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Here's What To Make Of Reliance's (NYSE:RS) Decelerating Rates Of Return

Here's What To Make Of Reliance's (NYSE:RS) Decelerating Rates Of Return

這是對信實集團(紐交所:RS)下降的回報率的解讀。
Simply Wall St ·  12/18 10:09

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. That's why when we briefly looked at Reliance's (NYSE:RS) ROCE trend, we were pretty happy with what we saw.

找到一個有潛力大幅增長的業務並不容易,但如果我們關注一些關鍵的財務指標,這是可能的。首先,我們希望確定一個不斷增長的資本回報率(ROCE),然後是一個不斷增加的使用資本基礎。這告訴我們它是一個複利機器,能夠持續將收益再投資於業務中併產生更高的回報。這就是爲什麼當我們簡要查看Reliance(紐交所:RS)的ROCE趨勢時,我們對所看到的感到很滿意。

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

資本回報率(ROCE):它是什麼?

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 Reliance is:

對於那些不確定ROCE是什麼的人,它衡量的是一家公司能夠從其業務中使用的資本生成的稅前利潤數量。Reliance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)

0.15 = US$1.3b ÷ (US$10b - US$1.3b) (Based on the trailing twelve months to September 2024).

0.15 = 13億美元 ÷ (100億美元 - 13億美元)(基於截至2024年9月的過去十二個月數據)。

So, Reliance has an ROCE of 15%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 11% it's much better.

因此,Reliance的ROCE爲15%。在絕對值上,這是一個令人滿意的回報,但與金屬期貨和礦業行業平均水平的11%相比,這要好得多。

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NYSE:RS Return on Capital Employed December 18th 2024
紐交所:RS 使用資本回報率 2024年12月18日

In the above chart we have measured Reliance'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 Reliance for free.

在上面的圖表中,我們測量了信實集團之前的資本回報率(ROCE)與其之前的表現,但未來無疑更重要。如果您願意,可以免費查看涵蓋信實集團的分析師預測。

What Can We Tell From Reliance's ROCE Trend?

我們可以從信實集團的資本回報率趨勢中得出什麼結論?

While the returns on capital are good, they haven't moved much. The company has consistently earned 15% for the last five years, and the capital employed within the business has risen 23% in that time. 15% is a pretty standard return, and it provides some comfort knowing that Reliance 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.

雖然資本回報率表現良好,但變化不大。在過去五年中,該公司的回報率始終保持在15%,同時業務所使用的資本增長了23%。15%的回報率算是相當標準,知道信實集團始終能維持這個水平也讓人感到安心。雖然這個區間的穩定回報可能不那麼激動人心,但如果能夠在長時間內保持,往往會爲股東帶來可觀的回報。

Our Take On Reliance's ROCE

我們對信實集團資本回報率的看法

In the end, Reliance has proven its ability to adequately reinvest capital at good rates of return. And the stock has done incredibly well with a 154% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.

最後,信實集團已經證明其能夠以良好的回報率充分再投資資本。過去五年,股票回報率達154%,因此長期投資者無疑對這一結果感到欣喜。因此,儘管積極的基本趨勢可能受到投資者的認可,我們仍然認爲這隻股票值得進一步關注。

Reliance does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is concerning...

不過,信實集團確實存在一些風險,我們在投資分析中發現了兩個警示信號,其中一個令人擔憂……

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.

如果您想尋找具有良好收益的穩健公司,可以查看這份擁有良好資產負債表和令人印象深刻的股本回報率的免費公司列表。

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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