The Returns At REV Group (NYSE:REVG) Aren't Growing
The Returns At REV Group (NYSE:REVG) Aren't Growing
There are a few key trends to look for if we want to identify the next 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at REV Group (NYSE:REVG) and its ROCE trend, we weren't exactly thrilled.
如果我們想確定下一個多功能裝袋機,有一些關鍵趨勢需要關注。首先,我們想找一個正在成長的 返回 關於已用資本(ROCE),然後除此之外,還不斷增加 基礎 已動用資本的百分比。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。有鑑於此,當我們查看REV Group(紐約證券交易所代碼:REVG)及其ROCE趨勢時,我們並不感到非常興奮。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
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. The formula for this calculation on REV Group is:
對於那些不知道的人來說,投資回報率是衡量公司年度稅前利潤(其回報率)與企業所用資本的關係。REV Group 的計算公式爲:
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)
0.086 = US$72m ÷ (US$1.4b - US$548m) (Based on the trailing twelve months to July 2023).
0.086 = 720萬美元 ¥(14億美元至5.48億美元) (基於截至 2023 年 7 月的過去十二個月)。
Therefore, REV Group has an ROCE of 8.6%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 12%.
因此,REV集團的投資回報率爲8.6%。從絕對值來看,這是一個低迴報,而且表現也低於機械行業12%的平均水平。
View our latest analysis for REV Group
查看我們對 REV 集團的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231213/0-9ca737738fe1cf1716e0b8696275d69d-0-6e193c59290193059db442e3c0f16178.png/big)
Above you can see how the current ROCE for REV Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上方你可以看到REV Group當前的投資回報率與之前的資本回報率相比如何,但從過去可以看出來只有這麼多。如果你有興趣,可以在我們關於公司分析師預測的免費報告中查看分析師的預測。
How Are Returns Trending?
退貨趨勢如何?
We're a bit concerned with the trends, because the business is applying 21% less capital than it was five years ago and returns on that capital have stayed flat. To us that doesn't look like a multi-bagger because the company appears to be selling assets and it's returns aren't increasing. In addition to that, since the ROCE doesn't scream "quality" at 8.6%, it's hard to get excited about these developments.
我們對這種趨勢有點擔憂,因爲該企業使用的資本比五年前減少了21%,而且這些資本的回報率一直保持不變。對我們來說,這看起來不像是一個多管齊下的公司,因爲該公司似乎在出售資產,而回報卻沒有增加。除此之外,由於ROCE的 “質量” 不高於8.6%,因此很難對這些發展感到興奮。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 40% of total assets, this reported ROCE would probably be less than8.6% because total capital employed would be higher.The 8.6% ROCE could be even lower if current liabilities weren't 40% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
另一方面,儘管投資回報率趨勢的變化可能不會引起人們的關注,但有趣的是,在過去五年中,流動負債實際上有所增加。這很有趣,因爲如果流動負債沒有增加到總資產的40%,那麼該報告的投資回報率可能會低於8.6%,因爲使用的總資本會更高。如果流動負債不佔總資產的40%,則8.6%的投資回報率可能會更低,因爲該公式將顯示使用的總資本基礎更大。考慮到這一點,如果該比率將來會增加,請謹慎行事,因爲如果該比率變得特別高,就會帶來一些新的風險因素。
The Key Takeaway
關鍵要點
It's a shame to see that REV Group is effectively shrinking in terms of its capital base. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 103% gain to shareholders who have held over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
令人遺憾的是,REV Group的資本基礎實際上正在萎縮。投資者必須認爲會有更好的事情發生,因爲該股已將其淘汰,爲過去五年中持股的股東帶來了103%的收益。但是,除非這些潛在趨勢變得更加樂觀,否則我們的希望不會過高。
REV Group does have some risks though, and we've spotted 1 warning sign for REV Group that you might be interested in.
不過,REV Group 確實存在一些風險,我們發現了 REV Group 的 1 個警告信號,你可能會感興趣。
While REV Group may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管REV Group目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這份免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。