Slowing Rates Of Return At California Water Service Group (NYSE:CWT) Leave Little Room For Excitement
Slowing Rates Of Return At California Water Service Group (NYSE:CWT) Leave Little Room For Excitement
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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 California Water Service Group (NYSE:CWT), it didn't seem to tick all of these boxes.
你是否知道,一些财务指标可以提供潜在的多倍投资机会的线索?理想情况下,一个企业将显示两个趋势;首先是资本投入的增长。如果你看到这个,通常意味着这是一家拥有优秀商业模式和充足利润再投资机会的公司。然而,经过简要的数字分析后,我们认为柯力传感(宁波)股份有限公司(SHSE:603662)未来不具备成为多倍投资机会的条件,但让我们看看为什么。资产回报率:它是什么?资本使用率回报(ROCE)是什么?ROCE 趋势可以告诉我们什么?比起 Enphase Energy,有更好的资本回报率选择。在过去的五年中,该公司增加了 1,306% 的资本,而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服,而且随着资本的增加,很明显企业并没有将资金投入到高回报的投资中。最终,这表明它是一个以递增的回报率再投资利润的企业。虽然在我们看加州水务集团(NYSE:CWT)的时候,似乎并没有完全符合这些规则。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)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 California Water Service Group, this is the formula:
如果你以前没有使用过ROCE,那么它可以衡量公司在业务中使用的资本产生的“回报率”(税前利润)。要计算出加州水务集团的这个指标,需使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.046 = US$197m ÷ (US$4.8b - US$508m) (Based on the trailing twelve months to March 2024).
0.046 = 1.97亿美元 ÷(48亿美元 - 5.08亿美元)在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
So, California Water Service Group has an ROCE of 4.6%. On its own, that's a low figure but it's around the 4.3% average generated by the Water Utilities industry.
所以,加州水务集团的ROCE是4.6%。单独看这个数字,虽然有些低,但它比水公用事业行业产生的4.3%平均水平更高。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240524/0-cb3189e15e1da877bdb973dcb23dcdc4-0-367f6cf7028f967ac0b7aa9e6f90d08b.png/big)
Above you can see how the current ROCE for California Water Service Group 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 California Water Service Group .
上面你可以看到加州水务集团当前ROCE与其以前资本回报之间的比较,但过去只能告诉你这么多。如果你想看看分析师预测未来的情况,可以查看我们免费的分析师报告。
How Are Returns Trending?
综合上述,Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定,如果其他指标也不错,则可能存在机会。因此,进一步研究这家公司并确定这些趋势是否会持续是合理的。
There are better returns on capital out there than what we're seeing at California Water Service Group. The company has employed 70% more capital in the last five years, and the returns on that capital have remained stable at 4.6%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
有比我们在加州水务集团看到的更好的资本回报。过去五年,该公司使用的资本增加了70%,但资本回报率仍保持在4.6%的稳定水平。这种糟糕的ROCE现在并不鼓舞人心,而且随着资本雇用的增加,很明显该企业没有将资金投入到高回报的投资中。
Our Take On California Water Service Group's ROCE
我们对加州水务集团的ROCE的看法
As we've seen above, California Water Service Group's returns on capital haven't increased but it is reinvesting in the business. And investors may be recognizing these trends since the stock has only returned a total of 14% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
正如我们上面所看到的,加州水务集团的资本回报率没有增加,但它正在对业务进行再投资。而股票回报仅在过去五年里返回给股东14%。因此,如果你正在寻找一个多倍增长的投资机会,底层趋势表明你可能在别的地方有更好的机会。
If you'd like to know more about California Water Service Group, we've spotted 3 warning signs, and 1 of them is a bit concerning.
如果你想了解有关加州水务集团的更多信息,我们已经发现了3个预警信号,其中1个令人有些担忧。
While California Water Service Group isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然加州水务集团的回报率不是最高的,但是可以查看这个自由公司列表,这些公司在资产负债表上拥有高回报率和坚实的资产表现。
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