TJX Companies (NYSE:TJX) Might Become A Compounding Machine
TJX Companies (NYSE:TJX) Might Become A Compounding Machine
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. Ergo, when we looked at the ROCE trends at TJX Companies (NYSE:TJX), we liked what we saw.
我们应该遵循以下所有规则，在长期内产生高价值的股票中观察。首先，我们希望看到资本雇用的已证明的回报率（ROCE）在增加，其次，是资本雇用的扩大基础。基本上这意味着一家公司有盈利的举措，可以继续再投资，这是复利机器的特征。因此，当我们观察TJX公司（NYSE：TJX）的ROCE趋势时，我们喜欢我们看到的。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for TJX Companies:
对于那些不确定ROCE是什么的人来说，它衡量了公司从其业务中使用的资本中能够产生的税前利润的数量。分析师使用以下公式为TJX公司计算：
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。
0.30 = US$6.0b ÷ (US$30b - US$10b) (Based on the trailing twelve months to May 2024).
0.30 = US $ 6.0b ÷（US $ 30b-US $ 10b）（基于截至2024年5月的过去12个月）。
Thus, TJX Companies has an ROCE of 30%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此，TJX公司的ROCE为30％。那是一次极棒的回报，而且不仅如此，它还超过了类似行业公司所获得的13％的平均水平。
NYSE:TJX Return on Capital Employed June 16th 2024
纽交所：TJX Return on Capital Employed June 16th 2024
Above you can see how the current ROCE for TJX Companies 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 TJX Companies for free.
上面你可以看到TJX公司当前的ROCE与其过去的资本回报率相比如何，但是从过去只能得出有限的结论。如果您愿意，可以免费查看覆盖TJX公司的分析师的预测。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
It's hard not to be impressed by TJX Companies' returns on capital. The company has employed 23% more capital in the last five years, and the returns on that capital have remained stable at 30%. Now considering ROCE is an attractive 30%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. You'll see this when looking at well operated businesses or favorable business models.
TJX公司的资本回报率令人印象深刻。该公司在过去五年中使用了比过去更多的资本，而该资本的回报率保持在30％的稳定水平。现在考虑到ROCE是30％的有吸引力，这种组合实际上非常诱人，因为它意味着企业可以始终投入资金并产生这些高回报。当看到经营良好的企业或有利的业务模式时，您会看到这一点。
Our Take On TJX Companies' ROCE
简而言之，我们认为TJX Companies具有成为多赢家的潜力，因为它能够以非常有利可图的回报率复合其资本。长期投资者将对他们在过去五年中获得的119％回报感到兴奋。因此，即使股票比以前更加“昂贵”，我们认为强劲的基本面也值得进一步研究。
In short, we'd argue TJX Companies has the makings of a multi-bagger since its been able to compound its capital at very profitable rates of return. And long term investors would be thrilled with the 119% return they've received over the last five years. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
简而言之，我们认为TJX公司具有成长为多倍数的潜力，因为它已能够以非常有利的回报率复合其资本。长期投资者在过去五年中获得了119％的回报，因此即使这只股票可能比以前更“昂贵”，我们认为强劲的基本面会让这只股票进一步接受研究。
TJX Companies does have some risks though, and we've spotted 1 warning sign for TJX Companies that you might be interested in.
TJX公司确实存在一些风险，我们已经发现了一项TJX公司的警告信号，您可能会对此感兴趣。