ROCE（僱用的資本回報率）分析（TSE：1766）

尋找具有實質增長的業務並不容易，但是如果我們看一些關鍵的財務指標，則有可能。

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Among 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.

尋找具有實質增長的業務並不容易，但是如果我們看一些關鍵的財務指標，則有可能。除其他外，我們希望看到兩件事。首先，僱用的資本回報率不斷增長（ROCE），其次是公司僱用的資本額的擴大。

Basically this means that a company has profitable initiatives that it can continue to reinvest in, and in addition to that, it is expanding the size of its operations and initiatives. A trait of a compounding machine.

基本上，這意味著一家公司擁有可以繼續重新投資的盈利計劃，除此之外，它正在擴大其運營和計劃的規模。複合機的特徵。

Speaking of which, we noticed some great changes in Token's (TSE:1766) returns on capital, so let's have a look.

說到這，我們注意到Token's（TSE：1766）的資本回報率有一些重大變化，所以讓我們看看。

Introducing Return On Capital Employed (ROCE)

引入僱用資本回報率（ROCE）

For those that aren't familiar, ROCE is a metric for measuring how's "efficiently" a company can deploy the capital it has raised, either through equity or debt to generate profit. It's a useful way to examine how well a company is using its capital, and in addition to that, it can highlight companies that are setting themselves up for future growth.

對於那些不熟悉的人，ROCE是一個指標，用於衡量公司如何通過股權或債務來籌集的資本來“有效”，以產生利潤。這是檢查公司使用其資本的有用方法，除此之外，它還可以突出為未來增長的公司提供準備。

The formula for calculating it is:

計算的公式是：

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

僱用的資本回報=利息和稅收之前的收入（EBIT）÷（總資產 - 流動負債）

So, Token has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Consumer Durables industry avg of 6.3% it's much better.

因此，令牌的ROCE為14％。從絕對的角度來看，這是一個令人滿意的回報，但是與消費者耐用的行業平均為6.3％相比，這要好得多。

View our latest analysis for Token

查看我們對令牌的最新分析

In the above chart we have measured Token'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 Token .

在上圖中，我們已經衡量了令牌先前的ROCE與先前的性能，但可以說更重要的是未來。如果您想查看哪些分析師預測未來，則應查看我們的Token免費分析師報告。

How Is Token's ROCE Trending?

Token的ROCE趨勢如何？

Token is displaying some good trends. As you can see, the capital employed has increased from JP¥160b to JP¥217b over the last five years, and at the same time returns on capital have shot up substantially from 5.6% to 14%. Ideally, we'd like to see capital being reduced over time, and that's the case here. As the company is investing more into its operations to grow the business, it has reduced capital employed in the last year, and in addition to that, earnings have grown which can help to maintain a strong return on capital.

令牌正在顯示一些好趨勢。如您所見，在過去五年中，僱用的資本已從JP¥160B增加到JP¥217B，與此同時，資本回報率從5.6％升至14％。理想情況下，我們希望看到資本隨著時間的流逝而減少，而這就是這種情況。隨著公司正在投資更多的業務以發展業務，它減少了去年的資本，除此之外，收益已經增長，這可以幫助維持強大的資本回報率。

The takeaway from this is that Token is collecting returns from the capital it has deployed, and it's also expanding the size of its operations and initiatives.

從中的要點是，令牌正在從其部署的資本中收取回報，並且還在擴大其運營和計劃的規模。

The Final Word On Token's ROCE

關於令牌的ROCE的最後一句話

To summarize, Token has shown codnduence in the business by increasing capital, and in addition to that, new capital is being used efficiently as it's generating a higher return.

總而言之，Token通過增加資本表明了業務中的Codnduence，除此之外，由於它正在產生更高的回報，因此有效地使用了新資本。