Returns At PPG Industries (NYSE:PPG) Appear To Be Weighed Down
Returns At PPG Industries (NYSE:PPG) Appear To Be Weighed Down
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? 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. So, when we ran our eye over PPG Industries' (NYSE:PPG) trend of ROCE, we liked what we saw.
你知道有些金融指標可以提供潛在成長股的線索嗎?首先,我們希望看到資本僱用回報率(ROCE)逐年增長,其次是不斷擴大的資本僱用基礎。這表明該公司是一臺複合機器,能夠不斷地將收益重新投入業務中併產生更高的回報。因此,當我們審視PPG工業(NYSE:PPG) ROCE的趨勢時,我們喜歡我們所看到的。
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. The formula for this calculation on PPG Industries is:
對於那些不確定什麼是ROCE的人來說,它衡量了一家公司從其業務所使用的資本中能夠產生多少稅前利潤。此計算公式用於PPG工業的結果爲:
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。
0.14 = US$2.3b ÷ (US$22b - US$5.2b) (Based on the trailing twelve months to June 2024).
0.14 = US$23億 ÷ (US$220億 - US$5.2b) (以2024年6月的過去12個月爲基礎得出)。
Thus, PPG Industries has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 8.9% generated by the Chemicals industry.
因此,PPG工業的ROCE爲14%。單獨看,這是一個標準的回報,但它比化學品行業的8.9%要好得多。
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Above you can see how the current ROCE for PPG Industries compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for PPG Industries .
您可以看到PPG工業目前的ROCE與其過去的資本回報相比如何,但過去只能看到有限的信息。如果您想了解分析師對其未來的預測,可以查閱我們免費的PPG工業分析師報告。
What Does the ROCE Trend For PPG Industries Tell Us?
PPG工業ROCE趨勢告訴我們什麼?
While the current returns on capital are decent, they haven't changed much. The company has employed 25% more capital in the last five years, and the returns on that capital have remained stable at 14%. 14% is a pretty standard return, and it provides some comfort knowing that PPG Industries has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
雖然當前的資本回報率相當不錯,但它們並沒有發生太大的變化。在過去五年中,該公司的資本投入增加了25%,但資本回報率仍保持在14%的穩定水平。14%是一個相當標準的回報,而且知道PPG工業一直能夠穩定地獲得這樣的回報也爲人們提供了一定的安慰。雖然球場上的穩定回報可能不夠激動人心,但如果它們能夠長期保持,通常會爲股東帶來不錯的回報。
The Key Takeaway
重要提示
The main thing to remember is that PPG Industries has proven its ability to continually reinvest at respectable rates of return. However, over the last five years, the stock has only delivered a 25% return to shareholders who held over that period. That's why it could be worth your time looking into this stock further to discover if it has more traits of a multi-bagger.
需要記住的主要事情是PPG工業已經證明了其能夠以可觀的回報率不斷地進行再投資。然而,在過去的五年中,該股票僅爲那些持有超過此期間的股東提供了25%的回報。這就是爲什麼你有必要更深入地了解這個股票,看看它是否具備成爲潛在的成長股的更多特點。
On a final note, we've found 1 warning sign for PPG Industries that we think you should be aware of.
最後,我們發現PPG工業存在1個警告信號,我們認爲你應該注意一下。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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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。