Copart (NASDAQ:CPRT) May Have Issues Allocating Its Capital
Copart (NASDAQ:CPRT) May Have Issues Allocating Its Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Looking at Copart (NASDAQ:CPRT), it does have a high ROCE right now, but lets see how returns are trending.
長期看好一隻股票漲幅的初期趨勢應該關注什麼呢?在完美世界中,我們希望看到公司投入更多的資金到業務中,同時這些資本回報率也在不斷提高。基本上,這意味着公司有盈利的業務可以持續重新投資,這是一個強大的複利機器的特徵。看看科帕特(納斯達克:CPRT),當前它的回報率很高,但讓我們看看未來的趨勢如何。
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. Analysts use this formula to calculate it for Copart:
對於那些不確定什麼是回報率的人們,回報率衡量公司可以從業務中獲得多少稅前利潤。分析師利用這個公式來計算科帕特的回報率:
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。
0.22 = US$1.6b ÷ (US$8.0b - US$563m) (Based on the trailing twelve months to April 2024).
0.22 = 16億美元 ÷ (80億美元 - 5.63億美元)(基於截至2024年4月的過去十二個月)。
Thus, Copart has an ROCE of 22%. That's a fantastic return and not only that, it outpaces the average of 9.7% earned by companies in a similar industry.
因此,科帕特的回報率是22%。這是一個非常不錯的回報率,不僅如此,它還比同行業公司平均的9.7%高。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240807/0-4948f07227ee184f48deb039fe263139-0-fe70c0118860f97a1e81cf123455d351.png/big)
In the above chart we have measured Copart'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 Copart .
在上面的圖表中,我們對科帕特之前的回報率進行了測量並與其之前的業績進行了比較,但未來可能更爲重要。如果您想看看分析師對未來的預測,請查看我們爲科帕特提供的免費分析師報告。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
On the surface, the trend of ROCE at Copart doesn't inspire confidence. While it's comforting that the ROCE is high, five years ago it was 31%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
在表面上,科帕特的回報率趨勢並不具有鼓舞人心的效果。雖然回報率很高,但在五年前,它還高達31%。然而,考慮到資本投入和營業收入都在增加,似乎該公司目前正在追求增長,而這是以短期回報爲代價的。如果這些投資被證明成功,這將非常有利於長期股票表現。
The Key Takeaway
重要提示
In summary, despite lower returns in the short term, we're encouraged to see that Copart is reinvesting for growth and has higher sales as a result. And the stock has done incredibly well with a 171% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
總之,儘管短期回報率較低,我們仍然看好科帕特正在爲增長而重新投資,而且它的銷售額也更高。該股在過去五年中獲得了171%的回報,長期投資者對此沒有疑問。雖然潛在趨勢已經被投資者考慮過了,但我們仍然認爲這隻股票值得進一步探究。
If you're still interested in Copart it's worth checking out our FREE intrinsic value approximation for CPRT to see if it's trading at an attractive price in other respects.
如果您還對科帕特感興趣,可以查看我們免費提供給CPRt的內在價值近似值,看看它是否在其他方面以合理的價格交易。
Copart is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
科帕特並不是唯一一個獲得高回報的股票。如果您想了解更多,可以查看我們免費提供的公司收益高,有堅實基本面的股票列表。
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。