Investors Will Want HealthStream's (NASDAQ:HSTM) Growth In ROCE To Persist
Investors Will Want HealthStream's (NASDAQ:HSTM) Growth In ROCE To Persist
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding 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. So when we looked at HealthStream (NASDAQ:HSTM) and its trend of ROCE, we really liked what we saw.
如果我們想識別下一個多倍股,那麼要關注幾個關鍵趨勢。首先,我們需要看到資本利用率(ROCE)的已證明回報率在增加,其次是不斷擴大的資本利用率基礎。簡而言之,這些類型的企業是複合機器,這意味着它們不斷以越來越高的回報率再投資其收益。因此,當我們研究HealthStream(納斯達克:HSTM)及其ROCE趨勢時,我們真的很喜歡我們看到的。
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. Analysts use this formula to calculate it for HealthStream:
如果您以前沒有使用過ROCE,它衡量了公司從其業務中使用的資本獲得的「回報」(稅前利潤)。分析師可以使用此公式爲HealthStream計算它:
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。
0.05 = US$19m ÷ (US$500m - US$112m) (Based on the trailing twelve months to June 2024).
0.05 = 1,900萬美元 ÷(5億美元-1.12億美元)(基於截至2024年6月的過去十二個月)。因此,HealthStream的ROCE爲5.0%。在絕對值方面,這是一個低迴報率,但它在醫療保健服務行業平均水平6.0%左右。
Therefore, HealthStream has an ROCE of 5.0%. In absolute terms, that's a low return but it's around the Healthcare Services industry average of 6.0%.
以上是如何將HealthStream的現有ROCE與其以往資本回報率進行比較,但是您只能從過去了解到這麼多。如果您願意,可以免費查看覆蓋HealthStream的分析師的預測。
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Above you can see how the current ROCE for HealthStream compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering HealthStream for free.
如上所述,您可以看到HealthStream的當前ROCE如何與其過去的資本回報率相比,但從過去了解到的有限。如果您願意,可以免費查看覆蓋HealthStream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。
While the ROCE isn't as high as some other companies out there, it's great to see it's on the up. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 21% in that same time. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
雖然ROCE不如其他一些公司那麼高,但看到它在上升是很好的。更具體地說,雖然該公司近五年來一直將資本利用率保持相對穩定,但在同一時間內ROCE已經上升了21%。基本上,企業正在從相同的資本中產生更高的回報,這證明了該公司效率的改進。在這方面,該公司表現良好,值得調查管理團隊對長期增長前景的計劃。
What We Can Learn From HealthStream's ROCE
從HealthStream的ROCE中我們可以得出什麼教訓
To bring it all together, HealthStream has done well to increase the returns it's generating from its capital employed. Considering the stock has delivered 0.1% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So with that in mind, we think the stock deserves further research.
綜上所述,HealthStream一直在努力提高其資本使用率的回報率。考慮到該股在過去五年中爲其股東提供了0.1%的回報,可能可以認爲投資者尚未完全意識到這些有前途的趨勢。因此,我們認爲該股值得進一步研究。
While HealthStream looks impressive, no company is worth an infinite price. The intrinsic value infographic for HSTM helps visualize whether it is currently trading for a fair price.
雖然HealthStream看起來令人印象深刻,但沒有任何公司值得付出無限的價格。HSTm的內在價值信息圖可幫助您了解它當前是否以公正的價格交易。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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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。