PG&E (NYSE:PCG) May Have Issues Allocating Its Capital
PG&E (NYSE:PCG) May Have Issues Allocating Its Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at PG&E (NYSE:PCG) and its ROCE trend, we weren't exactly thrilled.
你知道吗,有一些财务指标可以提供潜在的多管齐下的线索?理想情况下,一家企业将呈现两种趋势;第一,增长退货关于已使用资本(ROCE),第二,增加金额已动用资本的比例。如果你看到这个,通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。有鉴于此,当我们看到PG&E(纽约证券交易所股票代码:PCG)及其ROCE趋势,我们并不是很兴奋。
Return On Capital Employed (ROCE): What Is It?
资本回报率(ROCE):它是什么?
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for PG&E, this is the formula:
如果您不确定,只需澄清一下,ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。要计算PG&E的此指标,请使用以下公式:
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)
0.028 = US$3.0b ÷ (US$121b - US$13b) (Based on the trailing twelve months to June 2023).
0.028美元=30亿美元?(1210亿美元-130亿美元)(根据截至2023年6月的往绩12个月计算)。
Therefore, PG&E has an ROCE of 2.8%. In absolute terms, that's a low return and it also under-performs the Electric Utilities industry average of 4.5%.
所以呢,PG&E的净资产收益率为2.8%。按绝对值计算,这是一个较低的回报率,也低于电力公用事业行业4.5%的平均水平。
See our latest analysis for PG&E
查看我们对PG&E的最新分析
Above you can see how the current ROCE for PG&E compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for PG&E.
在上面,你可以看到PG&E目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果您想查看分析师对未来的预测,您应该查看我们的免费PG&E报告
What Can We Tell From PG&E's ROCE Trend?
我们能从PG&E的ROCE趋势中看出什么?
When we looked at the ROCE trend at PG&E, we didn't gain much confidence. Around five years ago the returns on capital were 4.8%, but since then they've fallen to 2.8%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
当我们观察PG&E的ROCE趋势时,我们并没有获得太多信心。大约五年前,资本回报率为4.8%,但自那以来已降至2.8%。另一方面,该公司一直在使用更多的资本,但去年的销售额没有相应的改善,这可能表明这些投资是更长期的投资。从现在开始,值得密切关注该公司的收益,看看这些投资最终是否真的为利润做出了贡献。
Our Take On PG&E's ROCE
我们对PG&E的ROCE的看法
In summary, PG&E is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And investors appear hesitant that the trends will pick up because the stock has fallen 66% in the last five years. Therefore based on the analysis done in this article, we don't think PG&E has the makings of a multi-bagger.
总而言之,PG&E正在将资金重新投资到业务中,以实现增长,但不幸的是,销售额看起来还没有太大增长。投资者似乎对趋势是否会回升犹豫不决,因为该股在过去五年里下跌了66%。因此,根据本文所做的分析,我们认为PG&E不具备多管齐下的条件。
PG&E does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is a bit concerning...
不过,我们发现PG&E确实存在一些风险在我们的投资分析中出现了2个警告信号,其中一条有点牵涉到...
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。
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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。