Here's What's Concerning About BitFuFu's (NASDAQ:FUFU) Returns On Capital
Here's What's Concerning About BitFuFu's (NASDAQ:FUFU) Returns On Capital
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. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think BitFuFu (NASDAQ:FUFU) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果您不确定下一个多倍增长行业板块从哪里开始，以下是几个关键趋势值得关注。 其中一种常见方法是尝试寻找一家资产类型为所有板块的公司。 简单来说，这些业务都是复合机器，意味着它们不断地将赚来的钱再投入到更高的收益率中。 然而，经过简短的数字检查后，我们认为韦尔股份（SHSE:603501）未来不具备多倍增长的潜力，但让我们看看原因。什么是资本雇用回报率（ROCE）？ROCE是一个企业年度税前利润（其回报）与企业资本雇用之间的比率。在 Enphase Energy 的计算公式是：资本雇用回报率=利息和税前收益（EBIT）÷（资产总额-流动负债）。所以，Enphase Energy 的资本雇用回报率为9.9%。单独来看，这是一个较低的资本回报率，但它与行业平均回报率相当。以上你可以看到，Enphase Energy 的当前资本雇用回报率与之前的回报率相比如何，但从过去只能知道这么多。如果你想看看分析师对未来的预测，你应该查看我们免费提供的 Enphase Energy 分析师报告。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。资本使用的回报率。简单来说，这些类型的企业是复利机器，这意味着它们正在不断以更高的回报率再投资收益。不过，简短地看了一下数字后，我们不认为BitFuFu (纳斯达克:FUFU) 在未来能成为多倍股，但让我们来看看这是为什么。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
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 BitFuFu is:
只是为了澄清，如果您不确定，ROCE 是评估一个公司在业务中投资的资本所赚取的税前收入（以百分比计算）的指标。这个计算在BitFuFu 上的公式是：
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。
0.10 = US$24m ÷ (US$307m - US$76m) (Based on the trailing twelve months to March 2024).
0.10=2.4千万美元 ÷ (3.07亿美元 - 7600万美元)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。.
Therefore, BitFuFu has an ROCE of 10%. In absolute terms, that's a satisfactory return, but compared to the Software industry average of 7.2% it's much better.
因此，BitFuFu 的 ROCE 为10%。从绝对值上来看，这是一个令人满意的回报率，但与软件行业平均水平的7.2%相比，它要好得多。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of BitFuFu.
虽然过去不能代表未来，但了解一个公司的历史表现往往是有帮助的，这就是为什么我们有上面的图表。如果您想深入了解历史收益，请查看这些免费图表，详细说明BitFuFu 的营收和现金流表现。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
On the surface, the trend of ROCE at BitFuFu doesn't inspire confidence. To be more specific, ROCE has fallen from 46% over the last three years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
表面上看，BitFuFu 的 ROCE 趋势并不令人信任。具体而言，ROCE 在过去三年中已从46%下降。尽管如此，考虑到收入和资产的增加，这可能表明公司正在投资于增长，而额外的资本导致了短期ROCE 的下降。如果增加的资本带来了额外的回报，企业和股东将受益于长期而言。
On a side note, BitFuFu has done well to pay down its current liabilities to 25% of total assets. Since the ratio used to be 96%, that's a significant reduction and it no doubt explains the drop in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
值得一提的是，BitFuFu 已成功将其流动负债降至总资产的25%。由于比率曾经为96%，这是一个显著的降低，无疑可以解释ROCE 下降的原因。这实际上意味着它们的供应商或短期债权人为企业提供更少的资金，从而降低了某些风险因素。由于企业基本上是用自己的资金来资助更多的运营，您可以认为这使得企业的产生 ROCE 的效率降低了。
What We Can Learn From BitFuFu's ROCE
从BitFuFu 的 ROCE 中我们可以学到什么？
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for BitFuFu. And there could be an opportunity here if other metrics look good too, because the stock has declined 64% in the last year. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管短期内资本回报率下降，但我们发现BitFuFu 的营收和投资资本都有所增长，这是值得期待的。如果其他指标也看起来不错，那么这里可能存在机会，因为该股票在过去一年中下跌了64%。因此，我们认为鉴于趋势看起来令人鼓舞，进一步研究这支股票是值得的。
On a final note, we've found 1 warning sign for BitFuFu that we think you should be aware of.
最后，我们发现BitFuFu 存在一个警告信号，我们认为您应该知道。
While BitFuFu 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.
虽然 BitFuFu 目前可能没有最高的回报率，但我们已编制了一个目前获得超过25%股本回报率的公司清单。请查看这里的免费清单。
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