There Are Reasons To Feel Uneasy About Littelfuse's (NASDAQ:LFUS) Returns On Capital
There Are Reasons To Feel Uneasy About Littelfuse's (NASDAQ:LFUS) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Although, when we looked at Littelfuse (NASDAQ:LFUS), it didn't seem to tick all of these boxes.
如果我們想尋找一個潛在的多倍股,通常有潛在的趨勢可以提供線索。在完美的世界裏,我們希望看到一家公司投資更多的資本到其業務中,理想情況下,資本獲得的回報也在增加。如果你看到這一點,通常意味着這是一家擁有良好業務模式和充足盈利再投資機會的公司。但是,當我們研究 Littelfuse(納斯達克: LFUS)時,它似乎並沒有達到所有這些要求。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 Littelfuse is:
對於那些不確定 ROCE 是什麼的人,它衡量的是公司可以從其業務中使用的資本所生成的稅前利潤金額。Littelfuse 的計算公式是:
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。
0.084 = US$294m ÷ (US$3.9b - US$418m) (Based on the trailing twelve months to June 2024).
0.084 = 2.94 億美元 ÷(39 億美元 - 4.18 億美元)(基於截至2024年6月的過去十二個月)
So, Littelfuse has an ROCE of 8.4%. On its own, that's a low figure but it's around the 9.9% average generated by the Electronic industry.
因此,Littelfuse 的 ROCE 爲 8.4%。就其本身而言,這個數字較低,但比電子行業的平均水平 9.9% 左右略低。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240815/0-8af27dd0374bd6a564eec7a3c0fd009f-0-a73ad86c4bfecd547bbe8f42c9d5d259.png/big)
Above you can see how the current ROCE for Littelfuse 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 Littelfuse for free.
上面你可以看到 Littelfuse 的當前 ROCE 與其之前的資本回報率相比如何,但從歷史上看只能看到這麼多。如果你想的話,可以免費查看覆蓋 Littelfuse 的分析師的預測。
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。
When we looked at the ROCE trend at Littelfuse, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 8.4% from 11% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
當我們看 Littelfuse 的 ROCE 趨勢時,我們並沒有獲得太多信心。在過去的五年中,資本回報率從五年前的 11% 下降到 8.4%。鑑於業務正在投入更多資本而營收卻有所下滑,這有點令人擔憂。這可能意味着企業正在失去其競爭優勢或市場份額,因爲雖然有更多的資金投入企業,但實際上它產生的回報更低 - 所謂的「物有所值更少」。
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。
In summary, we're somewhat concerned by Littelfuse's diminishing returns on increasing amounts of capital. But investors must be expecting an improvement of sorts because over the last five yearsthe stock has delivered a respectable 67% return. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
總之,我們對 Littelfuse 不斷減少的資本回報率感到有些擔憂。但股東必須期待某種改善,因爲在過去的五年中,該股票已經獲得了可觀的 67% 回報。無論如何,目前的潛在趨勢對於長期表現並不樂觀,因此除非它們逆轉,否則我們將開始尋找其他板塊。
Like most companies, Littelfuse does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,Littelfuse 也存在一些風險,我們發現了 1 個警告信號,你應該關注。
While Littelfuse isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管 Littelfuse 的回報率不是最高的,但是請查看這個免費的公司列表,這些公司在股權方面賺取高額回報並具有堅實的資產負債表。
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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。