Knowles (NYSE:KN) May Have Issues Allocating Its Capital
Knowles (NYSE:KN) May Have Issues Allocating Its Capital
What underlying fundamental trends can indicate that a company might be in decline? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. Basically the company is earning less on its investments and it is also reducing its total assets. So after glancing at the trends within Knowles (NYSE:KN), we weren't too hopeful.
哪些潛在的基本面趨勢可以表明公司可能正在衰退?一家可能處於衰退狀態的企業通常會呈現出兩種趨勢,一個 返回 關於資本使用率(ROCE)正在下降,而且 基礎 使用的資本也在下降。基本上,該公司的投資收入減少了,而且總資產也在減少。因此,在看了諾爾斯(紐約證券交易所代碼:KN)內部的趨勢之後,我們並不抱太大希望。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (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. To calculate this metric for Knowles, this is the formula:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。要計算 Knowles 的這個指標,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)
0.042 = US$54m ÷ (US$1.5b - US$165m) (Based on the trailing twelve months to December 2023).
0.042 = 540萬美元 ÷(15億美元-1.65億美元) (基於截至2023年12月的過去十二個月)。
Therefore, Knowles has an ROCE of 4.2%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 12%.
因此,諾爾斯的投資回報率爲4.2%。從絕對值來看,這是一個低迴報,其表現也低於電子行業12%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240213/0-9969018d269dbcc8ad690588216bef6c-0-08278fda45d015031726977432823d2a.png/big)
Above you can see how the current ROCE for Knowles compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Knowles here for free.
上面你可以看到諾爾斯當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,可以在這裏免費查看報道諾爾斯的分析師的預測。
What Can We Tell From Knowles' ROCE Trend?
我們可以從諾爾斯的ROCE趨勢中得出什麼?
We are a bit worried about the trend of returns on capital at Knowles. Unfortunately the returns on capital have diminished from the 5.8% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Knowles to turn into a multi-bagger.
我們對諾爾斯的資本回報率趨勢有些擔憂。不幸的是,資本回報率已從五年前的5.8%有所下降。同時,在此期間,該業務使用的資本基本保持不變。由於回報率下降且該企業的資產數量相同,這可能表明它是一家成熟的企業,在過去五年中沒有太大的增長。如果這些趨勢繼續下去,我們預計諾爾斯不會變成一個多袋裝的人。
The Key Takeaway
關鍵要點
In summary, it's unfortunate that Knowles is generating lower returns from the same amount of capital. Investors must expect better things on the horizon though because the stock has risen 0.6% in the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
總而言之,不幸的是,諾爾斯從相同數量的資本中獲得的回報較低。但是,投資者必須期待更好的局面,因爲該股在過去五年中上漲了0.6%。無論哪種方式,我們都不是當前趨勢的忠實擁護者,因此我們認爲您可能會在其他地方找到更好的投資。
Knowles could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.
Knowles在其他方面可能會以誘人的價格進行交易,因此您可能會發現我們在我們平台上的免費內在價值估算非常有價值。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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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。