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EMCOR Group (NYSE:EME) Is Looking To Continue Growing Its Returns On Capital
EMCOR Group (NYSE:EME) Is Looking To Continue Growing Its Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. 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. So on that note, EMCOR Group (NYSE:EME) looks quite promising in regards to its trends of return on capital.
Return On Capital Employed (ROCE): What Is It?
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 EMCOR Group, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.19 = US$522m ÷ (US$5.1b - US$2.4b) (Based on the trailing twelve months to June 2022).
Thus, EMCOR Group has an ROCE of 19%. In absolute terms, that's a satisfactory return, but compared to the Construction industry average of 8.0% it's much better.
See our latest analysis for EMCOR Group
NYSE:EME Return on Capital Employed September 11th 2022In the above chart we have measured EMCOR Group's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
The Trend Of ROCE
EMCOR Group's ROCE growth is quite impressive. The figures show that over the last five years, ROCE has grown 33% whilst employing roughly the same amount of capital. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
On a separate but related note, it's important to know that EMCOR Group has a current liabilities to total assets ratio of 47%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
What We Can Learn From EMCOR Group's ROCE
As discussed above, EMCOR Group appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. And with a respectable 84% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
If you want to continue researching EMCOR Group, you might be interested to know about the 1 warning sign that our analysis has discovered.
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.
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.
如果我们想要识别下一个多袋子,有几个关键趋势需要寻找。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。所以在这个音符上,EMCOR集团(纽约证券交易所代码:EME)在其资本回报率趋势方面看起来相当有希望。
资本回报率(ROCE):它是什么?
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EMCOR Group的此度量,请使用以下公式:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.19=5.22亿美元?(51亿-24亿美元)(根据截至2022年6月的往绩12个月计算).
因此,EMCOR集团的净资产收益率为19%。就绝对值而言,这是一个令人满意的回报率,但与建筑业8.0%的平均回报率相比,这要好得多。
查看我们对EMCOR集团的最新分析
纽约证券交易所:EME 2022年9月11日的资本回报率在上面的图表中,我们衡量了EMCOR Group之前的净资产收益率与其之前的业绩,但可以说,未来更重要。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
ROCE的发展趋势
EMCOR集团的ROCE增长令人印象深刻。数据显示,在过去五年中,ROCE增长了33%,同时雇佣了大致相同数量的资本。因此,由于所用资本没有太大变化,该公司现在很可能正在从过去的投资中获得全部好处。在这方面,情况看起来很好,所以值得探讨管理层对未来增长计划的看法。
在另外一个相关的问题上,重要的是要知道EMCOR集团的流动负债与总资产的比率为47%,我们认为这个比率相当高。这实际上意味着供应商(或短期债权人)正在为很大一部分业务提供资金,因此只需意识到这可能会带来一些风险因素。虽然这不一定是一件坏事,但如果这一比例较低,它可能是有益的。
我们可以从EMCOR集团的ROCE中学到什么
如上所述,EMCOR集团似乎越来越擅长产生回报,因为已动用资本持平,但收益(息税前)上升。过去五年持有这只股票的人获得了可观的84%的奖励,你可以辩称,这些事态发展开始得到他们应得的关注。因此,鉴于该股已证明其趋势看好,有必要对该公司进行进一步研究,看看这些趋势是否可能持续下去。
如果您想继续研究EMCOR Group,您可能有兴趣了解有关1个警告标志我们的分析发现。
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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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