Investors Shouldn't Overlook Paylocity Holding's (NASDAQ:PCTY) Impressive Returns On Capital
Investors Shouldn't Overlook Paylocity Holding's (NASDAQ:PCTY) Impressive Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So when we looked at the ROCE trend of Paylocity Holding (NASDAQ:PCTY) we really liked what we saw.
怎樣早期發現一隻能長期升值的股票呢?其中要注意兩點,第一,要看資本運營回報率(ROCE)是否逐漸上升,第二,公司使用的資本量是否在擴大。如果出現這種情況,通常意味着這是一家擁有優秀商業模式和充足有盈利再投資機會的公司。因此,當我們看到Paylocity Holding(NASDAQ:PCTY)的ROCE趨勢時,我們非常喜歡我們看到的東西。
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 Paylocity Holding is:
對於那些不確定ROCE是什麼的人,ROCE是指一家公司能夠從其業務中使用的資本中創造出的稅前利潤的數量。Paylocity Holding的這個計算公式爲:
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。
0.23 = US$261m ÷ (US$4.2b - US$3.1b) (Based on the trailing twelve months to June 2024).
0.23 = US$26100萬 ÷ (US$42億 - US$3.1b)(基於截至2024年6月的過去12個月)的財務數據顯示,Paylocity Holding的ROCE爲23%。就絕對值而言,這是一種很好的回報,甚至比專業服務行業的平均水平14%還要好。
So, Paylocity Holding has an ROCE of 23%. In absolute terms that's a great return and it's even better than the Professional Services industry average of 14%.
NasdaqGS:PCTY ROCE 於2024年8月9日,你可以看到Paylocity Holding當前ROCE與其過去資本回報的比較情況,但從過去的數據中只能得出有限的信息。如果你有興趣,你可以在我們的免費分析師報告中查看分析師的預測。
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Above you can see how the current ROCE for Paylocity Holding 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 Paylocity Holding .
另外需要注意的是,Paylocity Holding的流動負債與總資產的比率爲73%,我們認爲這相當高。這實際上意味着供應商(或短期債權人)資助了企業的大部分業務,因此請意識到這可能會帶來一些風險。雖然這並不一定是壞事,但是如果比率更低,它可能是有益的。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
The trends we've noticed at Paylocity Holding are quite reassuring. The data shows that returns on capital have increased substantially over the last five years to 23%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 224%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
總的來說,看到Paylocity Holding正在從先前的投資中獲得回報並正在增加其資本基礎是非常好的。同時,對於在過去五年中持有Paylocity Holding股票的人,有可觀的58%的回報,這意味着這些發展正開始引起人們的注意。雖然如此,我們仍然認爲這些有前途的基本面意味着公司值得進一步進行盡職調查。
On a separate but related note, it's important to know that Paylocity Holding has a current liabilities to total assets ratio of 73%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
但是在得出結論之前,我們需要知道我們以當前股價獲得了什麼價值。這就是可以查看我們的免費內在價值估算報告,它比較了股票價格和估算值。
The Bottom Line On Paylocity Holding's ROCE
所有板塊:Paylocity Holding的ROCE底線
All in all, it's terrific to see that Paylocity Holding is reaping the rewards from prior investments and is growing its capital base. And with a respectable 58% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總的來說,看到Paylocity Holding正在從先前的投資中獲得回報並正在增加其資本基礎是非常好的。並且,對於在過去五年中持有該股的人,有可觀的58%的回報,這意味着這些發展正開始引起人們的注意。雖然如此,我們仍然認爲這些有前途的基本面意味着公司值得進一步進行盡職調查。
Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation for PCTY that compares the share price and estimated value.
在得出結論之前,我們需要知道我們以當前股價獲得了什麼價值。這就是可以查看我們的免費內在價值估算報告,它比較了股票價格和估算值。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報,請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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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。