ROCE（雇用的资本回报率）分析（TSE：1766）

寻找具有实质增长的业务并不容易，但是如果我们看一些关键的财务指标，则有可能。

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.

寻找具有实质增长的业务并不容易，但是如果我们看一些关键的财务指标，则有可能。除其他外，我们希望看到两件事。首先，雇用的资本回报率不断增长（ROCE），其次是公司雇用的资本额的扩大。

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，这意味着一家公司拥有可以继续重新投资的盈利计划，除此之外，它正在扩大其运营和计划的规模。复合机的特征。

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

说到这，我们注意到Token's（TSE：1766）的资本回报率有一些重大变化，所以让我们看看。

Introducing Return On Capital Employed (ROCE)

引入雇用资本回报率（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.

对于那些不熟悉的人，ROCE是一个指标，用于衡量公司如何通过股权或债务来筹集的资本来“有效”，以产生利润。这是检查公司使用其资本的有用方法，除此之外，它还可以突出为未来增长的公司提供准备。

The formula for calculating it is:

计算的公式是：

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

雇用的资本回报=利息和税收之前的收入（EBIT）÷（总资产 - 流动负债）

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为14％。从绝对的角度来看，这是一个令人满意的回报，但是与消费者耐用的行业平均为6.3％相比，这要好得多。

View our latest analysis for Token

查看我们对令牌的最新分析

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 .

在上图中，我们已经衡量了令牌先前的ROCE与先前的性能，但可以说更重要的是未来。如果您想查看哪些分析师预测未来，则应查看我们的Token免费分析师报告。

How Is Token's ROCE Trending?

Token的ROCE趋势如何？

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.

令牌正在显示一些好趋势。如您所见，在过去五年中，雇用的资本已从JP¥160B增加到JP¥217B，与此同时，资本回报率从5.6％升至14％。理想情况下，我们希望看到资本随着时间的流逝而减少，而这就是这种情况。随着公司正在投资更多的业务以发展业务，它减少了去年的资本，除此之外，收益已经增长，这可以帮助维持强大的资本回报率。

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.

从中的要点是，令牌正在从其部署的资本中收取回报，并且还在扩大其运营和计划的规模。

The Final Word On Token's ROCE

关于令牌的ROCE的最后一句话

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.

总而言之，Token通过增加资本表明了业务中的Codnduence，除此之外，由于它正在产生更高的回报，因此有效地使用了新资本。