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Zhengzhou Coal Mining Machinery Group (SHSE:601717) Is Experiencing Growth In Returns On Capital
Zhengzhou Coal Mining Machinery Group (SHSE:601717) Is Experiencing Growth In Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So on that note, Zhengzhou Coal Mining Machinery Group (SHSE:601717) looks quite promising in regards to its trends of return on capital.
What is Return On Capital Employed (ROCE)?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Zhengzhou Coal Mining Machinery Group, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.12 = CN¥2.6b ÷ (CN¥37b - CN¥15b) (Based on the trailing twelve months to March 2022).
Thus, Zhengzhou Coal Mining Machinery Group has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 7.5% generated by the Machinery industry.
View our latest analysis for Zhengzhou Coal Mining Machinery Group
SHSE:601717 Return on Capital Employed July 19th 2022In the above chart we have measured Zhengzhou Coal Mining Machinery Group'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 Zhengzhou Coal Mining Machinery Group here for free.
The Trend Of ROCE
The fact that Zhengzhou Coal Mining Machinery Group is now generating some pre-tax profits from its prior investments is very encouraging. The company was generating losses five years ago, but now it's earning 12% which is a sight for sore eyes. Not only that, but the company is utilizing 88% more capital than before, but that's to be expected from a company trying to break into profitability. This can tell us that the company has plenty of reinvestment opportunities that are able to generate higher returns.
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 41% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. And with current liabilities at those levels, that's pretty high.
What We Can Learn From Zhengzhou Coal Mining Machinery Group's ROCE
In summary, it's great to see that Zhengzhou Coal Mining Machinery Group has managed to break into profitability and is continuing to reinvest in its business. And a remarkable 192% total return over the last three years tells us that investors are expecting more good things to come in the future. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
One more thing to note, we've identified 2 warning signs with Zhengzhou Coal Mining Machinery Group and understanding these should be part of your investment process.
While Zhengzhou Coal Mining Machinery Group 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.
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.
要找到一只多袋股票,我们应该在一家企业中寻找什么潜在趋势?首先,我们想要确定一个不断增长的退货在已使用资本(ROCE)上,然后在此基础上,不断增加基地已动用资本的比例。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。所以在这个音符上,郑州煤机集团(上交所:601717)在资本回报率趋势方面看起来相当有希望。
什么是资本回报率(ROCE)?
对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。要计算郑州煤机集团的这一指标,公式如下:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.12=CN元26亿?(CN元37B-CN元150亿)(根据截至2022年3月的往绩12个月计算).
因此,郑州煤机集团的净资产收益率为12%。就其本身而言,这是一个标准回报率,但它比机械行业7.5%的回报率要好得多。
查看我们对郑州煤机集团的最新分析
上证综指:2022年7月19日资本回报率601717在上面的图表中,我们衡量了郑州煤机集团之前的净资产收益率和之前的业绩,但可以说,未来更重要。如果你愿意,你可以在这里查看报道郑州煤机集团的分析师对免费的。
ROCE的发展趋势
郑州煤机集团目前从以前的投资中获得了一些税前利润,这一事实非常令人鼓舞。这家公司五年前还在亏损,但现在的盈利是12%,这是一个令人伤感的景象。不仅如此,该公司利用的资本比以前多了88%,但对于一家试图进入盈利领域的公司来说,这是意料之中的。这可以告诉我们,该公司拥有大量能够产生更高回报的再投资机会。
另外,我们注意到ROCE的改善似乎部分是由流动负债的增加推动的。流动负债已经增加到总资产的41%,因此该业务现在更多地由供应商或短期债权人等提供资金。考虑到目前的负债水平,这是相当高的。
郑州煤机集团ROCE给我们的启示
总而言之,很高兴看到郑州煤机集团实现了盈利,并继续对其业务进行再投资。过去三年令人惊叹的192%总回报率告诉我们,投资者期待未来会有更多好事发生。话虽如此,我们仍然认为,前景看好的基本面意味着该公司值得进行进一步的尽职调查。
还有一件事需要注意,我们已经确定了2个警告标志与郑州煤机集团合作,并了解这些应该是您投资过程的一部分。
虽然郑州煤机集团目前的回报率可能不是最高的,但我们编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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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