vail Resorts面臨着2個警報信號，您可能會感興趣。
While Vail Resorts 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Vail Resorts沒有獲得最高回報，但請查看這個免費的公司列表，該列表顯示了盈利能力強、資產負債表穩健的公司。
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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。