Some Investors May Be Worried About Inner Mongolia ERDOS ResourcesLtd's (SHSE:900936) Returns On Capital
Some Investors May Be Worried About Inner Mongolia ERDOS ResourcesLtd's (SHSE:900936) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Inner Mongolia ERDOS ResourcesLtd (SHSE:900936) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
你知道吗，有一些财务指标可以提供潜在的多管齐下的线索？通常，我们会注意到一种增长的趋势退货关于已使用资本(ROCE)以及与之相伴随的是不断扩大的基地已动用资本的比例。基本上，这意味着一家公司有盈利的举措，可以继续进行再投资，这是复合机器的一个特点。然而，在简单地看了一下数字之后，我们认为内蒙古鄂尔多斯资源有限公司(上海证券交易所：900936)未来有可能成为一个多袋子的人，但让我们看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(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. To calculate this metric for Inner Mongolia ERDOS ResourcesLtd, this is the formula:
如果您不确定，只需澄清一下，ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。要计算内蒙古鄂尔多斯资源有限公司的此指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.13 = CN¥3.9b ÷ (CN¥48b - CN¥17b) (Based on the trailing twelve months to June 2023).
0.13=人民币39亿？(人民币48亿元-人民币170亿元)(根据截至2023年6月的往绩12个月计算)。
So, Inner Mongolia ERDOS ResourcesLtd has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 6.4% it's much better.
所以,内蒙古鄂尔多斯资源有限公司的净资产收益率为13%。就绝对值而言，这是一个令人满意的回报率，但与金属和矿业6.4%的平均回报率相比，这要好得多。
See our latest analysis for Inner Mongolia ERDOS ResourcesLtd
查看我们对内蒙古鄂尔多斯资源有限公司的最新分析
In the above chart we have measured Inner Mongolia ERDOS ResourcesLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Inner Mongolia ERDOS ResourcesLtd.
在上面的图表中，我们比较了内蒙古鄂尔多斯资源有限公司之前的净资产收益率和之前的业绩，但可以说，未来更重要。如果您想查看分析师对未来的预测，您应该查看我们的免费内蒙古鄂尔多斯资源有限公司报告。
What Can We Tell From Inner Mongolia ERDOS ResourcesLtd's ROCE Trend?
从内蒙古鄂尔多斯资源有限公司的ROCE趋势中我们可以看出什么？
On the surface, the trend of ROCE at Inner Mongolia ERDOS ResourcesLtd doesn't inspire confidence. Around five years ago the returns on capital were 17%, but since then they've fallen to 13%. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
从表面上看，内蒙古鄂尔多斯资源有限公司的ROCE走势并没有激发人们的信心。大约五年前，资本回报率为17%，但自那以来已降至13%。考虑到在雇佣更多资本的同时收入有所下降，我们会持谨慎态度。如果这种情况持续下去，你可能会看到这样一家公司，它正试图通过再投资实现增长，但由于销售额没有增长，实际上正在失去市场份额。
On a related note, Inner Mongolia ERDOS ResourcesLtd has decreased its current liabilities to 35% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另外，内蒙古鄂尔多斯资源有限公司已将流动负债降至总资产的35%。因此，我们可以将其中一些因素与净资产收益率的下降联系起来。实际上，这意味着它们的供应商或短期债权人减少了对业务的融资，这降低了一些风险因素。由于企业基本上是用自有资金为更多的运营提供资金，你可以说这降低了企业产生净资产收益率的效率。
In Conclusion...
总之..。
We're a bit apprehensive about Inner Mongolia ERDOS ResourcesLtd because despite more capital being deployed in the business, returns on that capital and sales have both fallen. The market must be rosy on the stock's future because even though the underlying trends aren't too encouraging, the stock has soared 162%. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
我们对内蒙古鄂尔多斯资源有限公司有点担心，因为尽管有更多的资本投入到这项业务中，但资本回报率和销售额都有所下降。市场对该股的前景肯定是乐观的，因为尽管潜在趋势不太乐观，但该股已飙升162%。无论如何，我们对基本面感到不太舒服，所以我们现在会避开这只股票。
On a separate note, we've found 2 warning signs for Inner Mongolia ERDOS ResourcesLtd you'll probably want to know about.
另外，我们发现内蒙古鄂尔多斯资源有限公司的2个警告标志你可能会想知道。
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.
如果你想寻找收入丰厚的可靠公司，看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。