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Why We Like The Returns At TriNet Group (NYSE:TNET)

Why We Like The Returns At TriNet Group (NYSE:TNET)

我們喜歡trinet group(紐交所:TNET)的回報原因
Simply Wall St ·  11/21 08:36

To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. So when we looked at the ROCE trend of TriNet Group (NYSE:TNET) we really liked what we saw.

要找到一個多倍增長的股票,我們需要關注業務中的哪些潛在趨勢呢?通常情況下,我們會希望注意到資本利用率(ROCE)不斷增長的趨勢,以及與此同時資本利用率的擴大基礎。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有利可圖的再投資機會的公司。因此,當我們查看 TriNet Group(紐交所:TNET)的ROCE趨勢時,我們確實很喜歡我們看到的情況。

Return On Capital Employed (ROCE): What Is It?

資本利用率(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 TriNet Group, this is the formula:

只是爲了澄清,如果您不確定,ROCE是一個衡量公司在其業務中投資的資本上賺取多少稅前收入(以百分比表示)的指標。要爲 TriNet Group 計算這個指標,這是公式:

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)

0.27 = US$350m ÷ (US$3.7b - US$2.4b) (Based on the trailing twelve months to September 2024).

0.27 = 35000萬美元 ÷ (37億美元 - 24億美元)(基於截至2024年9月的過去十二個月)。

Therefore, TriNet Group has an ROCE of 27%. That's a fantastic return and not only that, it outpaces the average of 15% earned by companies in a similar industry.

因此,TriNet Group 的ROCE爲27%。這是一個神奇的回報,不僅如此,它超過了同行行業公司獲得的平均15%。

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NYSE:TNET Return on Capital Employed November 21st 2024
紐交所:TNEt 資本利用率2024年11月21日

In the above chart we have measured TriNet Group'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 TriNet Group for free.

在上圖中,我們已經測量了trinet group之前的ROCE與其之前的表現,但未來可能更爲重要。如果您願意,您可以免費查看涵蓋trinet group的分析師的預測。

What Can We Tell From TriNet Group's ROCE Trend?

從trinet group的ROCE趨勢中我們可以得出什麼結論?

TriNet Group is showing promise given that its ROCE is trending up and to the right. The figures show that over the last five years, ROCE has grown 23% whilst employing roughly the same amount of capital. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.

trinet group表現出了很大的潛力,因爲其ROCE正在上升並向右傾斜。數據顯示,在過去五年中,ROCE增長了23%,同時使用的資本大致相同。因此,我們認爲業務已經提高了效率以產生更高的回報,同時也無需增加任何額外投資。不過,值得更深入地研究,因爲雖然業務更有效率是件好事,但也可能意味着未來內部投資的有機增長領域存在不足。

For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. The current liabilities has increased to 65% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. And with current liabilities at those levels, that's pretty high.

不過值得一提的是,在這段時間內,公司的流動負債明顯增加,因此我們會將部分ROCE增長歸因於此。流動負債已經增加到總資產的65%,因此業務現在更多地由供應商或短期債權人提供資金。而且流動負債水平已經相當高。

The Bottom Line

最終結論

As discussed above, TriNet Group appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 73% return over the last five years. Therefore, we think it would be worth your time to check if these trends are going to continue.

如上所述,trinet group似乎在生成回報方面越來越熟練,因爲投入資本保持不變,但收入(利息和稅前)增加。投資者似乎期望未來會有更多這樣的情況,因爲該股票在過去五年裏爲股東帶來了73%的回報。因此,我們認爲值得您花時間去查看這些趨勢是否將持續。

Like most companies, TriNet Group does come with some risks, and we've found 2 warning signs that you should be aware of.

像大多數公司一樣,trinet group也存在一些風險,我們發現了2個警告信號,您應該注意。

If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.

如果您想尋找更多獲得高回報的股票,請查看這個免費股票列表,這些股票不僅有紮實的資產負債表,而且還有高回報率。

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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。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對提及的任何股票都沒有持倉。

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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