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Autohome's (NYSE:ATHM) Returns On Capital Not Reflecting Well On The Business
Autohome's (NYSE:ATHM) Returns On Capital Not Reflecting Well On The Business
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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 Autohome (NYSE:ATHM), we don't think it's current trends fit the mold of a multi-bagger.
Understanding Return On Capital Employed (ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Autohome, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.044 = CN¥1.1b ÷ (CN¥31b - CN¥5.1b) (Based on the trailing twelve months to December 2023).
Therefore, Autohome has an ROCE of 4.4%. In absolute terms, that's a low return and it also under-performs the Interactive Media and Services industry average of 7.1%.
Above you can see how the current ROCE for Autohome compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Autohome for free.
So How Is Autohome's ROCE Trending?
When we looked at the ROCE trend at Autohome, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 4.4% from 25% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
In Conclusion...
In summary, Autohome is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. It seems that investors have little hope of these trends getting any better and that may have partly contributed to the stock collapsing 73% 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.
Like most companies, Autohome does come with some risks, and we've found 1 warning sign that you should be aware of.
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.
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.
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's 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 Autohome (NYSE:ATHM), we don't think it's current trends fit the mold of a multi-bagger.
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?除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 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,在调查了汽车之家(纽约证券交易所代码:ATHM)之后,我们认为其当前的趋势不符合多袋机的模式。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Autohome, this is the formula:
对于那些不知道的人,投资回报率是衡量公司相对于企业所用资本的年度税前利润(回报)的衡量标准。要计算汽车之家的这个指标,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)
0.044 = CN¥1.1b ÷ (CN¥31b - CN¥5.1b) (Based on the trailing twelve months to December 2023).
0.044 = 11亿元人民币 ÷(31亿元人民币-5.1亿元人民币) (基于截至2023年12月的过去十二个月)。
Therefore, Autohome has an ROCE of 4.4%. In absolute terms, that's a low return and it also under-performs the Interactive Media and Services industry average of 7.1%.
因此,汽车之家的投资回报率为4.4%。从绝对值来看,这是一个低回报,其表现也低于互动媒体和服务行业7.1%的平均水平。
Above you can see how the current ROCE for Autohome compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Autohome for free.
上面你可以看到汽车之家当前的投资回报率与其先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。如果你愿意,你可以免费查看报道汽车之家的分析师的预测。
So How Is Autohome's ROCE Trending?
那么,汽车之家的投资回报率如何走势呢?
When we looked at the ROCE trend at Autohome, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 4.4% from 25% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
当我们查看汽车之家的投资回报率趋势时,我们并没有获得太大的信心。在过去五年中,资本回报率从五年前的25%下降到4.4%。另一方面,该公司在去年一直在使用更多资本,但销售额没有相应改善,这可能表明这些投资是长期投资。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
In Conclusion...
总之...
In summary, Autohome is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. It seems that investors have little hope of these trends getting any better and that may have partly contributed to the stock collapsing 73% 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,汽车之家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。看来投资者对这些趋势好转几乎没有希望,这可能部分导致该股在过去五年中暴跌了73%。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。
Like most companies, Autohome does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多数公司一样,汽车之家确实存在一些风险,我们发现了一个你应该注意的警告信号。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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