Henry Schein (NASDAQ:HSIC) Will Be Hoping To Turn Its Returns On Capital Around
Henry Schein (NASDAQ:HSIC) Will Be Hoping To Turn Its Returns On Capital Around
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at Henry Schein (NASDAQ:HSIC) and its ROCE trend, we weren't exactly thrilled.
如果我们想要找到一个潜力巨大的投资对象,通常会有一些潜在的趋势可以提供线索。最理想的情况是,一个企业将会展示出两个趋势;首先是不断增长的资本使用回报率(ROCE),其次是不断增加的资本使用量。这最终证明了这是一家正在以逐渐增加的回报率重新投资利润的企业。鉴于此,当我们审视汉瑞祥(纳斯达克:HSIC)及其ROCE趋势时,并不完全让人振奋。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Henry Schein:
对于那些不了解的人来说,ROCE是一个公司每年税前利润(其回报)与业务中使用的资本相比的度量方式。分析师使用以下公式来计算汉瑞祥的ROCE:
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。
0.078 = US$603m ÷ (US$10b - US$2.5b) (Based on the trailing twelve months to June 2024).
0.078 = 6.03亿美元 ÷ (100亿美元 - 2.5亿美元)(基于截至2024年6月的过去十二个月)。
Thus, Henry Schein has an ROCE of 7.8%. In absolute terms, that's a low return and it also under-performs the Healthcare industry average of 10%.
因此,汉瑞祥的ROCE为7.8%。就绝对值而言,这是一种较低的回报,并且也低于医疗保健行业的平均水平10%。
![1724328716923](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240822/42733820-0-dece49dd6c173696068ec69325976b79.webp/bigjpg)
In the above chart we have measured Henry Schein's 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 Henry Schein for free.
在上面的图表中,我们对汉瑞祥以往的资本回报率与以往表现进行了衡量,但未来才是更重要的。如果您愿意,您可以免费查看分析师对汉瑞祥的预测。
What Can We Tell From Henry Schein's ROCE Trend?
从汉瑞祥的资本回报率趋势可以看出什么?
On the surface, the trend of ROCE at Henry Schein doesn't inspire confidence. Over the last five years, returns on capital have decreased to 7.8% from 14% five years ago. However it looks like Henry Schein might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
表面上看,汉瑞祥的资本回报率趋势并不令人信心满满。在过去五年中,资本回报率从14%下降到7.8%。然而,看起来汉瑞祥可能正在为长期增长进行再投资,因为虽然资本运营增加了,但公司的销售额在过去12个月里并没有太大变化。公司可能需要一段时间才能从这些投资中看到收益的变化。
Our Take On Henry Schein's ROCE
我们对汉瑞祥的资本回报率有何看法?
Bringing it all together, while we're somewhat encouraged by Henry Schein's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 15% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
综合起来看,虽然我们对汉瑞祥对自身业务的再投资感到一定的鼓舞,但我们意识到回报正在缩水。由于在过去五年中,该股仅为股东带来了总计15%的回报,因此投资者可能正在认识到这些趋势,因此如果您寻找一个多倍收益的投资标的,潜在的趋势表明您可能在其他地方有更好的机会。
One more thing to note, we've identified 1 warning sign with Henry Schein and understanding this should be part of your investment process.
还有一件事需要注意,我们已经发现了汉瑞祥的一个警示信号,理解这一点应该是您投资过程的一部分。
While Henry Schein isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管汉瑞祥的回报率并不是最高的,但请查看这个免费的公司列表,这些公司具有良好的资产负债表和高回报率。
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