Constellation Brands (NYSE:STZ) Shareholders Will Want The ROCE Trajectory To Continue
Constellation Brands (NYSE:STZ) Shareholders Will Want The ROCE Trajectory To Continue
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So on that note, Constellation Brands (NYSE:STZ) looks quite promising in regards to its trends of return on capital.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始,那麼你應該留意一些關鍵趨勢。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。這向我們表明,它是一臺複合機器,能夠持續將其收益再投資到業務中併產生更高的回報。因此,就資本回報率趨勢而言,Constellation Brands(紐約證券交易所代碼:STZ)看起來很有希望。
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 Constellation Brands 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 Constellation Brands 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)
0.14 = US$3.1b ÷ (US$25b - US$3.4b) (Based on the trailing twelve months to November 2023).
0.14 = 31億美元 ÷(250億美元-34億美元) (基於截至 2023 年 11 月的過去十二個月)。
Therefore, Constellation Brands has an ROCE of 14%. That's a relatively normal return on capital, and it's around the 15% generated by the Beverage industry.
因此,星座品牌的投資回報率爲14%。這是相對正常的資本回報率,約爲飲料行業產生的15%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240226/0-41ddc3a0bc07dea2a49f32d8e6e2e35b-0-42b7c041bed8eb7d52cff30977839af9.png/big)
Above you can see how the current ROCE for Constellation Brands compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Constellation Brands .
上面你可以看到Constellation Brands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的只有那麼多。如果你想了解分析師對未來的預測,你應該查看我們的免費Constellation Brands分析師報告。
The Trend Of ROCE
ROCE 的趨勢
Constellation Brands is showing promise given that its ROCE is trending up and to the right. The figures show that over the last five years, ROCE has grown 35% whilst employing roughly the same amount of capital. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
鑑於其投資回報率呈上升和向右傾斜的趨勢,Constellation Brands表現出希望。數字顯示,在過去五年中,ROCE增長了35%,同時僱用了大致相同數量的資本。因此,我們的看法是,企業提高了效率以產生更高的回報,同時無需進行任何額外投資。在這方面,情況看起來不錯,因此值得探討管理層對未來增長計劃的看法。
The Bottom Line
底線
As discussed above, Constellation Brands appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Since the stock has returned a solid 55% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. In light of that, we think it's worth looking further into this stock because if Constellation Brands can keep these trends up, it could have a bright future ahead.
如上所述,Constellation Brands似乎越來越擅長創造回報,因爲資本利用率保持不變,但收益(不計利息和稅收)有所增加。由於該股在過去五年中爲股東帶來了穩定的55%的回報,因此可以公平地說,投資者開始意識到這些變化。有鑑於此,我們認爲值得進一步研究這隻股票,因爲如果Constellation Brands能夠保持這些趨勢,它可能會有一個光明的未來。
One more thing, we've spotted 1 warning sign facing Constellation Brands that you might find interesting.
還有一件事,我們發現了面向星座品牌的1個警告標誌,你可能會覺得有趣。
While Constellation Brands 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Constellation Brands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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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。