Returns On Capital Are Showing Encouraging Signs At Corteva (NYSE:CTVA)
Returns On Capital Are Showing Encouraging Signs At Corteva (NYSE:CTVA)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Speaking of which, we noticed some great changes in Corteva's (NYSE:CTVA) returns on capital, so let's have a look.
我们要寻找哪些早期趋势,以确定一只股票长期来看是否会增值?通常,我们会注意到资本雇用回报(ROCE)的增长趋势,以及资本雇用的扩大基础。最终,这表明这是一家公司正在以递增的回报率重新投资利润的企业。顺便说一句,我们已经注意到Corteva(NYSE:CTVA)的资本回报率有了显着变化,让我们来看看。
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。
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. To calculate this metric for Corteva, this is the formula:
对于不确定ROCE是什么的人,它衡量的是公司从其业务中雇用的资本所能产生的税前利润金额。要为Corteva计算此指标,我们可以使用以下公式:
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。
0.061 = US$2.0b ÷ (US$41b - US$9.0b) (Based on the trailing twelve months to June 2024).
0.061 = 美元20亿 ÷(美元410亿 - 美元9.0亿)(基于截至2024年6月的过去十二个月)。因此,Corteva的ROCE为6.1%。就绝对值而言,这是一个很低的回报,并且低于8.9%的化学品行业平均水平。
Therefore, Corteva has an ROCE of 6.1%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 8.9%.
纽交所:CTVA资本雇用回报率2024年8月6日展示。在上图中,我们已经测量了Corteva以前的ROCE表现和以前的表现,但未来可能更为重要。如果您感兴趣,您可以在我们的Corteva免费分析师报告中查看分析师的预测。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240806/0-690fe24d671e351c275516a09c54518c-0-e8571cad202f0e3c9489c98a52df8335.png/big)
In the above chart we have measured Corteva'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 Corteva .
如果您感兴趣,您可以在我们的Corteva免费分析师报告中查看分析师的预测。
What Can We Tell From Corteva's ROCE Trend?
我们可以从Corteva的ROCE趋势中得到什么信息?Corteva的ROCE增长令人印象深刻。更具体地说,虽然公司在过去五年中一直保持了资本雇用相对稳定,但是在同一时期内,ROCE增长了108%。因此,很可能该企业现在正在收获其过去投资的全部利益,因为资本雇用并没有发生明显变化。然而,这也值得进一步地深入研究,因为虽然企业更具效率是好事,但也可能意味着在内部投资于有机增长方面的领域不足。
Corteva's ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 108% in that same time. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
正如上面所讲,Corteva的ROCE增长非常印象深刻。更具体地说,尽管公司在过去五年中一直保持了资本雇用相对稳定,但是在同一时期内,ROCE增长了108%。因此,很可能该企业现在正在收获其过去投资的全部利益,因为资本雇用并没有发生明显变化。然而,这也值得进一步地深入研究,因为虽然企业更具效率是好事,但也可能意味着在内部投资于有机增长方面的领域不足。
Our Take On Corteva's ROCE
如上所述,Corteva似乎越来越擅长产生回报,因为资本雇用保持不变,但收益(利息和税前利润)上升。并且投资者似乎期望未来更多这样的表现,因为股票已经为股东带来了84%的回报。话虽如此,我们仍然认为有前途的基本面意味着该公司值得进行进一步的尽职调查。
As discussed above, Corteva appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 84% return over the last five years. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
如上所述,Corteva似乎越来越擅长产生回报,因为资本雇用保持不变,但收益(利息和税前利润)上升。并且投资者似乎期望未来更多这样的表现,因为股票已经为股东带来了84%的回报。话虽如此,我们仍然认为有前途的基本面意味着该公司值得进行进一步的尽职调查。
On a final note, we've found 1 warning sign for Corteva that we think you should be aware of.
最后注意,我们发现了Corteva的1个警示标志,我们认为您应该注意。
While Corteva 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Corteva的回报不是最高的,但是请查看这个收益率高且资产负债表稳健的公司免费列表。
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.
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。