Returns On Capital At Donaldson Company (NYSE:DCI) Have Hit The Brakes
Returns On Capital At Donaldson Company (NYSE:DCI) Have Hit The Brakes
If you're looking for a multi-bagger, there's a few things to 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. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Looking at Donaldson Company (NYSE:DCI), it does have a high ROCE right now, but lets see how returns are trending.
如果你正在尋找一款多功能裝袋機,有幾件事需要注意。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。歸根結底,這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。看看唐納森公司(紐約證券交易所代碼:DCI),它目前的投資回報率確實很高,但讓我們看看回報的趨勢如何。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Donaldson Company is:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。唐納森公司的計算公式爲:
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)
0.27 = US$511m ÷ (US$2.8b - US$894m) (Based on the trailing twelve months to January 2024).
0.27 = 5.11億美元 ÷(28億美元-8.94億美元) (基於截至2024年1月的過去十二個月)。
So, Donaldson Company has an ROCE of 27%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此,唐納森公司的投資回報率爲27%。這是一個了不起的回報,不僅如此,它還超過了同類行業公司13%的平均收入。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240424/0-4a2a0a8113069eee0d29a79d3c2c5fa2-0-5ca59fe125755b536de6e4d582cc9102.png/big)
In the above chart we have measured Donaldson Company's 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 analyst report for Donaldson Company .
在上圖中,我們將唐納森公司先前的投資回報率與之前的業績進行了比較,但可以說,未來更爲重要。如果您想了解分析師對未來的預測,則應查看我們爲唐納森公司提供的免費分析師報告。
What Can We Tell From Donaldson Company's ROCE Trend?
我們可以從唐納森公司的投資回報率趨勢中得出什麼?
There hasn't been much to report for Donaldson Company's returns and its level of capital employed because both metrics have been steady for the past five years. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. So it may not be a multi-bagger in the making, but given the decent 27% return on capital, it'd be difficult to find fault with the business's current operations.
唐納森公司的回報率及其資本利用水平沒有太多可報告的,因爲這兩個指標在過去五年中一直保持穩定。這告訴我們該公司沒有對自己進行再投資,因此它已經過了增長階段是合理的。因此,它可能不是一個正在形成的多口袋,但考慮到可觀的27%的資本回報率,很難發現該企業目前的業務存在問題。
The Bottom Line On Donaldson Company's ROCE
唐納森公司投資回報率的底線
Although is allocating it's capital efficiently to generate impressive returns, it isn't compounding its base of capital, which is what we'd see from a multi-bagger. Since the stock has gained an impressive 48% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
儘管它正在有效地分配資本以產生可觀的回報,但它並沒有鞏固其資本基礎,正如我們從一個多口袋公司那裏看到的那樣。由於該股在過去五年中上漲了令人印象深刻的48%,因此投資者必須認爲會有更好的事情發生。但是,如果這些潛在趨勢的發展軌跡繼續下去,我們認爲從現在起它成爲多股勢力的可能性並不高。
One more thing, we've spotted 1 warning sign facing Donaldson Company that you might find interesting.
還有一件事,我們發現唐納森公司面前有一個警告標誌,你可能會覺得有趣。
Donaldson Company is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
唐納森公司並不是唯一一家獲得高回報的股票。如果您想了解更多,請查看我們的免費公司名單,列出了基本面穩健且具有高股本回報率的公司。
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