Investors Met With Slowing Returns on Capital At Tri Pointe Homes (NYSE:TPH)
Investors Met With Slowing Returns on Capital At Tri Pointe Homes (NYSE:TPH)
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating Tri Pointe Homes (NYSE:TPH), we don't think it's current trends fit the mold of a multi-bagger.
如果我们想确定下一个多功能装袋机，有一些关键趋势需要关注。一种常见的方法是尝试找一家公司 回报 论资本使用率（ROCE）在增加的同时增长 金额 已动用资本的百分比。基本上，这意味着一家公司有可以继续进行再投资的盈利计划，这是复合机的一个特征。但是，在调查了Tri Pointe Homes（纽约证券交易所代码：TPH）之后，我们认为目前的趋势不符合多袋机的模式。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Tri Pointe Homes is:
如果你以前没有与ROCE合作过，它可以衡量一家公司从其业务中使用的资本中产生的 “回报”（税前利润）。Tri Pointe Homes 的计算公式为：
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）
0.13 = US$533m ÷ (US$4.9b - US$802m) (Based on the trailing twelve months to September 2023).
0.13 = 5.33 亿美元 ¥（49 亿美元-8.02 亿美元） （基于截至2023年9月的过去十二个月）。
Thus, Tri Pointe Homes has an ROCE of 13%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Consumer Durables industry average of 15%.
因此，Tri Pointe Homes的投资回报率为13％。从绝对值来看，这是一个相当正常的回报，与耐用消费品行业15％的平均水平略有接近。
Check out our latest analysis for Tri Pointe Homes
查看我们对Tri Pointe Homes的最新分析
Above you can see how the current ROCE for Tri Pointe Homes 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 Tri Pointe Homes.
在上方你可以看到Tri Pointe Homes当前的投资回报率与之前的资本回报率相比如何，但从过去可以看出来只有这么多。如果你想了解分析师对未来的预测，你应该查看我们的Tri Pointe Homes免费报告。
So How Is Tri Pointe Homes' ROCE Trending?
那么 Tri Pointe Homes 的 ROCE 趋势如何？
Things have been pretty stable at Tri Pointe Homes, with its capital employed and returns on that capital staying somewhat the same for the last five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So don't be surprised if Tri Pointe Homes doesn't end up being a multi-bagger in a few years time.
Tri Pointe Homes的情况一直相当稳定，在过去五年中，其资本使用量和资本回报率基本保持不变。这告诉我们该公司并没有对自己进行再投资，因此似乎已经过了增长阶段。因此，如果几年后Tri Pointe Homes最终没有成为一款多功能游戏机，也不要感到惊讶。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 16% of total assets, this reported ROCE would probably be less than13% because total capital employed would be higher.The 13% ROCE could be even lower if current liabilities weren't 16% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
另一方面，尽管投资回报率趋势的变化可能不会引起人们的关注，但有趣的是，在过去五年中，流动负债实际上有所增加。这很有趣，因为如果流动负债没有增加到总资产的16％，那么这份报告的投资回报率可能会低于13％，因为使用的总资本会更高。如果流动负债不占总资产的16％，则13％的投资回报率可能会更低，因为该公式将显示使用的总资本基础更大。考虑到这一点，如果该比率将来会增加，请谨慎行事，因为如果该比率变得特别高，就会带来一些新的风险因素。
Our Take On Tri Pointe Homes' ROCE
我们对 Tri Pointe Homes ROCE 的看法
In a nutshell, Tri Pointe Homes has been trudging along with the same returns from the same amount of capital over the last five years. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 130% gain to shareholders who have held over the last five years. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
简而言之，在过去的五年中，Tri Pointe Homes一直在跋涉，从相同数量的资本中获得相同的回报。投资者必须认为会有更好的事情发生，因为该股已将其淘汰，为过去五年中持股的股东带来了130％的收益。但是，如果这些潜在趋势的轨迹继续下去，我们认为它从现在开始成为多管齐下的可能性并不高。
If you're still interested in Tri Pointe Homes it's worth checking out our FREE intrinsic value approximation to see if it's trading at an attractive price in other respects.
如果你仍然对Tri Pointe Homes感兴趣，那么值得看看我们的免费内在价值近似值，看看它在其他方面的交易价格是否具有吸引力。
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.
对于那些喜欢投资稳健公司的人，可以查看这份资产负债表稳健和股本回报率高的公司的免费清单。
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