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Capital Allocation Trends At LeMaitre Vascular (NASDAQ:LMAT) Aren't Ideal

Capital Allocation Trends At LeMaitre Vascular (NASDAQ:LMAT) Aren't Ideal

LeMaitre Vascular(納斯達克股票代碼:LMAT)的資本配置趨勢並不理想
Simply Wall St ·  2023/10/11 08:48

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. In light of that, when we looked at LeMaitre Vascular (NASDAQ:LMAT) and its ROCE trend, we weren't exactly thrilled.

如果我們想要找到一個潛在的多管齊下的人,往往有潛在的趨勢可以提供線索。一種常見的方法是嘗試找到一家擁有退貨已使用資本(ROCE)正在增加,同時也在增長金額已動用資本的比例。簡而言之,這些類型的企業是複利機器,這意味著它們不斷地以越來越高的回報率對收益進行再投資。有鑒於此,當我們看到Lemaitre血管(納斯達克:LMAT)和它的ROCE趨勢,我們並不是很興奮。

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

資本回報率(ROCE):它是什麼?

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 LeMaitre Vascular, this is the formula:

如果您不確定,只需澄清一下,ROCE是一種評估公司投資於其業務的資本獲得多少稅前收入(按百分比計算)的指標。要計算Lemaitre血管的這一指標,公式如下:

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

已動用資本回報率=息稅前收益(EBIT)?(總資產-流動負債)

0.10 = US$31m ÷ (US$326m - US$26m) (Based on the trailing twelve months to June 2023).

0.10美元=3100萬美元?(3.26億美元-2600萬美元)(根據截至2023年6月的往績12個月計算)

So, LeMaitre Vascular has an ROCE of 10%. That's a pretty standard return and it's in line with the industry average of 9.7%.

所以,Lemaitre血管公司的淨資產收益率為10%。這是一個相當標準的回報率,與9.7%的行業平均水準一致。

View our latest analysis for LeMaitre Vascular

查看我們對Lemaitre血管的最新分析

roce
NasdaqGM:LMAT Return on Capital Employed October 11th 2023
NasdaqGM:LMAT資本回報率2023年10月11日

In the above chart we have measured LeMaitre Vascular'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 report on analyst forecasts for the company.

在上面的圖表中,我們衡量了Lemaitre血管公司先前的淨資產收益率與其先前的表現,但可以說,未來更重要。如果您感興趣,您可以在我們的免費分析師對該公司的預測報告.

So How Is LeMaitre Vascular's ROCE Trending?

那麼,Lemaitre血管公司的ROCE趨勢如何?

On the surface, the trend of ROCE at LeMaitre Vascular doesn't inspire confidence. Around five years ago the returns on capital were 18%, but since then they've fallen to 10%. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.

從表面上看,Lemaitre血管公司的ROCE趨勢並沒有激發人們的信心。大約五年前,資本回報率為18%,但自那以來已降至10%。儘管,考慮到收入和業務中使用的資產數量都有所增加,這可能表明該公司正在投資於增長,而額外的資本導致了ROCE的短期下降。如果增加的資本產生額外的回報,從長遠來看,企業和股東都將受益。

The Bottom Line On LeMaitre Vascular's ROCE

萊邁特血管公司ROCE的底線

In summary, despite lower returns in the short term, we're encouraged to see that LeMaitre Vascular is reinvesting for growth and has higher sales as a result. And the stock has done incredibly well with a 112% return over the last five years, so long term investors are no doubt ecstatic with that result. So should these growth trends continue, we'd be optimistic on the stock going forward.

總而言之,儘管短期內回報較低,但我們感到鼓舞的是,Lemaitre Vial正在為增長進行再投資,並因此實現了更高的銷售額。該股在過去五年中表現出色,回報率為112%,因此長期投資者無疑對這一結果欣喜若狂。因此,如果這些增長趨勢繼續下去,我們將對未來的股票持樂觀態度。

LeMaitre Vascular could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.

Lemaitre Vial在其他方面的交易價格可能很有吸引力,所以你可能會發現我們的自由內在價值估計在我們的平臺上相當有價值。

While LeMaitre Vascular isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

雖然Lemaitre血管並沒有獲得最高的回報,但看看這個免費資產負債表穩健、股本回報率高的公司名單。

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.

對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.

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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