Hovnanian Enterprises (NYSE:HOV) Is Looking To Continue Growing Its Returns On Capital
Hovnanian Enterprises (NYSE:HOV) Is Looking To Continue Growing Its Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. With that in mind, we've noticed some promising trends at Hovnanian Enterprises (NYSE:HOV) so let's look a bit deeper.
如果我們想找到一隻能夠在長期內成倍增長的股票,我們應該尋找什麼潛在趨勢?理想情況下,一個公司會展現兩種趨勢。首先是不斷增長的資本利潤率(ROCE),其次是不斷增長的投資資本數量。簡而言之,這些類型的企業是複利機器,這意味着它們不斷地將其收益重新投資以獲得更高的回報率。考慮到這一點,我們發現霍夫納尼安(紐交所:HOV)有一些有前途的趨勢,所以讓我們深入探討一下。
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. The formula for this calculation on Hovnanian Enterprises is:
對於那些不確定ROCE是什麼的人,它衡量了一家公司能夠從其業務中投入使用的資本中產生的稅前利潤的數量。這個計算在霍夫納尼安的公式是:
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。
0.15 = US$288m ÷ (US$2.3b - US$456m) (Based on the trailing twelve months to April 2024).
0.15 = 2.88億美元 ÷ (23億美元-4.56億美元)(截至2024年4月的過去12個月)。因此,霍夫納尼安的ROCE爲15%。單獨看來這是一種正常的資本回報率,並且符合行業平均回報率的15%。
Thus, Hovnanian Enterprises has an ROCE of 15%. By itself that's a normal return on capital and it's in line with the industry's average returns of 15%.
因此,霍夫納尼安的ROCE爲15%,僅此而已。它與行業平均回報率15%持平。
Historical performance is a great place to start when researching a stock so above you can see the gauge for Hovnanian Enterprises' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Hovnanian Enterprises.
歷史表現是研究一隻股票的好地方,所以你可以看到霍夫納尼安的ROCE對其過去的回報進行了比較。如果你想深入了解歷史收益,請查看這些免費的圖表,詳細了解霍夫納尼安的營業收入和現金流表現。
What Does the ROCE Trend For Hovnanian Enterprises Tell Us?
霍夫納尼安的ROCE趨勢告訴我們什麼?
Hovnanian Enterprises has not disappointed with their ROCE growth. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 400% in that same time. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
霍夫納尼安的ROCE增長沒有讓人失望。更具體地說,雖然該公司在過去的五年中將資本投入保持相對穩定,但ROCE在同期內增長了400%。因此,企業現在正在收穫其過去投資的全部好處,因爲資本投入沒有發生明顯的變化。在這方面,情況看起來不錯,因此值得探討一下管理層對未來增長計劃的看法。
The Key Takeaway
重要提示
To bring it all together, Hovnanian Enterprises has done well to increase the returns it's generating from its capital employed. And a remarkable 3,037% total return over the last five years tells us that investors are expecting more good things to come in the future. Therefore, we think it would be worth your time to check if these trends are going to continue.
綜合來看,霍夫納尼安已經成功提高了其從其投入使用的資本中獲得的回報。在過去的五年中,它的總回報率達到了驚人的3037%,這告訴我們,投資者期望未來還有更多好事發生。因此,我們認爲檢查這些趨勢是否會繼續是值得您的時間的。
On a separate note, we've found 3 warning signs for Hovnanian Enterprises you'll probably want to know about.
另外,我們發現霍夫納尼安有3個警告標誌,你可能想知道。
While Hovnanian Enterprises isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然霍夫納尼安的回報率不是最高的,但你可以查看這個免費的公司列表,該列表包括那些在股本平衡方面獲得高回報的公司。
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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。
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