EPAM Systems (NYSE:EPAM) Hasn't Managed To Accelerate Its Returns
EPAM Systems (NYSE:EPAM) Hasn't Managed To Accelerate Its Returns
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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. That's why when we briefly looked at EPAM Systems' (NYSE:EPAM) ROCE trend, we were pretty happy with what we saw.
如何尋找那些有潛力長期開多的股票呢? 首先,我們需要看兩件事情:一是越來越高的資本利潤率(ROCE),二是該公司的資本僱用量的擴張。如果您看到這種情況,通常意味着該公司具有出色的商業模式和大量有利可圖的再投資機會。這就是爲什麼當我們簡要研究EPAm Systems(NYSE: EPAM)的ROCE趨勢時,我們對所看到的東西感到非常滿意。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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 EPAM Systems is:
如果以前從未使用過ROCE,則其測量公司從其業務中使用的資本獲得的“回報”(稅前利潤)。在EPAm Systems上進行此計算的公式爲:
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。
0.15 = US$572m ÷ (US$4.4b - US$659m) (Based on the trailing twelve months to March 2024).
0.15 = 5,7200萬美元÷(44億美元-US$659m)(基於截至2024年3月的過去十二個月)。
Thus, EPAM Systems has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 11% generated by the IT industry.
因此,EPAm Systems的ROCE爲15%。僅此而言,這是一個標準收益,但它比It industry的11%要好得多。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240719/0-e9aa4be10afbae17071c276852fb5a8a-0-d9b2403888f8b21a7c104436656ac659.png/big)
In the above chart we have measured EPAM Systems' 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 EPAM Systems for free.
在上面的圖表中,我們測量了EPAm Systems的先前ROCE與其先前表現相比,但未來可能更爲重要。如果您願意,您可以免費查看覆蓋EPAm Systems的分析師的預測。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has consistently earned 15% for the last five years, and the capital employed within the business has risen 140% in that time. Since 15% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
ROCE的趨勢並不太突出,但整體回報率還不錯。該公司在過去五年中始終保持15%的收益,並且該業務中使用的資本在那段時間內增長了140%。由於15%的ROCE是一種適度的收益,因此能夠以這些適度的回報率繼續投資還是很不錯的。在這個收益率範圍內的穩定回報可能沒有吸引力,但如果它們能夠在長期內保持,它們通常會爲股東提供不錯的回報。
In Conclusion...
最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。
In the end, EPAM Systems has proven its ability to adequately reinvest capital at good rates of return. However, over the last five years, the stock has only delivered a 7.3% return to shareholders who held over that period. So because of the trends we're seeing, we'd recommend looking further into this stock to see if it has the makings of a multi-bagger.
最終,EPAm Systems證明了其以良好的回報率充分再投資的能力。但是,在過去的五年中,持有該股票的股東僅獲得了7.3%的回報。因此,由於我們看到的趨勢,我們建議進一步研究這支股票,以確定它是否具有成爲多倍股票的潛力。
If you're still interested in EPAM Systems it's worth checking out our FREE intrinsic value approximation for EPAM to see if it's trading at an attractive price in other respects.
如果您仍然對EPAm Systems感興趣,那麼值得檢查我們的EPAm自由內在價值估算是否在其他方面以有吸引力的價格交易。
While EPAM Systems 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EPAm Systems當前可能沒有獲得最高回報,但我們已編制了一個目前獲得25%以上股本回報的公司列表。在此免費查看此列表。
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。