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Dun & Bradstreet Holdings (NYSE:DNB) Will Be Hoping To Turn Its Returns On Capital Around

Dun & Bradstreet Holdings (NYSE:DNB) Will Be Hoping To Turn Its Returns On Capital Around

邓白氏控股公司(纽约证券交易所代码:DNB)希望扭转其资本回报率
Simply Wall St ·  02/19 08:59

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'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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 briefly looking over the numbers, we don't think Dun & Bradstreet Holdings (NYSE:DNB) 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。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。但是,在简短地研究了这些数字之后,我们认为邓白氏控股公司(纽约证券交易所代码:DNB)在未来不具备多袋公司的实力,但让我们来看看为什么会这样。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

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 Dun & Bradstreet Holdings:

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邓白氏控股公司的利润:

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)

0.019 = US$154m ÷ (US$9.1b - US$1.0b) (Based on the trailing twelve months to December 2023).

0.019 = 1.54亿美元 ÷(91亿美元-10亿美元) (基于截至2023年12月的过去十二个月)

Therefore, Dun & Bradstreet Holdings has an ROCE of 1.9%. In absolute terms, that's a low return and it also under-performs the Professional Services industry average of 13%.

因此,邓白氏控股的投资回报率为1.9%。从绝对值来看,回报率很低,也低于专业服务行业13%的平均水平。

roce
NYSE:DNB Return on Capital Employed February 19th 2024
纽约证券交易所:DNB 2024年2月19日动用资本回报率

In the above chart we have measured Dun & Bradstreet Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Dun & Bradstreet Holdings.

在上图中,我们将邓白氏控股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。如果你想了解分析师对未来的预测,你应该查看我们的邓白氏控股免费报告。

So How Is Dun & Bradstreet Holdings' ROCE Trending?

那么 Dun & Bradstreet Holdings 的 ROCE 趋势如何?

In terms of Dun & Bradstreet Holdings' historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 56%, but since then they've fallen to 1.9%. However it looks like Dun & Bradstreet Holdings might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. 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.

就邓白氏控股的历史ROCE走势而言,这一趋势并不理想。大约五年前,资本回报率为56%,但此后已降至1.9%。但是,看来邓白氏控股公司可能正在进行再投资以实现长期增长,因为尽管动用资本有所增加,但该公司的销售额在过去12个月中没有太大变化。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。

On a side note, Dun & Bradstreet Holdings has done well to pay down its current liabilities to 11% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.

顺便说一句,邓白氏控股在将其流动负债偿还至总资产的11%方面做得很好。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业产生投资回报的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。

The Key Takeaway

关键要点

In summary, Dun & Bradstreet Holdings is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last three years, the stock has given away 53% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Dun & Bradstreet Holdings has the makings of a multi-bagger.

总而言之,邓白氏控股公司正在将资金再投资到该业务以实现增长,但不幸的是,销售额似乎还没有太大增长。在过去的三年中,该股已经下跌了53%,因此市场对这些趋势在短期内走强似乎并不抱太大希望。因此,根据本文的分析,我们认为邓白氏控股公司不具备多口袋公司的实力。

If you'd like to know more about Dun & Bradstreet Holdings, we've spotted 2 warning signs, and 1 of them is a bit unpleasant.

如果你想进一步了解邓白氏控股公司,我们发现了两个警告标志,其中一个有点不愉快。

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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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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