Cavco Industries (NASDAQ:CVCO) Has More To Do To Multiply In Value Going Forward
Cavco Industries (NASDAQ:CVCO) Has More To Do To Multiply In Value Going Forward
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So, when we ran our eye over Cavco Industries' (NASDAQ:CVCO) trend of ROCE, we liked what we saw.
尋找長期升值潛力股的趨勢,需要滿足兩個方面:首先是資本投資回報率(ROCE)不斷提高,其次是資本投資規模的不斷擴大。這意味着公司具有盈利倡議且可以持續投資,這是複合機器的特徵。因此,當我們審視卡寇工業(納斯達克股票代碼:CVCO)ROCE的趨勢時,我們喜歡我們看到的東西。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭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. To calculate this metric for Cavco Industries, this is the formula:
爲更清楚地說明,ROCE是評估公司在其業務中投資的資本上獲得的稅前收入(以百分比形式)的指標。對於卡寇工業計算這一指標的公式爲:
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$160m ÷ (US$1.4b - US$296m) (Based on the trailing twelve months to June 2024).
0.15 = 1.6億美元 ÷ (14億美元 - 2.96億美元) (截至2024年6月的過去十二個月)。
Therefore, Cavco Industries has an ROCE of 15%. That's a relatively normal return on capital, and it's around the 14% generated by the Consumer Durables industry.
因此,卡寇工業的ROCE爲15%。這是一種相對正常的資本回報率,並且與消費品行業產生的14%左右的資本回報率相當。
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Above you can see how the current ROCE for Cavco Industries compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Cavco Industries .
您可以看到卡寇工業目前的ROCE與其先前的資本回報率相比如何,但過去只能了解到有限的信息。 如果您感興趣,可以查看我們免費的卡寇工業分析師報告中分析師的預測。
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。
While the returns on capital are good, they haven't moved much. The company has employed 87% more capital in the last five years, and the returns on that capital have remained stable at 15%. 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.
儘管資本回報率不錯,但其增長並不明顯。 該公司在過去五年中增加了87%的資本投資,而該資本的回報率仍保持在15%左右。 因爲15%的ROCE屬於中等水平,所以很高興看到這樣的業務可以以這樣的可觀回報率持續進行再投資。 這個範圍內的穩定回報可能不令人興奮,但如果可以在長期內維持,通常會爲股東提供不錯的回報。
The Bottom Line On Cavco Industries' ROCE
卡寇工業ROCE的最終結論
In the end, Cavco Industries has proven its ability to adequately reinvest capital at good rates of return. On top of that, the stock has rewarded shareholders with a remarkable 115% return to those who've held over the last five years. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
綜上所述,卡寇工業已經證明了其能夠以良好的回報率充分再投資資本的能力。 除此之外,該股票的回報率對於那些持股超過五年的股東來說,已經有了顯著的115%回報。 因此,即使該股票可能比以前更「昂貴」,我們認爲其強大的基本面價值需要進一步研究。
Cavco Industries could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for CVCO on our platform quite valuable.
卡寇工業在其他方面的交易價格可能很有吸引力,因此在我們的平台上,您可能會發現我們針對CVCO的免費內在價值估計非常有價值。
While Cavco Industries isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然卡寇工業沒有獲得最高回報,但請查看此免費公司列表,這些公司具有堅實的資產負債表和高回報率。
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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。