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Returns On Capital Signal Difficult Times Ahead For Nexteer Automotive Group (HKG:1316)
Returns On Capital Signal Difficult Times Ahead For Nexteer Automotive Group (HKG:1316)
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after we looked into Nexteer Automotive Group (HKG:1316), the trends above didn't look too great.
What Is 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. Analysts use this formula to calculate it for Nexteer Automotive Group:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.015 = US$35m ÷ (US$3.2b - US$961m) (Based on the trailing twelve months to June 2022).
Therefore, Nexteer Automotive Group has an ROCE of 1.5%. Ultimately, that's a low return and it under-performs the Auto Components industry average of 3.9%.
Check out our latest analysis for Nexteer Automotive Group
SEHK:1316 Return on Capital Employed December 1st 2022Above you can see how the current ROCE for Nexteer Automotive Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Nexteer Automotive Group here for free.
How Are Returns Trending?
We are a bit worried about the trend of returns on capital at Nexteer Automotive Group. About five years ago, returns on capital were 23%, however they're now substantially lower than that as we saw above. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Nexteer Automotive Group becoming one if things continue as they have.
The Key Takeaway
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 68% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
Nexteer Automotive Group does have some risks though, and we've spotted 1 warning sign for Nexteer Automotive Group that you might be interested in.
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.
忽略一家公司的股价,哪些潜在趋势告诉我们,一家公司已经过了成长期?通常,我们会看到这两种情况的趋势退货已使用资本(ROCE)下降,这通常与下降相一致金额已动用资本的比例。这向我们表明,该业务不仅在收缩其净资产规模,而且其回报也在下降。所以在我们调查了Nexteer汽车集团(HKG:1316),上述趋势看起来不太好。
什么是资本回报率(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。分析师使用以下公式来计算Nexteer Automotive Group的价格:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.015美元=3500万美元(32亿美元-9.61亿美元)(根据截至2022年6月的往绩12个月计算).
所以呢,Nexteer Automotive Group的净资产收益率为1.5%。归根结底,这是一个较低的回报率,表现低于汽车零部件行业3.9%的平均水平。
查看我们对Nexteer汽车集团的最新分析
联交所:1316已动用资本回报率2022年12月1日上面你可以看到Nexteer Automotive Group目前的净资产收益率(ROCE)与其先前的资本回报率相比如何,但你只能从过去知道这么多。如果你愿意,你可以在这里查看报道Nexteer Automotive Group的分析师的预测免费的。
回报趋势如何?
我们有点担心Nexteer Automotive Group的资本回报率趋势。大约五年前,资本回报率为23%,但现在大大低于我们上面看到的水平。在已动用资本方面,该公司利用的资本与当时大致相同。表现出这些特征的公司往往不会缩水,但它们可能会变得成熟,并面临来自竞争的利润率压力。因此,由于这些趋势通常不利于创建多个袋子,如果事情继续下去,我们不会屏息等待Nexteer Automotive Group成为其中之一。
关键的外卖
归根结底,同样数额的资本回报率下降的趋势,通常并不意味着我们看到的是一只成长型股票。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68%。鉴于这些领域的潜在趋势不是很好,我们会考虑将目光投向其他地方。
不过,Nexteer Automotive Group确实存在一些风险,我们已经发现Nexteer汽车集团的1个警告标志你可能会感兴趣的。
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。
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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