Investors Met With Slowing Returns on Capital At Vail Resorts (NYSE:MTN)
Investors Met With Slowing Returns on Capital At Vail Resorts (NYSE:MTN)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. That's why when we briefly looked at Vail Resorts' (NYSE:MTN) ROCE trend, we were pretty happy with what we saw.
要寻找潜力股，我们应该从业务方面寻找哪些潜在的趋势呢？理想情况下，一个公司应该表现出两个趋势；首先是正在增长的企业资本回报率（ROCE），其次是不断增长的企业资本。这表明它是一个复利机器，能够不断将其收益再投入业务，并产生更高的回报。这就是为什么当我们简要了解Vail Resorts（NYSE:MTN）ROCE趋势时，我们对所看到的感到相当满意。
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。
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. Analysts use this formula to calculate it for Vail Resorts:
如果您不确定，ROCE是一种衡量公司在其业务中投入的资本所获得的税前收益（以百分比形式）的度量标准。分析师使用这个公式为Vail Resorts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。
0.12 = US$573m ÷ (US$5.8b - US$1.0b) (Based on the trailing twelve months to April 2024).
0.12 = US$57300万 ÷ (US$58亿 - US$1.0b)（基于截至2024年4月的过去12个月）。
So, Vail Resorts has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Hospitality industry average of 11%.
因此，Vail Resorts的ROCE为12%。从绝对值来看，这是一种相当正常的回报，与酒店业平均ROCE的11%相当接近。
In the above chart we have measured Vail Resorts' 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 Vail Resorts for free.
以上图表中，我们根据Vail Resorts以往的表现来衡量其以前的ROCE，但未来则更为重要。如果您愿意，您可以免费查看覆盖Vail Resorts的分析师的预测。
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。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. Over the past five years, ROCE has remained relatively flat at around 12% and the business has deployed 27% more capital into its operations. Since 12% 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的趋势并不太突出，但整体回报还是不错的。在过去的五年中，ROCE保持在12%左右的相对稳定水平，并且该企业已将更多的资本投入其业务中。因为12%是一个适度的ROCE，所以看到企业可以以这些适度的回报率继续进行再投资是好的。在这个水平上稳定的回报可能并不令人兴奋，但如果它们能够长期保持，它们通常会给股东带来不错的回报。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
To sum it up, Vail Resorts has simply been reinvesting capital steadily, at those decent rates of return. Yet over the last five years the stock has declined 11%, so the decline might provide an opening. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
总之，Vail Resorts一直稳定地再投资，以这些适度的回报率。然而，在过去的五年中，该股票已经下跌了11%，因此下跌可能会提供一个机会。这就是为什么我们认为，考虑到基本面是有吸引力的，进一步了解这只股票是值得的。
One more thing, we've spotted 2 warning signs facing Vail Resorts that you might find interesting.
还有一件事，我们已经发现Vail Resorts面临着2个警报信号，您可能会感兴趣。
While Vail Resorts isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然Vail Resorts没有获得最高回报，但请查看这个免费的公司列表，该列表显示了盈利能力强、资产负债表稳健的公司。
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.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。