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BJ's Restaurants (NASDAQ:BJRI) Could Be Struggling To Allocate Capital

BJ's Restaurants (NASDAQ:BJRI) Could Be Struggling To Allocate Capital

BJ's Restaurants(纳斯达克股票代码:BJRI)可能难以配置资金
Simply Wall St ·  2023/12/27 06:41

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. Having said that, from a first glance at BJ's Restaurants (NASDAQ:BJRI) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

如果你在寻找下一款多袋装机时不确定从哪里开始,那么你应该注意一些关键趋势。理想情况下,企业将呈现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 所用资本的比例。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到业务中并产生更高的回报。话虽如此,乍一看BJ's Restaurants(纳斯达克股票代码:BJRI),我们并不是对回报率的趋势不屑一顾,但让我们更深入地了解一下。

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. Analysts use this formula to calculate it for BJ's Restaurants:

为了澄清一下你是否不确定,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。分析师使用这个公式来计算BJ's Restaurants的价格:

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)

0.025 = US$21m ÷ (US$1.0b - US$183m) (Based on the trailing twelve months to October 2023).

0.025 = 2100 万美元 ÷(10 亿美元-1.83 亿美元) (基于截至2023年10月的过去十二个月)

Thus, BJ's Restaurants has an ROCE of 2.5%. In absolute terms, that's a low return and it also under-performs the Hospitality industry average of 9.2%.

因此,BJ's Restaurants的投资回报率为2.5%。从绝对值来看,这是一个低回报,其表现也低于酒店业9.2%的平均水平。

Check out our latest analysis for BJ's Restaurants

查看我们对BJ's Restaurants的最新分析

roce
NasdaqGS:BJRI Return on Capital Employed December 27th 2023
纳斯达克股票代码:BJRI 2023 年 12 月 27 日动用资本回报率

Above you can see how the current ROCE for BJ's Restaurants compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.

上面你可以看到BJ's Restaurants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的只有那么多。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。

The Trend Of ROCE

ROCE 的趋势

On the surface, the trend of ROCE at BJ's Restaurants doesn't inspire confidence. To be more specific, ROCE has fallen from 11% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. 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.

从表面上看,BJ's Restaurants的ROCE趋势并不能激发信心。更具体地说,投资回报率已从过去五年的11%下降了。同时,该业务正在使用更多的资本,但在过去的12个月中,这并没有对销售产生太大影响,因此这可能反映出长期投资。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。

The Key Takeaway

关键要点

In summary, BJ's Restaurants 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 29% in the last five years. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.

总而言之,BJ's Restaurants正在将资金再投资到该业务中以实现增长,但不幸的是,销售额似乎还没有太大增长。投资者似乎对趋势的回升犹豫不决,因为该股在过去五年中下跌了29%。总而言之,多装袋机的固有趋势并不常见,因此,如果您想要这样做,我们认为您在其他地方可能会有更多的运气。

One more thing, we've spotted 1 warning sign facing BJ's Restaurants that you might find interesting.

还有一件事,我们在BJ's Restaurants面前发现了一个警告标志,你可能会觉得有趣。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。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,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。

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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