The Returns On Capital At Fsilon Furnishing and Construction Materials (SHSE:605318) Don't Inspire Confidence
The Returns On Capital At Fsilon Furnishing and Construction Materials (SHSE:605318) Don't Inspire Confidence
There are a few key trends to look for if we want to identify the next multi-bagger. 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 briefly looking over the numbers, we don't think Fsilon Furnishing and Construction Materials (SHSE:605318) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想要识别下一个多倍收益股,有几个主要趋势需要关注。理想情况下,业务将显示出两个趋势;首先是资本回报率(ROCE)增长,其次是所投入资本的增加。基本上,这意味着公司有盈利的项目可以持续再投资,这是复利机器的特征。然而,在简单查看数字后,我们认为Fsilon家具与建筑材料(SHSE:605318)在未来没有成为多倍收益股的潜力,但我们来看看原因。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE):它是什么?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Fsilon Furnishing and Construction Materials, this is the formula:
如果您以前没有接触过ROCE,它衡量的是公司从投入的资本中产生的“回报”(税前利润)。要计算Fsilon家具与建筑材料的这个指标,公式为:
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)
0.015 = CN¥12m ÷ (CN¥1.1b - CN¥293m) (Based on the trailing twelve months to September 2024).
0.015 = CN¥1200万 ÷ (CN¥11亿 - CN¥293m)(基于截至2024年9月的过去12个月)。
Therefore, Fsilon Furnishing and Construction Materials has an ROCE of 1.5%. In absolute terms, that's a low return and it also under-performs the Consumer Durables industry average of 9.6%.
因此,Fsilon家具与建筑材料的ROCE为1.5%。以绝对数值来看,这是一种低回报,并且低于消费品耐用行业的平均水平9.6%。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Fsilon Furnishing and Construction Materials' past further, check out this free graph covering Fsilon Furnishing and Construction Materials' past earnings, revenue and cash flow.
虽然过去的表现不能代表未来,但了解一家公司在历史上的表现是很有帮助的,这就是我们上面提供这张图表的原因。如果您有兴趣进一步调查Fsilon家具和建筑材料的历史,请查看这张免费的图表,涉及Fsilon家具和建筑材料的过去收益、营业收入和现金流。
What The Trend Of ROCE Can Tell Us
ROCE的趋势可以告诉我们什么
On the surface, the trend of ROCE at Fsilon Furnishing and Construction Materials doesn't inspire confidence. To be more specific, ROCE has fallen from 20% over the last five years. However it looks like Fsilon Furnishing and Construction Materials 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.
从表面上看,Fsilon家具和建筑材料的ROCE趋势并没有令人信心。更具体地说,在过去五年里,ROCE从20%下降。然而,Fsilon家具和建筑材料可能正在进行长期增长的再投资,因为虽然使用的资本有所增加,但公司的销售在过去12个月中并没有太大变化。在这些投资开始带来收益变化之前,可能需要一些时间。
What We Can Learn From Fsilon Furnishing and Construction Materials' ROCE
我们可以从Fsilon家具和建筑材料的ROCE中学到什么
To conclude, we've found that Fsilon Furnishing and Construction Materials is reinvesting in the business, but returns have been falling. Since the stock has gained an impressive 43% over the last three years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
总结来说,我们发现Fsilon家具和建筑材料正在对其业务进行再投资,但回报率却在下降。由于该股票在过去三年中增长了令人印象深刻的43%,投资者一定认为未来会有更好的表现。最终,如果基本趋势持续下去,我们不会对它未来成为多倍回报的股票抱有太大期望。
One final note, you should learn about the 3 warning signs we've spotted with Fsilon Furnishing and Construction Materials (including 2 which shouldn't be ignored) .
最后一点,您应该了解我们发现的Fsilon家具和建筑材料的3个警告信号(包括2个不应被忽视的信号)。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想寻找具有良好收益的稳健公司,可以查看这份拥有良好资产负债表和令人印象深刻的股本回报率的免费公司列表。
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这篇来自Simply Wall St的文章是一般性的。我们根据历史数据和分析师预测提供评论,采用无偏见的方法,我们的文章并不旨在提供财务建议。它不构成对任何股票的买入或卖出建议,也未考虑到您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。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在提到的任何股票中均没有持仓。