Simpson Manufacturing (NYSE:SSD) Hasn't Managed To Accelerate Its Returns
Simpson Manufacturing (NYSE:SSD) Hasn't Managed To Accelerate Its Returns
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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 Simpson Manufacturing's (NYSE:SSD) ROCE trend, we were pretty happy with what we saw.
您是否知道有一些財務指標可以提供潛在成倍收益的線索?首先,我們希望確定增長的資本利用率(ROCE),隨之而來的是日漸增長的資本利用基礎。簡而言之,這些類型的企業是複合機器,意味着它們不斷以日益增高的回報率再投資收益。這就是爲什麼當我們簡要地查看Simpson Manufacturing(NYSE:SSD)的ROCE趨勢時,我們對所看到的東西感到相當滿意。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Simpson Manufacturing, this is the formula:
如果您以前沒有使用過ROCE,它是衡量公司從其業務資本中獲取的回報(稅前收益)的指標。爲了爲Simpson Manufacturing計算這一指標,這是公式:
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。
0.18 = US$445m ÷ (US$2.8b - US$360m) (Based on the trailing twelve months to June 2024).
0.18 = US$44500萬 ÷ (US$28億 - US$360m)(截至2024年6月的過去12個月)
So, Simpson Manufacturing has an ROCE of 18%. That's a relatively normal return on capital, and it's around the 17% generated by the Building industry.
因此,Simpson Manufacturing的ROCE爲18%。這是相對正常的資本回報率,大約與建築行業的17%相當。
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In the above chart we have measured Simpson Manufacturing's 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 Simpson Manufacturing .
在上圖中,我們衡量了Simpson Manufacturing之前的ROCE與其之前的表現相比,但未來可能更爲重要。如果你想了解分析師對未來的預測,你應該查看我們爲Simpson Manufacturing免費提供的分析師報告。
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。
While the current returns on capital are decent, they haven't changed much. Over the past five years, ROCE has remained relatively flat at around 18% and the business has deployed 164% more capital into its operations. Since 18% 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.
雖然當前資本回報率不錯,但它們沒有多大變化。在過去的五年中,ROCE保持相對穩定,約爲18%,企業已將164%的更多資本投入到其運營中。由於18%是一個適度的ROCE,因此看到企業仍能以這些不錯的回報率繼續再投資是好的。在這個價格區間內的穩定回報可能不會引人興奮,但如果它們能在長期內保持下去,它們通常會給股東帶來不錯的回報。
What We Can Learn From Simpson Manufacturing's ROCE
Simpson Manufacturing的ROCE給我們帶來了什麼啓示
To sum it up, Simpson Manufacturing has simply been reinvesting capital steadily, at those decent rates of return. And the stock has done incredibly well with a 200% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
總之,Simpson Manufacturing只是穩定地再投資資本,以這些不錯的回報率。而這隻股票在過去的五年中取得了200%的回報率,因此長期投資者無疑對此結果感到欣喜。因此,雖然正面的潛在趨勢已被投資者考慮在內,但我們仍認爲這隻股票值得進一步研究。
On a separate note, we've found 1 warning sign for Simpson Manufacturing you'll probably want to know about.
另外,我們發現了Simpson Manufacturing的1個警示信號,您可能會想了解。
While Simpson Manufacturing 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Simpson Manufacturing的回報率不是最高的,但請查看此免費公司清單,這些公司的資產負債表堅實且獲得了高回報率。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。