Shareholders Are Optimistic That Donaldson Company (NYSE:DCI) Will Multiply In Value
Shareholders Are Optimistic That Donaldson Company (NYSE:DCI) Will Multiply In Value
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. That's why when we briefly looked at Donaldson Company's (NYSE:DCI) ROCE trend, we were very happy with what we saw.
要尋找一個多倍股票,我們應該在業務中尋找哪些潛在趨勢?其中一些,我們會想要看到兩件事情;首先是不斷增長的資本使用回報率(ROCE),其次是公司資本使用量的擴展。最終,這表明這是一家正在以不斷增加的回報率重新投資利潤的企業。這就是爲什麼當我們簡要地看了唐納森公司(NYSE:DCI)的ROCE趨勢時,我們對看到的東西非常滿意。
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 Donaldson Company is:
對於那些不確定ROCE是什麼的人,它度量的是公司從其業務中使用的資本中能夠生成的稅前利潤的數量。在唐納森公司上計算此項計算的公式是:
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。
0.25 = US$539m ÷ (US$2.9b - US$735m) (Based on the trailing twelve months to April 2024).
0.25 = 美元 5.39 億 ÷(美元 29 億 - 美元 7.35 億)(根據截至 2024 年 4 月的過去 12 個月)。
So, Donaldson Company has an ROCE of 25%. In absolute terms that's a great return and it's even better than the Machinery industry average of 13%.
因此,唐納森公司的ROCE爲25%。絕對來說,這是一個很好的回報率,甚至比機械行業平均水平的13%更好。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240729/0-790c36675925ae9b1e53ef0c917c4639-0-05b8f4218c39c556edde62b449102545.png/big)
In the above chart we have measured Donaldson Company'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 Donaldson Company .
在上圖中,我們已經對比了唐納森公司之前的ROCE與其之前的表現,但未來可能更爲重要。如果您感興趣,您可以在我們爲唐納森公司提供的免費分析師報告中查看分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
We'd be pretty happy with returns on capital like Donaldson Company. The company has employed 21% more capital in the last five years, and the returns on that capital have remained stable at 25%. Now considering ROCE is an attractive 25%, this combination is actually pretty appealing because it means the business can consistently put money to work and generate these high returns. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
像唐納森公司這樣的資本回報率讓我們感到非常滿意。公司在過去五年中使用的資本增加了21%,而該資本的回報率保持穩定在25%。考慮到ROCE是25%,這種組合實際上非常吸引人,因爲它意味着企業可以持續投入資金併產生這些高回報。如果這些趨勢能夠持續下去,如果該公司成爲多倍投資股票,我們將不會感到驚訝。
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。
Donaldson Company has demonstrated its proficiency by generating high returns on increasing amounts of capital employed, which we're thrilled about. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
唐納森公司已通過產生高回報率來增加投入的資本量,這讓我們感到非常高興。由於股票在過去五年中大幅上漲,市場可能預計該趨勢將繼續。因此,儘管積極的潛在趨勢可能已被投資者所考慮,我們仍認爲這隻股票值得進一步研究。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for DCI on our platform that is definitely worth checking out.
在ROCE的另一方面,我們必須考慮估值。這就是我們的平台上有一個免費的 DCI 內在價值估算值的原因,這絕對值得一看。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報,請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。