We Like These Underlying Return On Capital Trends At Calix (NYSE:CALX)
We Like These Underlying Return On Capital Trends At Calix (NYSE:CALX)
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Speaking of which, we noticed some great changes in Calix's (NYSE:CALX) returns on capital, so let's have a look.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。說到這裏,我們注意到Calix(紐約證券交易所代碼:CALX)的資本回報率發生了一些重大變化,所以讓我們來看看吧。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Calix is:
爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。在 Calix 上進行此計算的公式爲:
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)
0.038 = US$29m ÷ (US$941m - US$184m) (Based on the trailing twelve months to December 2023).
0.038 = 2900萬美元 ÷(9.41億美元-1.84億美元) (基於截至2023年12月的過去十二個月)。
Thus, Calix has an ROCE of 3.8%. In absolute terms, that's a low return and it also under-performs the Communications industry average of 7.7%.
因此,Calix的投資回報率爲3.8%。從絕對值來看,回報率很低,也低於通信行業7.7%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240219/0-6d4a75d299d22f556f26d9126eb2392a-0-6916c46a8f2114a69d411023dd246b05.png/big)
In the above chart we have measured Calix'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 Calix here for free.
在上圖中,我們將Calix先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你願意,可以在這裏免費查看報道Calix的分析師的預測。
What Can We Tell From Calix's ROCE Trend?
我們可以從 Calix 的 ROCE 趨勢中看出什麼?
We're delighted to see that Calix is reaping rewards from its investments and is now generating some pre-tax profits. Shareholders would no doubt be pleased with this because the business was loss-making five years ago but is is now generating 3.8% on its capital. In addition to that, Calix is employing 336% more capital than previously which is expected of a company that's trying to break into profitability. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
我們很高興看到Calix正在從其投資中獲得回報,現在正在產生一些稅前利潤。毫無疑問,股東們會對此感到滿意,因爲該企業在五年前虧損,但現在的資本收益爲3.8%。除此之外,Calix僱用的資本比以前增加了336%,這是一家試圖實現盈利的公司的預期。我們喜歡這種趨勢,因爲它告訴我們公司有有利可圖的再投資機會,如果這種趨勢繼續向前發展,則可能帶來多重業績。
In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 20%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. So shareholders would be pleased that the growth in returns has mostly come from underlying business performance.
在分析的另一部分中,我們注意到該公司的流動負債佔總資產的比率降至20%,這在很大程度上意味着該企業減少了對供應商或短期債權人爲其運營提供資金的依賴。因此,股東們會很高興回報的增長主要來自基礎業務表現。
The Bottom Line On Calix's ROCE
Calix 的 ROCE 的底線
To the delight of most shareholders, Calix has now broken into profitability. Since the stock has returned a staggering 300% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
令大多數股東高興的是,Calix現在已經進入盈利階段。由於該股在過去五年中向股東回報了驚人的300%,因此投資者似乎已經意識到了這些變化。話雖如此,我們仍然認爲前景良好的基本面意味着公司值得進一步的盡職調查。
If you'd like to know about the risks facing Calix, we've discovered 1 warning sign that you should be aware of.
如果你想了解Calix面臨的風險,我們發現了一個你應該注意的警告信號。
While Calix 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Calix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。在這裏查看這個免費清單。
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