Air Transport Services Group (NASDAQ:ATSG) Will Want To Turn Around Its Return Trends
Air Transport Services Group (NASDAQ:ATSG) Will Want To Turn Around Its Return Trends
If you're looking for a multi-bagger, there's a few things to 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Air Transport Services Group (NASDAQ:ATSG) and its ROCE trend, we weren't exactly thrilled.
如果你正在尋找一種多倍收益的機會,那麼就需要留心一些要素。理想情況下,一家公司應該表現出兩種趨勢; 首先是不斷增長的資本回報率(ROCE),其次是不斷增加的已使用資本量。簡而言之,這些類型的公司就是複利機器,意味着他們不斷以更高的回報率重新投資他們的收益。基於這一點,當我們查看Air Transport Services Group (納斯達克股票代碼: ATSG)及其ROCE趨勢時,我們並不是非常滿意。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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. The formula for this calculation on Air Transport Services Group is:
對於不知道什麼是ROCE的人,它衡量了一家公司從其業務中使用的已投入資本所能產生的稅前利潤的數量。計算Air Transport Services Group的公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.043 = US$151m ÷ (US$3.9b - US$420m) (Based on the trailing twelve months to March 2024).
0.043 = US $ 1.51億 ÷ (US $ 3.9億 - US $ 4.2千萬) (基於過去12個月截至2024年3月的財務數據).
So, Air Transport Services Group has an ROCE of 4.3%. Ultimately, that's a low return and it under-performs the Logistics industry average of 10%.
因此,Air Transport Services Group的ROCE爲4.3%。總的來說,這是低迴報,並且表現不如物流行業板塊的平均水平10%。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240713/0-68c2035948160384870674849f5927d7-0-dccf80b7bd7e2381c81705903e48994f.png/big)
In the above chart we have measured Air Transport Services Group's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Air Transport Services Group .
在上面的圖表中,我們將Air Transport Services Group以往的ROCE與其以往績效進行了比較,但未來可能更爲重要。如果您感興趣,可以在我們提供的Air Transport Services Group免費分析報告中查看分析師的預測。
What Does the ROCE Trend For Air Transport Services Group Tell Us?
Air Transport Services Group的ROCE趨勢告訴我們什麼?
When we looked at the ROCE trend at Air Transport Services Group, we didn't gain much confidence. Around five years ago the returns on capital were 5.8%, but since then they've fallen to 4.3%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
當我們查看Air Transport Services Group的ROCE趨勢時,我們並沒有獲得太多信心。大約5年前,資本回報率爲5.8%,但自那以後下降到4.3%。同時,該公司正在利用更多的資本,但在過去12個月內銷售並沒有增長多少,因此這可能反映了長期投資。在公司開始從這些投資中看到任何收益變化之前,可能需要一些時間。
What We Can Learn From Air Transport Services Group's ROCE
從Air Transport Services Group的ROCE中,我們可以學到什麼?
To conclude, we've found that Air Transport Services Group is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 37% in the last five years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總之,我們發現Air Transport Services Group正在重投資業務,但回報率卻在下降。而且,由於在過去的5年中該股下跌了37%,投資者似乎不願意相信趨勢會反彈。總的來說,我們對潛在趨勢並不是太有信心,並且我們認爲可能會有更好的機會在其他地方找到多倍收益。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for Air Transport Services Group (of which 1 is significant!) that you should know about.
由於幾乎每家公司都存在一些風險,因此了解它們非常重要。我們已經發現了Air Transport Services Group的2個警告信號(其中1個非常重要!),您應該了解這些信號。
While Air Transport Services 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.
雖然Air Transport Services Group目前未獲得最高的回報率,但我們已經編制了一份目前獲得超過25%權益回報率的公司名單。請在此處查看免費列表。
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.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。