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iRay Technology (SHSE:688301) Is Reinvesting At Lower Rates Of Return
iRay Technology (SHSE:688301) Is Reinvesting At Lower Rates Of Return
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at iRay Technology (SHSE:688301) and its ROCE trend, we weren't exactly thrilled.
What is Return On Capital Employed (ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on iRay Technology is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.13 = CN¥432m ÷ (CN¥3.7b - CN¥488m) (Based on the trailing twelve months to March 2022).
Thus, iRay Technology has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Medical Equipment industry average of 11% it's much better.
Check out our latest analysis for iRay Technology
SHSE:688301 Return on Capital Employed June 24th 2022In the above chart we have measured iRay Technology's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for iRay Technology.
The Trend Of ROCE
In terms of iRay Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 24% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
On a side note, iRay Technology has done well to pay down its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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.
The Bottom Line On iRay Technology's ROCE
In summary, despite lower returns in the short term, we're encouraged to see that iRay Technology is reinvesting for growth and has higher sales as a result. Furthermore the stock has climbed 59% over the last year, it would appear that investors are upbeat about the future. So should these growth trends continue, we'd be optimistic on the stock going forward.
One final note, you should learn about the 2 warning signs we've spotted with iRay Technology (including 1 which is a bit unpleasant) .
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at iRay Technology (SHSE:688301) and its ROCE trend, we weren't exactly thrilled.
如果你正在寻找一个多袋子,有几个东西需要注意。通常,我们会注意到一种增长的趋势退货关于已使用资本(ROCE)以及与之相伴随的是不断扩大的基地已动用资本的比例。这向我们表明,它是一台复合机器,能够不断地将其收益再投资于企业,并产生更高的回报。有鉴于此,当我们看到Iray技术(上海证券交易所:688301)和它的ROCE趋势,我们并不是很兴奋。
What is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on iRay Technology is:
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。IRay Technology上的此计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.13 = CN¥432m ÷ (CN¥3.7b - CN¥488m) (Based on the trailing twelve months to March 2022).
0.13=CN元4.32亿?(CN元37亿-CN元4.88亿)(根据截至2022年3月的往绩12个月计算).
Thus, iRay Technology has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Medical Equipment industry average of 11% it's much better.
因此,Iray Technology的净资产收益率为13%。就绝对值而言,这是一个令人满意的回报,但与医疗设备行业11%的平均回报率相比,这要好得多。
Check out our latest analysis for iRay Technology
查看我们对iRay技术的最新分析
In the above chart we have measured iRay Technology's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for iRay Technology.
在上面的图表中,我们对比了iRay Technology之前的ROCE和它之前的表现,但可以说,未来更重要。如果您想查看分析师对未来的预测,您应该查看我们的免费为iRay技术公司做报告。
The Trend Of ROCE
ROCE的发展趋势
In terms of iRay Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 24% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
就iRay Technology历史上的ROCE运动而言,这一趋势并不美妙。更具体地说,ROCE在过去五年中从24%下降。然而,鉴于已动用资本和收入都有所增加,该业务目前似乎正在追求增长,这是短期回报的结果。如果这些投资被证明是成功的,这可能是长期股票表现的好兆头。
On a side note, iRay Technology has done well to pay down its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. 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.
另外,iRay Technology在将目前的负债降至总资产的13%方面做得很好。因此,我们可以将其中一些因素与净资产收益率的下降联系起来。更重要的是,这可以降低业务的某些方面的风险,因为现在该公司的供应商或短期债权人为其运营提供的资金减少了。由于企业基本上是用自有资金为更多的运营提供资金,你可以说这降低了企业产生净资产收益率的效率。
The Bottom Line On iRay Technology's ROCE
IRay技术ROCE的底线
In summary, despite lower returns in the short term, we're encouraged to see that iRay Technology is reinvesting for growth and has higher sales as a result. Furthermore the stock has climbed 59% over the last year, it would appear that investors are upbeat about the future. So should these growth trends continue, we'd be optimistic on the stock going forward.
总而言之,尽管短期内回报率较低,但我们很高兴地看到,iRay科技正在为增长进行再投资,并因此获得了更高的销售额。此外,该股在过去一年中上涨了59%,似乎投资者对未来持乐观态度。因此,如果这些增长趋势继续下去,我们将对未来的股票持乐观态度。
One final note, you should learn about the 2 warning signs we've spotted with iRay Technology (including 1 which is a bit unpleasant) .
最后一个注意事项,您应该了解2个警告标志我们已经发现了iRay技术(包括1,这有点令人不快)。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资于稳固的公司,看看这个免费资产负债表稳健、股本回报率高的公司名单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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