Returns On Capital Signal Tricky Times Ahead For Goldcard Smart Group (SZSE:300349)
Returns On Capital Signal Tricky Times Ahead For Goldcard Smart Group (SZSE:300349)
There are a few key trends to look for if we want to identify the next 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after briefly looking over the numbers, we don't think Goldcard Smart Group (SZSE:300349) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果想要找出下一个多倍股,有一些关键趋势需要查看。理想情况下,一个公司应该表现出两个趋势;首先是资产的增长。最终,这表明这是一个在以递增的收益率重新投资利润的公司。这就是为什么当我们简要地研究Amcor(纽交所:AMCR)的ROCE趋势时,我们对所看到的感到非常满意。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。资本的利用率。如果您看到这个,通常意味着这是一家具有出色商业模式和大量盈利再投资机会的公司。然而,经过简短的数字概览后,我们认为金卡智能(SZSE:300349)未来不具备成为多赚几倍钱的标志,但让我们看看原因为何。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Goldcard Smart Group is:
如果您以前没有接触过ROCE,它测量公司从其企业中的资本利用率产生的“回报”(税前利润)。在金卡智能(SZSE:300349)上进行此计算的公式为:
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。
0.088 = CN¥433m ÷ (CN¥6.9b - CN¥2.0b) (Based on the trailing twelve months to March 2024).
0.088 = CN¥43300万 ÷ (CN¥69亿 - CN¥2.0b)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。.
Thus, Goldcard Smart Group has an ROCE of 8.8%. On its own that's a low return, but compared to the average of 5.2% generated by the Electronic industry, it's much better.
因此,金卡智能的ROCE为8.8%。这本身是一个低回报,但与电子行业所生成的平均5.2%相比,它要好得多。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-859f5afcc148209e80cbbc978539d580-0-d4a25805901fe617161da629a92ce573.png/big)
In the above chart we have measured Goldcard Smart Group'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 Goldcard Smart Group for free.
在上图中,我们将Goldcard Smart Group的之前ROCE与其之前的表现进行了对比,但未来可能更为重要。如果您愿意,可以免费查看覆盖Goldcard Smart Group的分析师的预测。
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。
On the surface, the trend of ROCE at Goldcard Smart Group doesn't inspire confidence. Around five years ago the returns on capital were 14%, but since then they've fallen to 8.8%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
表面上,Goldcard Smart Group的ROCE趋势并不能令人信服。大约五年前,资本回报率为14%,但自那时以来下降到8.8%。然而,鉴于资本利用率和营业收入均有所增加,似乎该公司目前正在追求增长,但短期回报受到影响。如果这些投资证明成功,这对于长期股票表现非常有利。
The Bottom Line On Goldcard Smart Group's ROCE
金卡智能的ROCE底线
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Goldcard Smart Group. And there could be an opportunity here if other metrics look good too, because the stock has declined 30% in the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
尽管短期资本回报率下降,但我们认为金卡智能的营业收入和资本利用率均有增长是令人鼓舞的。如果其他指标也看好,这里可能存在机会,因为在过去的五年中,该股下跌了30%。因此,我们认为,鉴于趋势看起来鼓舞人心,进一步研究该股仍然值得。
On a final note, we've found 1 warning sign for Goldcard Smart Group that we think you should be aware of.
最后一点,我们发现Goldcard Smart Group的1个警告信号需要您了解。
While Goldcard Smart Group 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.
虽然金卡智能目前可能没有取得最高的回报,但我们已编制了一份目前获得25%以上股本回报率公司的列表。在此点击免费查看。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,也可以发送电子邮件至editorial-team@simplywallst.com