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Pinnacle West Capital (NYSE:PNW) Could Be Struggling To Allocate Capital

Pinnacle West Capital (NYSE:PNW) Could Be Struggling To Allocate Capital

Pinnacle West Capital(纽约证券交易所代码:PNW)可能难以配置资本
Simply Wall St ·  05/22 07:27

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think Pinnacle West Capital (NYSE:PNW) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

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?在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。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。但是,在简短地研究了这些数字之后,我们认为Pinnacle West Capital(纽约证券交易所代码:PNW)在未来不具备多口袋投资者的实力,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)?

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. The formula for this calculation on Pinnacle West Capital is:

对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。Pinnacle West Capital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)

0.041 = US$883m ÷ (US$25b - US$3.1b) (Based on the trailing twelve months to March 2024).

0.041 = 8.83亿美元 ÷(250亿美元-31亿美元) (基于截至2024年3月的过去十二个月)

Therefore, Pinnacle West Capital has an ROCE of 4.1%. On its own, that's a low figure but it's around the 4.8% average generated by the Electric Utilities industry.

因此,Pinnacle West Capital的投资回报率为4.1%。就其本身而言,这是一个很低的数字,但约为电力公用事业行业的4.8%的平均水平。

roce
NYSE:PNW Return on Capital Employed May 22nd 2024
纽约证券交易所:PNW 已动用资本回报率 2024 年 5 月 22 日

Above you can see how the current ROCE for Pinnacle West Capital 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 Pinnacle West Capital for free.

上面你可以看到Pinnacle West Capital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Pinnacle West Capital的分析师的预测。

What The Trend Of ROCE Can Tell Us

ROCE 的趋势能告诉我们什么

The trend of ROCE doesn't look fantastic because it's fallen from 5.2% five years ago, while the business's capital employed increased by 34%. Usually this isn't ideal, but given Pinnacle West Capital conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. The funds raised likely haven't been put to work yet so it's worth watching what happens in the future with Pinnacle West Capital's earnings and if they change as a result from the capital raise. Additionally, we found that Pinnacle West Capital's most recent EBIT figure is around the same as the prior year, so we'd attribute the drop in ROCE mostly to the capital raise.

ROCE的趋势看起来并不理想,因为它从五年前的5.2%下降了,而该企业的使用资本增长了34%。通常,这并不理想,但鉴于Pinnacle West Capital在发布最新财报之前进行了融资,这可能至少部分地促进了已动用资本数字的增加。筹集的资金可能尚未投入使用,因此值得关注的是,Pinnacle West Capital的收益未来会发生什么,以及这些收益是否会因筹集资金而发生变化。此外,我们发现Pinnacle West Capital最新的息税前利润与去年大致相同,因此我们将投资回报率的下降主要归因于筹集资金。

Our Take On Pinnacle West Capital's ROCE

我们对Pinnacle West Capital投资回报率的看法

Bringing it all together, while we're somewhat encouraged by Pinnacle West Capital's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 2.2% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

综上所述,尽管Pinnacle West Capital对自有业务的再投资使我们感到有些鼓舞,但我们意识到回报正在萎缩。投资者可能会意识到这些趋势,因为在过去五年中,该股向股东的总回报率仅为2.2%。因此,如果你正在寻找一台多袋装机,我们认为你在其他地方会有更多的运气。

Pinnacle West Capital does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is potentially serious...

但是,Pinnacle West Capital确实存在一些风险,我们在投资分析中发现了2个警告信号,其中一个可能很严重...

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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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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