Investors Could Be Concerned With WH Group's (HKG:288) Returns On Capital
Investors Could Be Concerned With WH Group's (HKG:288) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at WH Group (HKG:288), it didn't seem to tick all of these boxes.
了解哪些財務指標可以提供潛在多倍股的線索了嗎? 其中,我們想看到兩個方面:首先是不斷增長的資本僱用回報率(ROCE),其次是公司資本僱用金額的擴張。最終,這表明該公司正在以不斷增加的回報率重新投資利潤。儘管我們看WH Group(HKG:288)時似乎沒有完全滿足這些要求。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較,但過去只能知道這麼多。如果您感興趣,可以查看我們免費的蒙托克可再生能源分析師報告,了解分析師的預測。
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 WH Group, this is the formula:
如果您不確定什麼是ROCE,它衡量公司在其業務中使用的資本僱用可以產生多少稅前利潤。要爲WH Group計算此指標,使用以下公式:
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。
0.041 = US$589m ÷ (US$19b - US$4.7b) (Based on the trailing twelve months to December 2023).
0.041 = US$58900萬 ÷(US$190億 - US$4.7億)(基於截至2023年12月的過去十二個月)。
So, WH Group has an ROCE of 4.1%. In absolute terms, that's a low return and it also under-performs the Food industry average of 8.6%.
因此,WH Group的ROCE爲4.1%。從絕對值來看,這是較低的回報率,也低於食品行業的平均值8.6%。
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Above you can see how the current ROCE for WH Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for WH Group .
在上面,您可以看到WH Group的當前ROCE與其先前資本回報相比如何,但是您可以從過去的經驗中了解多少。如果您感興趣,您可以在我們爲WH Group提供的免費分析師報告中查看分析師的預測。
What Does the ROCE Trend For WH Group Tell Us?
WH Group的ROCE趨勢告訴我們什麼?
In terms of WH Group's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 4.1% from 11% five years ago. However it looks like WH Group might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
就WH Group的歷史ROCE變動而言,趨勢並不理想。過去五年中,資本回報率從五年前的11%下降至4.1%。然而,看起來WH Group可能正在重新投資以實現長期增長,因爲儘管資本僱用增加了,但公司的銷售額在過去12個月中並沒有太大變化。公司從這些投資中看到任何收益變化可能需要一些時間。
The Key Takeaway
重要提示
In summary, WH Group is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly then, the total return to shareholders over the last five years has been flat. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總之,WH Group正在將資金重新投資到業務中以實現增長,但不幸的是,銷售額似乎尚未顯著增長。毫不奇怪,過去五年股東的總回報率基本持平。總體來說,我們對潛在多倍股的趨勢不太感興趣,並認爲可能會在其他地方找到更好的機會。
One more thing, we've spotted 3 warning signs facing WH Group that you might find interesting.
還有一件事,我們發現WH Group面臨3個警告信號可能會很有趣。
While WH Group 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WH Group目前可能無法獲得最高回報,但我們已編寫了一張當前獲得超過25%股本回報率的公司列表。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。