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Stericycle (NASDAQ:SRCL) Could Be Struggling To Allocate Capital
Stericycle (NASDAQ:SRCL) Could Be Struggling To Allocate Capital
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. So after we looked into Stericycle (NASDAQ:SRCL), the trends above didn't look too great.
Understanding Return On Capital Employed (ROCE)
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. The formula for this calculation on Stericycle is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.033 = US$156m ÷ (US$5.4b - US$619m) (Based on the trailing twelve months to June 2022).
Thus, Stericycle has an ROCE of 3.3%. In absolute terms, that's a low return and it also under-performs the Commercial Services industry average of 9.0%.
See our latest analysis for Stericycle
NasdaqGS:SRCL Return on Capital Employed September 12th 2022In the above chart we have measured Stericycle'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 Stericycle here for free.
What Can We Tell From Stericycle's ROCE Trend?
The trend of ROCE at Stericycle is showing some signs of weakness. Unfortunately, returns have declined substantially over the last five years to the 3.3% we see today. What's equally concerning is that the amount of capital deployed in the business has shrunk by 22% over that same period. When you see both ROCE and capital employed diminishing, it can often be a sign of a mature and shrinking business that might be in structural decline. Typically businesses that exhibit these characteristics aren't the ones that tend to multiply over the long term, because statistically speaking, they've already gone through the growth phase of their life cycle.
The Bottom Line
In summary, it's unfortunate that Stericycle is shrinking its capital base and also generating lower returns. Investors haven't taken kindly to these developments, since the stock has declined 29% from where it was five years ago. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
If you're still interested in Stericycle it's worth checking out our FREE intrinsic value approximation to see if it's trading at an attractive price in other respects.
While Stericycle isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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.
如果你看到的是一家已经过了成长期的成熟企业,会出现哪些潜在的趋势?衰退中的企业通常有两个潜在趋势,第一,衰退退货论资本充足率(ROCE)与衰退基地已动用资本的比例。这样的趋势最终意味着企业正在减少投资,投资的收益也会减少。所以在我们调查了脚踏车(纳斯达克:SRCL),上述趋势看起来并不太好。
了解资本回报率(ROCE)
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。Stercycle上的此计算公式为:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.033美元=1.56亿美元(54亿-6.19亿美元)(根据截至2022年6月的往绩12个月计算).
因此,Stercycle的ROCE为3.3%。按绝对值计算,这是一个较低的回报率,也低于商业服务业9.0%的平均水平。
请看我们最新的Stercycle分析
NasdaqGS:SRCL 2022年9月12日的资本回报率在上面的图表中,我们已经比较了Stercycle之前的ROCE和它之前的表现,但可以说未来更重要。如果你愿意,你可以查看分析师对Stericycle的预测免费的。
我们能从单轮自行车的ROCE趋势中看出什么?
Stercycle的ROCE走势显示出一些疲软迹象。不幸的是,过去五年的回报率大幅下降,降至我们今天看到的3.3%。同样令人担忧的是,在同一时期,该公司的资本额缩水了22%。当你看到净资产收益率和已动用资本都在减少时,这通常可能是一个成熟和缩水的企业可能处于结构性衰退的迹象。通常情况下,表现出这些特征的企业并不是那些倾向于长期成倍增长的企业,因为从统计学上讲,它们已经经历了生命周期的增长阶段。
底线
总而言之,很不幸的是,Stercycle正在收缩其资本基础,产生的回报也较低。投资者对这些动态并不看好,因为该公司股价较五年前下跌了29%。在这种情况下,除非潜在趋势恢复到更积极的轨道,否则我们会考虑将目光投向其他地方。
如果你仍然对Stericycle感兴趣,值得去看看我们的自由内在值近似看看它在其他方面的交易价格是否有吸引力。
虽然Stericycle并没有获得最高的回报,但看看这个免费资产负债表稳健、股本回报率高的公司名单。
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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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
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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