Why We Like The Returns At Hyster-Yale Materials Handling (NYSE:HY)
Why We Like The Returns At Hyster-Yale Materials Handling (NYSE:HY)
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. With that in mind, the ROCE of Hyster-Yale Materials Handling (NYSE:HY) looks great, so lets see what the trend can tell us.
如果我们想找到一只可以长期成倍增长的股票，我们应该寻找哪些潜在趋势？首先，我们想找一个正在成长的 返回 关于已用资本（ROCE），然后除此之外，还不断增加 基础 所用资本的比例。简而言之，这些类型的企业是复合机器，这意味着他们不断以更高的回报率对收益进行再投资。考虑到这一点，海斯特-耶鲁物料搬运（纽约证券交易所代码：HY）的投资回报率看起来不错，所以让我们看看这一趋势能告诉我们什么。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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. To calculate this metric for Hyster-Yale Materials Handling, this is the formula:
如果你以前没有与ROCE合作过，它会衡量公司从其业务中使用的资本中产生的 “回报”（税前利润）。要计算海斯特-耶鲁物料搬运的这一指标，公式如下：
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）
0.23 = US$176m ÷ (US$2.1b - US$1.3b) (Based on the trailing twelve months to September 2023).
0.23 = 1.76 亿美元 ¥（21 亿美元-13 亿美元） （基于截至2023年9月的过去十二个月）。
Thus, Hyster-Yale Materials Handling has an ROCE of 23%. In absolute terms that's a great return and it's even better than the Machinery industry average of 12%.
因此，海斯特-耶鲁物料搬运公司的投资回报率为23％。从绝对值来看，这是一个不错的回报，甚至比机械行业平均水平的12％还要好。
View our latest analysis for Hyster-Yale Materials Handling
查看我们对海斯特-耶鲁材料处理的最新分析
In the above chart we have measured Hyster-Yale Materials Handling's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上图中，我们将海斯特-耶鲁物料搬运公司先前的投资回报率与之前的表现进行了对比，但可以说，未来更为重要。如果您有兴趣，可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What Can We Tell From Hyster-Yale Materials Handling's ROCE Trend?
我们可以从 Hyster-Yale Materials Handling 的 ROCE 趋势中看出什么？
Hyster-Yale Materials Handling has not disappointed in regards to ROCE growth. We found that the returns on capital employed over the last five years have risen by 258%. That's not bad because this tells for every dollar invested (capital employed), the company is increasing the amount earned from that dollar. Interestingly, the business may be becoming more efficient because it's applying 23% less capital than it was five years ago. If this trend continues, the business might be getting more efficient but it's shrinking in terms of total assets.
海斯特-耶鲁物料搬运公司对投资回报率的增长并未感到失望。我们发现，在过去五年中，使用的资本回报率增长了258％。这还不错，因为这表明每投资一美元（动用资本），公司就会增加从这美元中获得的收入。有趣的是，该业务可能会变得更有效率，因为它使用的资本比五年前减少了23％。如果这种趋势继续下去，业务效率可能会提高，但总资产却在萎缩。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Effectively this means that suppliers or short-term creditors are now funding 63% of the business, which is more than it was five years ago. And with current liabilities at those levels, that's pretty high.
但是，记录在案的是，该公司的流动负债在此期间显著增加，因此我们将投资回报率的部分增长归因于此。实际上，这意味着供应商或短期债权人现在为该业务的63％提供了资金，比五年前还要多。而且，在流动负债处于这些水平的情况下，这是相当高的。
The Key Takeaway
关键要点
In the end, Hyster-Yale Materials Handling has proven it's capital allocation skills are good with those higher returns from less amount of capital. Since the total return from the stock has been almost flat over the last five years, there might be an opportunity here if the valuation looks good. So researching this company further and determining whether or not these trends will continue seems justified.
最后，Hyster-Yale Materials Handling已经证明，它的资本配置技能很好，可以从较少的资本中获得更高的回报。由于该股在过去五年中总回报率几乎持平，因此如果估值看起来不错，这里可能会有机会。因此，进一步研究这家公司并确定这些趋势是否会持续下去似乎是合理的。
Hyster-Yale Materials Handling does have some risks though, and we've spotted 1 warning sign for Hyster-Yale Materials Handling that you might be interested in.
但是，海斯特-耶鲁物料处理确实存在一些风险，我们发现了海斯特-耶鲁物资处理的1个警告信号，你可能会感兴趣。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回报是强劲表现的关键因素，因此请查看我们的免费股本回报率高且资产负债表稳健的股票清单。
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