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Returns On Capital At Southern (NYSE:SO) Have Stalled

Returns On Capital At Southern (NYSE:SO) Have Stalled

南方航空(纽约证券交易所代码:SO)的资本回报率停滞不前
Simply Wall St ·  2023/11/27 05:06

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, 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. However, after briefly looking over the numbers, we don't think Southern (NYSE:SO) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。首先,我们希望看到经过验证的 返回 关于正在增加的资本使用率(ROCE),其次是扩大 基础 已动用资本的百分比。这向我们表明,它是一台复合机器,能够持续将其收益再投资于业务并产生更高的回报。但是,在简短地看完这些数字之后,我们认为南方航空(纽约证券交易所代码:SO)未来不具备多功能的优势,但让我们来看看为什么会这样。

Return On Capital Employed (ROCE): What Is It?

资本使用回报率(ROCE):这是什么?

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. The formula for this calculation on Southern is:

如果您不确定,可以澄清一下,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。南方航空的计算公式为:

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)

0.044 = US$5.6b ÷ (US$138b - US$13b) (Based on the trailing twelve months to September 2023).

0.044 = 56 亿美元 ¥(138亿美元至130亿美元) (基于截至2023年9月的过去十二个月)

Thus, Southern has an ROCE of 4.4%. Even though it's in line with the industry average of 4.4%, it's still a low return by itself.

因此,南方航空的投资回报率为4.4%。尽管它与4.4%的行业平均水平一致,但它本身的回报率仍然很低。

Check out our latest analysis for Southern

查看我们对南方航空的最新分析

roce
NYSE:SO Return on Capital Employed November 27th 2023
纽约证券交易所:SO 2023 年 11 月 27 日使用资本回报率

In the above chart we have measured Southern'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 Southern here for free.

在上面的图表中,我们对南方航空之前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你愿意,你可以在这里免费查看南方航空分析师的预测。

The Trend Of ROCE

ROCE 的趋势

There are better returns on capital out there than what we're seeing at Southern. Over the past five years, ROCE has remained relatively flat at around 4.4% and the business has deployed 27% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.

目前的资本回报率比我们在南方航空看到的要高。在过去五年中,投资回报率一直相对持平,约为4.4%,该业务在运营中部署的资本增加了27%。这种糟糕的投资回报率目前并不能激发信心,随着所用资本的增加,很明显,该企业并没有将资金部署到高回报投资中。

The Bottom Line On Southern's ROCE

南方航空投资回报率的底线

In summary, Southern has simply been reinvesting capital and generating the same low rate of return as before. Since the stock has gained an impressive 80% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.

总而言之,南方航空只是在对资本进行再投资并产生与以前一样低的回报率。由于该股在过去五年中上涨了80%,因此投资者必须认为未来会有更好的事情。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。

On a separate note, we've found 2 warning signs for Southern you'll probably want to know about.

另外一点,我们已经为南方航空找到了两个警告标志,你可能想知道。

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。

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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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