Returns On Capital At AES (NYSE:AES) Have Stalled
Returns On Capital At AES (NYSE:AES) Have Stalled
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. Although, when we looked at AES (NYSE:AES), it didn't seem to tick all of these boxes.
如果我们想确定可以长期成倍增长的股票,我们应该寻找什么趋势?通常,我们会想注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。但是,当我们查看AES(纽约证券交易所代码:AES)时,它似乎并没有勾选所有这些方框。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for AES, this is the formula:
如果你以前没有与ROCE合作过,它会衡量公司从其业务中使用的资本中产生的 “回报”(税前利润)。要计算 AES 的这个指标,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)
0.068 = US$2.3b ÷ (US$43b - US$8.8b) (Based on the trailing twelve months to September 2023).
0.068 = 23亿美元 ÷(430亿美元-88亿美元) (基于截至2023年9月的过去十二个月)。
Thus, AES has an ROCE of 6.8%. In absolute terms, that's a low return, but it's much better than the Renewable Energy industry average of 3.2%.
因此,AES的投资回报率为6.8%。从绝对值来看,这是一个低回报,但比可再生能源行业3.2%的平均水平要好得多。
View our latest analysis for AES
查看我们对 AES 的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240109/0-7caf4c91a6516c4951c2d6a44a8f6f49-0-27ae19dd0fd1f21801aee4d89b26632d.png/big)
Above you can see how the current ROCE for AES 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.
上面你可以看到AES当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What Does the ROCE Trend For AES Tell Us?
AES的投资回报率趋势告诉我们什么?
There are better returns on capital out there than what we're seeing at AES. The company has employed 21% more capital in the last five years, and the returns on that capital have remained stable at 6.8%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
那里的资本回报比我们在AES看到的要好。在过去五年中,该公司雇用的资本增加了21%,该资本的回报率一直稳定在6.8%。鉴于该公司增加了动用资本金额,看来已经进行的投资根本无法提供很高的资本回报率。
The Key Takeaway
关键要点
Long story short, while AES has been reinvesting its capital, the returns that it's generating haven't increased. Although the market must be expecting these trends to improve because the stock has gained 45% over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
长话短说,尽管AES一直在对其资本进行再投资,但其产生的回报并没有增加。尽管市场必须预期这些趋势会有所改善,因为该股在过去五年中上涨了45%。但是,如果这些潜在趋势的发展轨迹继续下去,我们认为从现在起它成为多股势力的可能性并不高。
On a separate note, we've found 2 warning signs for AES you'll probably want to know about.
另一方面,我们发现了两个你可能想知道的 AES 警告信号。
While AES isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管AES的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。