The Returns On Capital At Amcor (NYSE:AMCR) Don't Inspire Confidence
The Returns On Capital At Amcor (NYSE:AMCR) Don't Inspire Confidence
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Although, when we looked at Amcor (NYSE:AMCR), it didn't seem to tick all of these boxes.
如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?首先,我们想找一个正在成长的 返回 关于已用资本(ROCE),然后除此之外,还不断增加 基础 所用资本的比例。归根结底,这表明这是一家以不断提高的回报率对利润进行再投资的企业。但是,当我们查看Amcor(纽约证券交易所代码:AMCR)时,它似乎并没有勾选所有这些方框。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Amcor is:
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)。在 Amcor 上进行此计算的公式为:
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)
0.11 = US$1.3b ÷ (US$17b - US$4.0b) (Based on the trailing twelve months to September 2023).
0.11 = 13亿美元 ÷(170亿美元-40亿美元) (基于截至2023年9月的过去十二个月)。
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%.
因此,安姆科的投资回报率为11%。这本身就是正常的资本回报率,与该行业11%的平均回报率一致。
View our latest analysis for Amcor
查看我们对 Amcor 的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240130/0-901439d74abdd449f2c0b26e27919f0e-0-2f1b91d8b328efe9e3fb70d16cc8ee29.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 to see what analysts are forecasting going forward, you should check out our free report for Amcor.
在上图中,我们将Amcor先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们的Amcor免费报告。
What Can We Tell From Amcor's ROCE Trend?
我们可以从安姆科的投资回报率趋势中得出什么?
When we looked at the ROCE trend at Amcor, we didn't gain much confidence. Around five years ago the returns on capital were 28%, 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 may take some time before the company starts to see any change in earnings from these investments.
当我们观察安姆科的投资回报率趋势时,我们并没有获得太大的信心。大约五年前,资本回报率为28%,但此后已降至11%。另一方面,该公司在去年一直在使用更多资本,但销售额没有相应改善,这可能表明这些投资是长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
On a side note, Amcor has done well to pay down its current liabilities to 24% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
顺便说一句,Amcor在将其流动负债偿还至总资产的24%方面做得很好。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业产生投资回报率的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
The Bottom Line
底线
To conclude, we've found that Amcor is reinvesting in the business, but returns have been falling. And with the stock having returned a mere 0.06% in the last three years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
总而言之,我们发现Amcor正在对该业务进行再投资,但回报率一直在下降。而且,在过去三年中,该股向股东的回报率仅为0.06%,你可以说他们意识到这些乏善可陈的趋势。因此,如果你正在寻找一款多袋装车,潜在的趋势表明你在其他地方的机会可能更大。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for Amcor (of which 1 is a bit unpleasant!) that you should know about.
由于几乎每家公司都面临一些风险,因此值得了解它们是什么,而且我们发现了 Amcor 的 2 个警告信号(其中 1 个有点不愉快!)你应该知道的。
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.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。