Dynatrace's (NYSE:DT) Returns On Capital Are Heading Higher
Dynatrace's (NYSE:DT) Returns On Capital Are Heading Higher
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. With that in mind, we've noticed some promising trends at Dynatrace (NYSE:DT) so let's look a bit deeper.
如果想確定股票在長期內增值,需要注意什麼趨勢呢?一種常見的方法是找到ROCE(資本僱用回報率)不斷上升的公司,並且資本僱用不斷增加。這樣可以證明它是一個複利機器,能夠不斷將收益再投資到業務中,從而產生更高的回報。 此外,我們注意到Dynatrace(紐交所:DT)有一些有前途的趨勢,我們來看看。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Dynatrace, this is the formula:
只是爲了澄清,如果不確定的話,ROCE是衡量公司在其業務中投資的資本獲得的稅前收入佔比的指標。爲了計算Dynatrace的這個指標,可以使用以下公式:
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。
0.064 = US$142m ÷ (US$3.3b - US$1.1b) (Based on the trailing twelve months to June 2024).
因此,Dynatrace的ROCE爲6.4%。這個數字本身較低,但與軟件行業平均7.9%的數字相近。這是根據截至2024年6月的過去12個月計算的。
Thus, Dynatrace has an ROCE of 6.4%. On its own, that's a low figure but it's around the 7.9% average generated by the Software industry.
在上面的圖表中,我們通過比較Dynatrace之前的ROCE和它之前的表現來衡量,但未來可能更重要。如果您願意,可以免費查看分析師對Dynatrace的預測。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240810/0-703b2b8c744645b32d59f3e049e627ac-0-cd4278ce6f4a4061307055ba93054fde.png/big)
In the above chart we have measured Dynatrace's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Dynatrace for free.
在上面的圖表中,我們通過比較Dynatrace之前的ROCE和它之前的表現來衡量,但未來可能更重要。如果您願意,可以免費查看分析師對Dynatrace的預測。
What Does the ROCE Trend For Dynatrace Tell Us?
Dynatrace的ROCE趨勢告訴我們什麼呢?
The fact that Dynatrace is now generating some pre-tax profits from its prior investments is very encouraging. About five years ago the company was generating losses but things have turned around because it's now earning 6.4% on its capital. In addition to that, Dynatrace is employing 164% more capital than previously which is expected of a company that's trying to break into profitability. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
Dynatrace從先前的投資中實現了一些稅前利潤,這是非常令人鼓舞的。大約五年前,該公司還在虧損,但情況已經好轉,因爲它現在能在其資本上獲得6.4%的回報。此外,Dynatrace比以前使用的資本增加了164%,這是一個試圖進入盈利能力的公司應該有的表現。我們喜歡這種趨勢,因爲它表明公司有可盈利的再投資機會,如果它繼續前進,這將導致多倍股票表現。
In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 32%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. Therefore we can rest assured that the growth in ROCE is a result of the business' fundamental improvements, rather than a cooking class featuring this company's books.
在我們分析的另一部分中,我們注意到公司的流動負債與總資產的比率下降到32%,這基本上意味着企業依靠供應商或短期債權人資助其業務的程度在降低。因此,我們可以放心地認爲,ROCE的增長是業務基本面的改善結果,而不是該公司的賬簿造假。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
Overall, Dynatrace gets a big tick from us thanks in most part to the fact that it is now profitable and is reinvesting in its business. Since the stock has returned a staggering 113% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總的來說,Dynatrace得到了我們的大力支持,主要是因爲現在它是盈利的,並正在爲其業務進行再投資。由於這支股票在最近五年爲股東帶來了驚人的113%的回報,因此看起來投資者正在認識到這些變化。也就是說,我們仍然認爲這個有前途的基本面意味着該公司值得進一步盡職調查。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for DT on our platform that is definitely worth checking out.
在資本僱用回報率的另一方面,我們必須考慮估值。這就是爲什麼我們在平台上爲Dt提供了一個免費的內在價值估計。
While Dynatrace may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然Dynatrace目前可能沒有賺取最高回報,但我們已經編制了一份目前收益率高於25%的公司名單。點擊此處查看免費名單。
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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。