Returns On Capital Signal Tricky Times Ahead For Amcor (NYSE:AMCR)
Returns On Capital Signal Tricky Times Ahead For Amcor (NYSE:AMCR)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Having said that, from a first glance at Amcor (NYSE:AMCR) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
你知道嗎,有一些財務指標可以提供潛在的多管齊下的線索?首先,我們想要確定一個不斷增長的退貨在已使用資本(ROCE)上,然後在此基礎上,不斷增加基地已動用資本的比例。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。話雖如此,從第一眼看阿姆科爾(NYSE:AMCR)我們並沒有從椅子上跳起來看到回報率的趨勢,但讓我們更深入地瞭解一下。
Return On Capital Employed (ROCE): What Is It?
資本回報率(ROCE):它是什麼?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Amcor, this is the formula:
對於那些不知道的人來說,ROCE是衡量一家公司的年度稅前利潤(其回報),相對於業務中使用的資本。要計算Amcor的此指標,請使用以下公式:
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)
0.11 = US$1.4b ÷ (US$17b - US$4.5b) (Based on the trailing twelve months to June 2023).
0.11= 14億美元(170億美元-45億美元)(根據截至2023年6月的往績12個月計算)。
Therefore, Amcor has an ROCE of 11%. By itself that's a normal return on capital and it's in line with the industry's average returns of 11%.
所以呢,Amcor的淨資產收益率為11%。這本身就是正常的資本回報率,與該行業11%的平均回報率一致。
View our latest analysis for Amcor
查看我們對Amcor的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231029/0-9679345ccd76b335650aeb0cc9ec8017-0-fe070e21c480d32aa1d99d306f779001.png/big)
In the above chart we have measured Amcor'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 Amcor here for free.
在上面的圖表中,我們已經衡量了Amcor之前的ROCE與之前的表現,但未來可能更重要。如果您願意,您可以查看Amcor分析師的預測,免費的。
What The Trend Of ROCE Can Tell Us
ROCE的走勢告訴我們什麼
In terms of Amcor's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 26%, but since then they've fallen to 11%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就Amcor的歷史ROCE運動而言,這一趨勢並不美妙。大約五年前,資本回報率為26%,但自那以後,資本回報率已降至11%。另一方面,該公司去年一直在使用更多的資本,但銷售額沒有相應的改善,這可能表明這些投資是長期的。從現在開始,值得關注公司的收益,看看這些投資是否最終有助於提高利潤。
On a side note, Amcor has done well to pay down its current liabilities to 26% of total assets. That could partly explain why the ROCE has dropped. 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.
另一方面,Amcor在將其流動負債降至總資產的26%方面做得很好。這可以部分解釋為什麼ROCE下降。實際上,這意味著他們的供應商或短期債權人為業務提供的資金減少了,這降低了一些風險因素。由於該業務基本上是用自己的錢為更多的業務提供資金,你可以說這使得該業務在產生ROCE方面效率較低。
In Conclusion...
總之..。
In summary, Amcor is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Unsurprisingly then, the total return to shareholders over the last three years has been flat. Therefore based on the analysis done in this article, we don't think Amcor has the makings of a multi-bagger.
總之,Amcor正在將資金重新投入到業務增長中,但不幸的是,銷售額似乎還沒有增加多少。因此,毫不奇怪,過去三年股東的總回報一直持平。因此,根據本文所做的分析,我們不認為Amcor有多袋的素質。
One final note, you should learn about the 2 warning signs we've spotted with Amcor (including 1 which is a bit unpleasant) .
最後一個注意事項,您應該瞭解2個個警告標誌我們已經發現與Amcor(包括1這是有點不愉快)。
While Amcor 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Amcor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。
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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.