The Returns On Capital At Privia Health Group (NASDAQ:PRVA) Don't Inspire Confidence
The Returns On Capital At Privia Health Group (NASDAQ:PRVA) Don't Inspire Confidence
What trends should we look for it we want to identify stocks that can multiply in value over the long term? 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. However, after briefly looking over the numbers, we don't think Privia Health Group (NASDAQ:PRVA) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想要找到能夠長期倍增價值的股票,應該關注什麼趨勢?其中一種常見的方法是尋找ROCE(資本僱用回報率)增長並且資本僱用量逐漸增加的公司。簡而言之,這些類型的企業是複利機器,意味着他們不斷以逐漸增加的回報率再投資他們的盈利。然而,經過簡短的數字分析,我們認爲Privia Health Group(NASDAQ:PRVA)未來不具備成倍增長的潛力,讓我們看看爲什麼。
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. The formula for this calculation on Privia Health Group is:
只需澄清一下,如果你不確定的話,ROCE是一個評估公司在其業務中投入的資本上賺取的稅前收入(以百分比形式)的指標。Privia Health Group的計算公式爲:
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。
0.02 = US$13m ÷ (US$1.1b - US$430m) (Based on the trailing twelve months to June 2024).
0.02 = 1300萬美元 ÷ (11億美元 - 4.3億美元)(基於截至2024年6月的過去12個月)。
Therefore, Privia Health Group has an ROCE of 2.0%. In absolute terms, that's a low return and it also under-performs the Healthcare industry average of 10%.
因此,Privia Health Group的ROCE爲2.0%。從絕對值來看,這是一個較低的回報率,也低於醫療保健行業的平均水平10%。
In the above chart we have measured Privia Health Group's 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 Privia Health Group .
在上面的圖表中,我們對Privia Health Group的先前ROCE進行了測量,但未來可能更重要。如果您有興趣,可以在我們的免費分析師報告中查看分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
When we looked at the ROCE trend at Privia Health Group, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 2.0% from 6.0% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
當我們看了Privia Health Group的ROCE趨勢時,並沒有增加太多信心。在過去的五年中,資本回報率從五年前的6.0%下降到2.0%。然而,考慮到使用的資本和營業收入都有所增加,看起來該公司目前正在追求增長,犧牲了短期回報。如果這些投資成功,這對於長期股票表現非常有利。
The Key Takeaway
重要提示
In summary, despite lower returns in the short term, we're encouraged to see that Privia Health Group is reinvesting for growth and has higher sales as a result. However, despite the promising trends, the stock has fallen 31% over the last three years, so there might be an opportunity here for astute investors. As a result, we'd recommend researching this stock further to uncover what other fundamentals of the business can show us.
總之,儘管短期回報率較低,但我們對Privia Health Group正在爲增長進行再投資並獲得更高銷售額感到鼓舞。然而,儘管有着有希望的趨勢,但該股票在過去三年中下跌了31%,因此聰明的投資者可能在這裏有機會。因此,我們建議進一步研究這支股票,以了解企業的其他基本面可以給我們展示什麼。
On a final note, we've found 1 warning sign for Privia Health Group that we think you should be aware of.
最後,我們發現Privia Health Group有1個警告標誌,我們認爲您應該知道。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
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。