A Look Into WD-40's (NASDAQ:WDFC) Impressive Returns On Capital
A Look Into WD-40's (NASDAQ:WDFC) Impressive Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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, the ROCE of WD-40 (NASDAQ:WDFC) looks attractive right now, so lets see what the trend of returns can tell us.
如果我們想找到一個潛在的多倍增長器,通常存在可以提供線索的潛在趨勢。 首先,我們希望看到資本僱用的實現回報(ROCE)不斷增加,其次,資本僱用的基礎不斷擴大。 這表明它是一個複合機器,能夠不斷將其收益再投資於業務併產生更高的回報。考慮到這一點,WD-40 (NASDAQ:WDFC)的ROCE現在看起來很有吸引力,所以讓我們看看回報的趨勢能告訴我們什麼。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 WD-40, this is the formula:
只是爲了澄清,如果你不確定,ROCE是用來評估一個公司在其業務中投資的資本上賺取多少稅前收入(以百分比計算)的一個指標。要計算WD-40的這個指標,這是公式:
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。
0.28 = US$96m ÷ (US$444m - US$105m) (Based on the trailing twelve months to May 2024).
0.28 = US$9600萬 ÷ (US$44400萬 - US$105m) (基於2024年5月的過去12個月)。
Thus, WD-40 has an ROCE of 28%. That's a fantastic return and not only that, it outpaces the average of 19% earned by companies in a similar industry.
因此,WD-40的ROCE爲28%。這是一個很棒的回報,不僅如此,它還超過了同行業公司19%的平均水平。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240817/0-f77cd96df9108fcc37a008fc448b5be9-0-0c9b259a1a5efe13cd1cc2fc741bfeba.png/big)
In the above chart we have measured WD-40's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for WD-40 .
在上圖中,我們已經測量了WD-40的歷史ROCE與其歷史表現之間的關係,但未來的情況可能更爲重要。如果您想了解分析師對WD-40的預測,請查看我們針對WD-40的免費分析師報告。
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。
WD-40 deserves to be commended in regards to it's returns. Over the past five years, ROCE has remained relatively flat at around 28% and the business has deployed 48% more capital into its operations. Now considering ROCE is an attractive 28%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. If WD-40 can keep this up, we'd be very optimistic about its future.
WD-40在回報方面值得讚揚。在過去的五年中,ROCE保持在28%左右的相對穩定水平,公司將多達48%的資本投入其業務運營中,考慮到ROCE是28%,這種組合實際上非常有吸引力,因爲這意味着企業可以持續地投入資金併產生高回報。如果WD-40能夠保持這一點,我們對其未來非常樂觀。
The Key Takeaway
重要提示
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
最終,該公司已經證明了它可以以高回報率重新投資資本,這是多倍增長器的特徵。由於股票在過去的五年中大幅上漲,市場可能認爲這種趨勢將繼續。因此,即使股票比以前更「昂貴」,我們認爲強大的基本面也應該將此股票列爲進一步研究。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for WDFC on our platform that is definitely worth checking out.
另一方面,我們必須考慮估值。這就是爲什麼我們在平台上有一個免費的WDFC內在價值估算值,值得您去了解。
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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。