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Here's What's Concerning About ManpowerGroup's (NYSE:MAN) Returns On Capital

Here's What's Concerning About ManpowerGroup's (NYSE:MAN) Returns On Capital

以下是萬寶華集團(紐約證券交易所代碼:MAN)資本回報率令人擔憂的地方
Simply Wall St ·  05/21 15:26

If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. This indicates the company is producing less profit from its investments and its total assets are decreasing. So after glancing at the trends within ManpowerGroup (NYSE:MAN), we weren't too hopeful.

如果我們想避開一家衰退的企業,有哪些趨勢可以提前警告我們?可能陷入衰退的企業通常表現出兩種趨勢,a 返回 關於資本使用率(ROCE)正在下降,而且 基礎 使用的資本也在下降。這表明該公司的投資利潤減少了,總資產也在減少。因此,在看了萬寶盛華集團(紐約證券交易所代碼:MAN)內部的趨勢之後,我們並不抱太大希望。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for ManpowerGroup:

如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用這個公式來計算萬寶盛華集團的利潤:

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$408m ÷ (US$8.5b - US$4.5b) (Based on the trailing twelve months to March 2024).

0.10 = 4.08億美元 ÷(85億美元-45億美元) (基於截至2024年3月的過去十二個月)

Therefore, ManpowerGroup has an ROCE of 10%. In absolute terms, that's a pretty standard return but compared to the Professional Services industry average it falls behind.

因此,萬寶盛華集團的投資回報率爲10%。從絕對值來看,這是一個相當標準的回報,但與專業服務行業的平均水平相比,它落後了。

roce
NYSE:MAN Return on Capital Employed May 21st 2024
紐約證券交易所:MAN 2024年5月21日動用資本回報率

Above you can see how the current ROCE for ManpowerGroup 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 ManpowerGroup for free.

上面你可以看到萬寶盛寶集團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萬寶盛華集團的分析師的預測。

What Can We Tell From ManpowerGroup's ROCE Trend?

我們可以從萬寶盛華集團的投資回報率趨勢中得出什麼?

There is reason to be cautious about ManpowerGroup, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 17% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on ManpowerGroup becoming one if things continue as they have.

鑑於回報率呈下降趨勢,有理由對萬寶盛華集團持謹慎態度。不幸的是,資本回報率已從五年前的17%有所下降。同時,在此期間,該業務使用的資本基本保持不變。表現出這些屬性的公司往往不會萎縮,但它們可能已經成熟,面臨競爭對利潤的壓力。因此,由於這些趨勢通常不利於創建多袋機,因此,如果情況繼續保持現狀,我們就不會屏住呼吸等待萬寶盛華集團合而爲一。

On a side note, ManpowerGroup's current liabilities are still rather high at 53% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.

順便說一句,萬寶盛華集團的流動負債仍然相當高,佔總資產的53%。這實際上意味着供應商(或短期債權人)正在爲業務的很大一部分提供資金,因此請注意,這可能會帶來一些風險因素。雖然這不一定是壞事,但如果這個比率較低,可能會有好處。

The Bottom Line

底線

In summary, it's unfortunate that ManpowerGroup is generating lower returns from the same amount of capital. And, the stock has remained flat over the last five years, so investors don't seem too impressed either. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.

總而言之,不幸的是,萬寶盛華集團從相同數量的資本中獲得的回報較低。而且,該股在過去五年中一直保持平穩,因此投資者似乎也沒有留下太深刻的印象。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。

On a separate note, we've found 3 warning signs for ManpowerGroup you'll probably want to know about.

另一方面,我們發現了你可能想知道的萬寶集團的3個警告信號。

While ManpowerGroup isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

儘管萬寶盛華集團的回報率並不高,但請查看這份免費的股票回報率高、資產負債表穩健的公司名單。

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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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