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Here's What To Make Of Littelfuse's (NASDAQ:LFUS) Decelerating Rates Of Return

Here's What To Make Of Littelfuse's (NASDAQ:LFUS) Decelerating Rates Of Return

這是如何看待美國力特保險絲(納斯達克:LFUS)不斷下降的回報率
Simply Wall St ·  2024/11/18 20:48

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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 briefly looking over the numbers, we don't think Littelfuse (NASDAQ:LFUS) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果我們想找到一種能夠在長期內增值的股票,我們應該找哪些基本趨勢?通常,我們會注意到資本回報率(ROCE)增長的趨勢,以及相應的資本投入基礎擴大的趨勢。如果你看到這一點,這通常意味着這是一個擁有優秀業務模式和大量盈利再投資機會的公司。然而,在簡單查看這些數字後,我們認爲美國力特保險絲(納斯達克:LFUS)未來並不具備成爲多倍收益股的潛力,但讓我們看看可能的原因。

Understanding Return On Capital Employed (ROCE)

理解已投資資本回報率(ROCE)

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 Littelfuse is:

爲了澄清,如果你不確定,ROCE是用來評估公司在其業務中投資的資本所賺取的稅前收入(以百分比計算)的指標。對於美國力特保險絲的計算公式是:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)

0.079 = US$286m ÷ (US$4.1b - US$440m) (Based on the trailing twelve months to September 2024).

0.079 = 28600萬美元 ÷ (41億美金 - 440百萬美金)(基於截至2024年9月的過去十二個月數據)。

Therefore, Littelfuse has an ROCE of 7.9%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 10.0%.

因此,美國力特保險絲的資本回報率爲7.9%。絕對值上,這個回報率較低,並且低於電子行業平均水平10.0%。

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NasdaqGS:LFUS Return on Capital Employed November 18th 2024
納斯達克GS:LFUS 資本回報率 2024年11月18日

Above you can see how the current ROCE for Littelfuse compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Littelfuse for free.

在上面您可以看到美國力特保險絲當前的投資資本回報率(ROCE)與其之前的資本回報情況的對比,但您只能從過去獲得有限的信息。如果您願意,可以免費查看覆蓋美國力特保險絲的分析師的預測。

What Can We Tell From Littelfuse's ROCE Trend?

我們能從美國力特保險絲的投資資本回報率(ROCE)趨勢中得出什麼?

There are better returns on capital out there than what we're seeing at Littelfuse. The company has employed 57% more capital in the last five years, and the returns on that capital have remained stable at 7.9%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.

有比美國力特保險絲更高的資本回報率。在過去五年中,該公司使用了更多資本,而該資本的回報率保持在7.9%穩定。考慮到公司增加了使用的資本數量,似乎已經投資的項目並未提供較高的資本回報率。

The Bottom Line

總結

In summary, Littelfuse has simply been reinvesting capital and generating the same low rate of return as before. And investors may be recognizing these trends since the stock has only returned a total of 38% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.

總的來說,美國力特保險絲只是重新投資資本並獲得與以前相同的低迴報率。投資者可能注意到這些趨勢,因爲該股票過去五年僅爲股東總共帶來38%的回報。所以,如果你正在尋找一個漲幅較大的股票,基礎趨勢表明你在其他地方有更好的機會。

Littelfuse does have some risks though, and we've spotted 1 warning sign for Littelfuse that you might be interested in.

儘管美國力特保險絲確實存在一些風險,並且我們發現了一些可能會感興趣的關於美國力特保險絲的警告信號。

While Littelfuse 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.

雖然美國力特保險絲目前可能獲得的回報並不是最高的,但我們已經整理了一份目前獲得25%以上股本回報率的公司列表。在此免費列表中查看。

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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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