Here's What To Make Of GDS Holdings' (NASDAQ:GDS) Decelerating Rates Of Return
Here's What To Make Of GDS Holdings' (NASDAQ:GDS) Decelerating Rates Of Return
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at GDS Holdings (NASDAQ:GDS), it didn't seem to tick all of these boxes.
如果我們想找到一隻可以長期倍增的股票,那麼我們應該尋找哪些潛在趨勢呢?一種常見的方法是嘗試找到一家資本僱用率回報率(ROCE)不斷增長且資本僱用量日益增加的公司。簡而言之,這些類型的企業是複合機器,意味着他們不斷地以越來越高的回報率再投資其收益。雖然在我們看GDS Holdings (納斯達克:GDS)時,並未完全突破這些限制。
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. To calculate this metric for GDS Holdings, this is the formula:
對於那些不確定ROCE是什麼的人來說,它衡量的是公司能夠從其所用資本中產生的稅前利潤金額。要爲GDS Holdings計算這個指標,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。
0.0095 = CN¥619m ÷ (CN¥76b - CN¥11b) (Based on the trailing twelve months to March 2024).
0.0095 = 中國元6,1900萬 ÷ (中國元76,000億 - 中國元11億)(根據2024年3月的過去十二個月計算)。
Thus, GDS Holdings has an ROCE of 1.0%. In absolute terms, that's a low return and it also under-performs the IT industry average of 11%.
因此,GDS Holdings的ROCE爲1.0%。絕對地看來,這是一個相對較低的回報,也低於IT行業平均水平的11%。
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In the above chart we have measured GDS Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for GDS Holdings .
在上面的圖表中,我們比較了GDS Holdings的過去ROCE與其過去的表現,但未來可能更重要。如果你有興趣,可以在我們的GDS Holdings免費分析師報告中查看分析師的預測。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
In terms of GDS Holdings' historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 1.0% for the last five years, and the capital employed within the business has risen 183% in that time. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
就GDS Holdings的歷史ROCE趨勢而言,它並沒有引起過多關注。該公司在過去5年內始終保持1.0%的ROCE水平,業務中資本的僱用量在此期間增長了183%。這種糟糕的ROCE現在並不激發信心,而且隨着資本就業的增加,顯然業務沒有將資金投入到高回報的投資中。
What We Can Learn From GDS Holdings' ROCE
我們從GDS Holdings的ROCE中可以學到什麼呢?
As we've seen above, GDS Holdings' returns on capital haven't increased but it is reinvesting in the business. And investors may be expecting the fundamentals to get a lot worse because the stock has crashed 72% over the last five years. Therefore based on the analysis done in this article, we don't think GDS Holdings has the makings of a multi-bagger.
正如我們在上面所看到的,GDS Holdings的資本回報率並沒有提高,但它正在對業務進行再投資。而且,由於過去5年中該股票已經下跌了72%,投資者可能預期基本面會變得更糟。因此,基於本文所做的分析,我們不認爲GDS Holdings擁有成爲多倍垃圾郵件的潛力。
On a separate note, we've found 2 warning signs for GDS Holdings you'll probably want to know about.
另外,我們發現了GDS Holdings的2個警示信號,您可能想了解一下。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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。