Return Trends At Kenvue (NYSE:KVUE) Aren't Appealing
Return Trends At Kenvue (NYSE:KVUE) Aren't Appealing
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after investigating Kenvue (NYSE:KVUE), we don't think it's current trends fit the mold of a multi-bagger.
如果我們想要發現下一個多倍股,就應該關注以下幾個關鍵趨勢。理想情況下,一個企業將展示兩個趨勢;首先是日益增長的資本回報率(ROCE),其次是日益增加的資本僱用量。如果你看到這個趨勢,通常意味着這是一個具有偉大商業模式和豐富的盈利再投資機會的公司。然而,在調查Kenvue(紐交所:KVUE)後,我們不認爲它的當前趨勢符合多倍股的模型。
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. To calculate this metric for Kenvue, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量公司可以從其業務中使用的資本僱用產生多少稅前利潤。要計算Kenvue的這個指標,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。
0.15 = US$3.0b ÷ (US$26b - US$5.9b) (Based on the trailing twelve months to June 2024).
0.15 = 30億美元 ÷ (260億美元 - 5.9億美元)(根據截至2024年6月的過去12個月計算)。因此,Kenvue的ROCE爲15%。這是一個相對正常的資本回報率,與個人用品行業產生的16%左右相當。
Thus, Kenvue has an ROCE of 15%. That's a relatively normal return on capital, and it's around the 16% generated by the Personal Products industry.
如上圖所示,我們測量了Kenvue之前的ROCE與其之前的業績,但未來可能更重要。如果您願意,您可以免費查看覆蓋Kenvue的分析師的預測。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240815/0-39b1cde17500492982a81967ea6360c5-0-bb181ec11ee3244bc56541fe86eb4d80.png/big)
In the above chart we have measured Kenvue'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 Kenvue for free.
在上圖中,我們已經測量了Kenvue之前的ROCE與其之前的表現,但未來可能更重要。如果您願意,您可以免費查看覆蓋Kenvue的分析師的預測。
What Can We Tell From Kenvue's ROCE Trend?
我們可以從Kenvue的ROCE趨勢中得出什麼結論嗎?由於這兩個指標在過去的三年中保持穩定,因此沒有太多關於Kenvue的回報和資本僱用水平的報道。當我們查看不再重新投資其收益的成熟和穩定的企業時,看到這種情況並不罕見,因爲它可能已經過了業務週期的那個階段。因此,除非我們看到Kenvue在資本回報率和額外投資方面發生實質性變化,否則我們不會期望它成爲多倍股。這可能就解釋了爲什麼Kenvue將其67%的收益用於向股東支付股息。這些成熟企業通常擁有可靠的收益和不多的再投資資產,因此將收益放入股東口袋是下一個最好的選擇。
There hasn't been much to report for Kenvue's returns and its level of capital employed because both metrics have been steady for the past three years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So unless we see a substantial change at Kenvue in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger. That probably explains why Kenvue has been paying out 67% of its earnings as dividends to shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.
在簡短的說明中,過去三年中,Kenvue的收益與相同數量的資本持平。毫不奇怪,過去一年股東的總回報一直保持不變。因此,根據本文的分析,我們不認爲Kenvue具備成爲多倍股的條件。另外,我們還找到了4個Kenvue的預警信號,您可能想知道。
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 a nutshell, Kenvue has been trudging along with the same returns from the same amount of capital over the last three years. Unsurprisingly then, the total return to shareholders over the last year has been flat. Therefore based on the analysis done in this article, we don't think Kenvue has the makings of a multi-bagger.
簡而言之,Kenvue在過去三年中一直以相同資本回報率,並且資本僱用量也沒有變化。因此,股東的總回報在過去一年中持平。因此,基於本文的分析,在目前情況下我們認爲Kenvue沒有成爲多倍股的條件。
On a separate note, we've found 4 warning signs for Kenvue you'll probably want to know about.
另外,我們發現了4個Kenvue的預警信號,您可能想知道。
While Kenvue 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Kenvue目前可能沒有賺取最高回報,但我們已編制了一份目前可以獲得25%以上淨資產回報率的公司清單,您可以在此免費查看。
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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。