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Kenvue (NYSE:KVUE) Has More To Do To Multiply In Value Going Forward

Kenvue (NYSE:KVUE) Has More To Do To Multiply In Value Going Forward

Kenvue (纽交所:KVUE) 未来仍有更多工作要做,以增值。
Simply Wall St ·  2024/12/02 19:58

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. However, after investigating Kenvue (NYSE:KVUE), we don't think it's current trends fit the mold of a multi-bagger.

如果我们想找到一只股票,在长期内可以成倍增长,我们应该关注哪些潜在趋势呢?理想情况下,一家企业将展示两大趋势; 首先是不断增长的资本雇用回报率(ROCE),其次是不断增加的资本雇用量。基本上,这意味着公司有盈利的举措可以持续投资,这是一个复利机器的特征。然而,经过对肯杯(纽交所:KVUE)的调查,我们认为其当前趋势不符合多倍增长的模式。

Return On Capital Employed (ROCE): What Is It?

资本利用率(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. To calculate this metric for Kenvue, this is the formula:

对于那些不了解的人,ROCE是一个公司每年税前利润(其回报),相对于企业所雇用的资本的度量。要为肯杯计算这一指标,这是公式:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.14 = US$2.9b ÷ (US$27b - US$5.9b) (Based on the trailing twelve months to September 2024).

0.14 = 29亿美元 ÷ (270亿美元 - 59亿美元)(基于2024年9月前十二个月)。

So, Kenvue has an ROCE of 14%. By itself that's a normal return on capital and it's in line with the industry's average returns of 14%.

因此,肯杯的ROCE为14%。单独来说,这是一种正常的资本回报,与行业平均回报14%持平。

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NYSE:KVUE Return on Capital Employed December 2nd 2024
纽交所:KVUE资本雇用回报率2024年12月2日

In the above chart we have measured Kenvue'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 Kenvue for free.

在上面的图表中,我们已经衡量了Kenvue之前的ROCE与其前期绩效,但未来可能更为重要。如果您愿意,可以免费查看分析师提供的对Kenvue的预测。

How Are Returns Trending?

综合上述,Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定,如果其他指标也不错,则可能存在机会。因此,进一步研究这家公司并确定这些趋势是否会持续是合理的。

Over the past three years, Kenvue's ROCE and capital employed have both remained mostly flat. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Kenvue to be a multi-bagger going forward. That being the case, it makes sense that Kenvue has been paying out 67% of its earnings to its shareholders. These mature businesses typically have reliable earnings and not many places to reinvest them, so the next best option is to put the earnings into shareholders pockets.

在过去的三年里,Kenvue的ROCE和资本运作都基本保持不变。具有这些特征的企业往往是成熟和稳定的运营,因为它们已经过了增长阶段。考虑到这一点,除非将来再次进行投资,我们不太希望Kenvue在未来成为翻倍股。鉴于这一点,Kenvue将67%的收益支付给股东是合理的。这些成熟企业通常拥有可靠的盈利,并没有太多地方可以再投资,所以将收益分配给股东是下一个最佳选择。

The Key Takeaway

重要提示

We can conclude that in regards to Kenvue's returns on capital employed and the trends, there isn't much change to report on. Since the stock has gained an impressive 21% over the last year, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.

关于Kenvue的资本运作回报率和趋势,我们可以得出结论并没有太大变化可报告。由于该股票在过去一年中大涨21%,投资者必定认为未来会有更好的事情发生。但如果这些潜在趋势的轨迹继续,我们认为从这里开始成为翻倍股的可能性并不高。

Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 4 warning signs for Kenvue (of which 1 is a bit unpleasant!) that you should know about.

由于几乎每家公司都面临着一些风险,了解它们是值得的。我们已经发现了Kenvue的4个警告信号(其中1个有点令人不快!),您应该了解。

While Kenvue 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Kenvue目前可能没有实现最高回报,但我们已编制了一份目前获得超过25%净资产回报率的公司名单。在这里检查这份免费名单。

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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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Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。

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