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ZIM Integrated Shipping Services' (NYSE:ZIM) Returns On Capital Not Reflecting Well On The Business

ZIM Integrated Shipping Services' (NYSE:ZIM) Returns On Capital Not Reflecting Well On The Business

中远国际航运服务公司(纽交所:ZIM)的资本回报率对业务的反映不佳
Simply Wall St ·  09/16 08:01

There are a few key trends to look for if we want to identify the next multi-bagger. 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. However, after investigating ZIM Integrated Shipping Services (NYSE:ZIM), we don't think it's current trends fit the mold of a multi-bagger.

如果我们想找到下一个多倍利润股,有几个关键趋势需要注意。除其他外,我们希望看到两件事情;首先,资本雇用回报率(ROCE)增长,其次,公司的资本雇用数量扩大。这最终证明了这是一家以递增的回报率将利润再投资的业务。然而,经过对纽交所:ZIm Integrated Shipping Services (NYSE:ZIM)的调查后,我们认为其当前趋势不符合多倍利润股的模式。

Understanding Return On Capital Employed (ROCE)

上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for ZIM Integrated Shipping Services:

如果您之前没有用过ROCE,它衡量了公司从其业务中资本雇用所带来的“回报”(税前利润)。分析师们使用这个公式来计算纽交所:ZIm Integrated Shipping Services 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。

0.052 = US$367m ÷ (US$9.7b - US$2.7b) (Based on the trailing twelve months to June 2024).

0.052 = 36700万美元÷(970亿美元 - 27亿美元)(基于截至2024年6月的过去十二个月)。

Therefore, ZIM Integrated Shipping Services has an ROCE of 5.2%. Ultimately, that's a low return and it under-performs the Shipping industry average of 9.2%.

因此,ZIm Integrated Shipping Services 的ROCE为5.2%。总体而言,这是一个较低的回报率,低于航运行业的平均水平9.2%。

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NYSE:ZIM Return on Capital Employed September 16th 2024
纽交所:ZIm Return on Capital Employed于2024年9月16日

Above you can see how the current ROCE for ZIM Integrated Shipping Services 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 ZIM Integrated Shipping Services .

在上面,您可以看到ZIm综合航运服务的当前ROCE与其以前的资本回报相比,但过去只能得出有限的结论。如果您有兴趣,可以在我们为ZIm综合航运服务提供的免费分析师报告中查看分析师的预测。

What Can We Tell From ZIM Integrated Shipping Services' ROCE Trend?

从ZIm综合航运服务的ROCE趋势中我们可以得出什么结论?

When we looked at the ROCE trend at ZIM Integrated Shipping Services, we didn't gain much confidence. To be more specific, ROCE has fallen from 8.5% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.

当我们观察ZIm综合航运服务的ROCE趋势时,我们没有得到太多信心。更具体地说,过去五年中ROCE下降了8.5%。考虑到企业在资本投入增加的同时收入下滑,这有点令人担忧。这可能意味着企业正在失去竞争优势或市场份额,因为虽然正在投入更多资金进行风险投资,但实际上产生的回报却更低-可以说是“花钱少办事”。

On a side note, ZIM Integrated Shipping Services has done well to pay down its current liabilities to 28% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

顺便提一下,ZIm综合航运服务已经成功偿还了其总资产的28%的流动负债。因此,我们可以将其中一部分归因于ROCE的下降。实际上,这意味着他们的供应商或短期债权人正在为企业提供的资金减少,从而降低了一些风险因素。由于企业基本上是用自己的资金进行更多的运营资金,您可以认为这使企业在产生ROCE方面不那么高效。

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。

From the above analysis, we find it rather worrisome that returns on capital and sales for ZIM Integrated Shipping Services have fallen, meanwhile the business is employing more capital than it was five years ago. Long term shareholders who've owned the stock over the last three years have experienced a 16% depreciation in their investment, so it appears the market might not like these trends either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

从以上分析可以看出,ZIm综合航运服务的资本回报率和销售额下降,与五年前相比,企业的资本投入更多。在过去三年内持有该股票的长期股东经历了16%的投资贬值,因此市场似乎也不喜欢这些趋势。鉴于这些领域的基本趋势并不好,我们可能会考虑在其他地方寻找投资机会。

One more thing, we've spotted 2 warning signs facing ZIM Integrated Shipping Services that you might find interesting.

另外,我们发现了 ZIm 综合航运服务面临两个警告信号,可能会引起您的兴趣。

While ZIM Integrated Shipping Services may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

虽然 ZIm 综合航运服务目前可能没有获得最高回报,但我们已经整理了一份目前收益率超过 25% 的公司名单。请在这里查看这份免费名单。

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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.

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