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Capital Allocation Trends At La-Z-Boy (NYSE:LZB) Aren't Ideal

Capital Allocation Trends At La-Z-Boy (NYSE:LZB) Aren't Ideal

La-Z-Boy(紐約證券交易所代碼:LZB)的資本配置趨勢並不理想
Simply Wall St ·  02/26 07:43

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. 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 La-Z-Boy (NYSE:LZB) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。除其他外,我們希望看到兩件事;首先,成長 返回 論資本使用率(ROCE),其次是公司的擴張 金額 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。但是,在簡短地查看了這些數字之後,我們認爲La-Z-Boy(紐約證券交易所代碼:LZB)未來不具備多裝袋機的實力,但讓我們來看看爲什麼會這樣。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

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 La-Z-Boy:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。分析師使用這個公式來計算 La-Z-Boy 的值:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)

0.10 = US$150m ÷ (US$1.9b - US$440m) (Based on the trailing twelve months to January 2024).

0.10 = 1.5億美元 ÷(19億美元-4.4億美元) (基於截至2024年1月的過去十二個月)

So, La-Z-Boy has an ROCE of 10%. In absolute terms, that's a pretty standard return but compared to the Consumer Durables industry average it falls behind.

因此,La-Z-Boy的投資回報率爲10%。從絕對值來看,這是一個相當標準的回報,但與耐用消費品行業的平均水平相比,它落後了。

roce
NYSE:LZB Return on Capital Employed February 26th 2024
紐約證券交易所:LZB 2024年2月26日動用資本回報率

Above you can see how the current ROCE for La-Z-Boy 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 La-Z-Boy for free.

在上面你可以看到La-Z-Boy當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你願意,你可以免費查看報道La-Z-Boy的分析師的預測。

What The Trend Of ROCE Can Tell Us

ROCE 的趨勢能告訴我們什麼

In terms of La-Z-Boy's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 10% from 17% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.

就La-Z-Boy的歷史ROCE運動而言,這種趨勢並不理想。在過去五年中,資本回報率從五年前的17%下降到10%。鑑於該企業在收入下滑的情況下僱用了更多的資本,這有點令人擔憂。這可能意味着該企業正在失去其競爭優勢或市場份額,因爲儘管向風險投資投入了更多資金,但實際上產生的回報卻較低——本身 “性價比更低”。

The Key Takeaway

關鍵要點

In summary, we're somewhat concerned by La-Z-Boy's diminishing returns on increasing amounts of capital. Investors must expect better things on the horizon though because the stock has risen 19% in the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.

總而言之,我們對La-Z-Boy在增加資本後獲得的回報減少感到有些擔憂。但是,投資者必須期待更好的局面,因爲該股在過去五年中上漲了19%。無論如何,我們不喜歡當前的趨勢,如果趨勢持續下去,我們認爲您可能會在其他地方找到更好的投資。

La-Z-Boy does have some risks though, and we've spotted 1 warning sign for La-Z-Boy that you might be interested in.

但是,La-Z-Boy 確實存在一些風險,我們發現了 La-Z-Boy 的 1 個警告信號,你可能會感興趣。

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.

對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。

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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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