{"id":90263,"date":"2024-02-27T13:51:53","date_gmt":"2024-02-27T12:51:53","guid":{"rendered":"https:\/\/www.nordnet.no\/blogg\/?p=90263"},"modified":"2026-03-18T11:58:03","modified_gmt":"2026-03-18T10:58:03","slug":"kapitalavkastning-roic-roce-eller-roe","status":"publish","type":"post","link":"https:\/\/www.nordnet.no\/blogg\/kapitalavkastning-roic-roce-eller-roe\/","title":{"rendered":"Kapitalavkastning \u2013 ROIC, ROCE eller ROE"},"content":{"rendered":"\n<p><strong>Kapitalavkastning er viktig \u00e5 m\u00e5le, samtidig er det flere varianter av dette. Enkelt sagt, og noen ganger med litt forbehold, sier tallet noe om kvaliteten p\u00e5 et selskap. Skal pr\u00f8ve \u00e5 sette opp litt fordeler og ulemper ved de ulike, og en liten konklusjon.<\/strong><\/p>\n\n\n\n<p>En kan finne litt ulike formler p\u00e5 disse n\u00f8kkeltallene, men dette er det jeg synes virker mest fornuftig.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.firstfondene.no\/wp-content\/uploads\/2024\/02\/Bilde1-TN.png\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.firstfondene.no\/wp-content\/uploads\/2024\/02\/Bilde1-TN.png\" alt=\"\" \/><\/a><\/figure><\/div>\n\n\n<p>Arbeidskapital = kortsiktige eiendeler \u2013 andel kortsiktig gjeld som ikke er renteb\u00e6rende \u2013 kontantbeholdning. Joel Greenblatt bruker et godt eksempel. N\u00e5r du skal starte en gr\u00f8nnsaksbutikk, s\u00e5 m\u00e5 du kj\u00f8pe inn gr\u00f8nnsaker (arbeidskapital), inventar (kasseapparat, hyller osv.) samt selve butikklokalet (dersom du ikke leier det). Det kapitalen du har investert. N\u00f8kkeltallet forteller litt om hvorvidt selskapet allokerer kapital fornuftig, slik at de f\u00e5r mest mulig avkastning p\u00e5 den. For \u00e5 regne avkastning p\u00e5 investert kapital m\u00e5 du ta driftsresultat fratrukket skatteprosenten, og dele p\u00e5 den investerte kapitalen.<\/p>\n\n\n\n<p><strong><em>Fordeler<\/em><\/strong>: Dette er muligens det mest interessante tallet \u00e5 se p\u00e5 fra en<em> investor<\/em>s st\u00e5sted. Hvor mye f\u00e5r et selskap ut av kapitalen de investerer? Jeg synes tallet kan fortelle en del om framtida og hvilken avkastning vi kan forvente.<\/p>\n\n\n\n<p><strong><em>Ulemper<\/em><\/strong>: Hva om selskapet gj\u00f8r en stor nedskrivning, s\u00e5kalt<em>non-cash<\/em>der de reduserer verdien av materielle og\/eller immaterielle eiendeler. Da kan ROIC bli veldig oppbl\u00e5st etterp\u00e5. Jeg tror derfor det er viktig \u00e5 se hva selskapet genererer ut i fra sine initiale investeringer. Og det krever en god del arbeid \u00e5 finne disse tallene. Selv i \u00e5rsrapportene er det ikke alltid helt enkelt \u00e5 finne og trekke ut historiske avskrivninger og nedskrivninger. \u00c5 m\u00e5le tallet over lang tid, der av- og nedskrivninger ogs\u00e5 var en del av telleren i br\u00f8ken kunne kanskje gitt mening, men ikke n\u00f8dvendigvis v\u00e6rt en bra indikator p\u00e5 fremtidig avkastning. Samtidig m\u00e5ler dette hele kapitalstrukturen, dvs. b\u00e5de avkastning p\u00e5 gjeld og egenkapital. Et selskap som betaler 10% rente vil f\u00e5 et like godt n\u00f8kkeltall som et som betaler 2% rente. For meg som (potensiell) aksjon\u00e6r, er ikke det rasjonelt. Litt p\u00e5 samme m\u00e5te kan vi si at om et selskap henta inn en masse EK, men ikke investerte den, alts\u00e5 bare l\u00e5 i selskapet som kontanter, s\u00e5 ville ikke dette p\u00e5virket ROIC selv om det trolig hadde v\u00e6rt en uklok beslutning. Det er ogs\u00e5 komplisert \u00e5 behandle minoriteter og tilknytta selskaper p\u00e5 en fornuftig m\u00e5te. Disse b\u00f8r v\u00e6re med i telleren p\u00e5 et vis.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.firstfondene.no\/wp-content\/uploads\/2024\/02\/Bilde2-tn.png\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.firstfondene.no\/wp-content\/uploads\/2024\/02\/Bilde2-tn.png\" alt=\"\" \/><\/a><\/figure><\/div>\n\n\n<p>Netto renteb\u00e6rende gjeld = langsiktig + kortsiktig renteb\u00e6rende gjeld \u2013 kontantbeholdning og andre renteb\u00e6rende fordringer. Avkastning p\u00e5 sysselsatt kapital forteller mer om hvilken avkastning du f\u00e5r p\u00e5 de netto eiendelene som er, nettopp sysselsatt, egenkapital og netto gjeld. Noen bruker formel med brutto gjeld, men jeg synes at et selskap med 300m i gjeld og 100m i kontanter skal beregnes som 200m i netto gjeld. De kunne jo tross alt betalt ned 100m med kontantbeholdningen. Samme teller i br\u00f8ken som for avkastning p\u00e5 investert kapital.<\/p>\n\n\n\n<p><strong><em>Fordeler<\/em><\/strong>: Dette tallet er kanskje mer interessant \u00e5 se p\u00e5 fra et selskap sitt perspektiv, noe for de \u00e5 m\u00e5les seg mot. Jeg tror det forteller en god del om kvaliteten p\u00e5 selskapet, at balanseverdiene en har genererer en god avkastning. Det tar ogs\u00e5 innover seg at om et selskap er overkapitalisert (for mye EK), s\u00e5 vil n\u00f8kkeltallet p\u00e5virkes.<\/p>\n\n\n\n<p><strong><em>Ulemper<\/em><\/strong>: P\u00e5 samme m\u00e5te som med ROIC, vil ogs\u00e5 ROCE v\u00e6re det samme uavhengig om et selskap betaler 10% eller 2% i rentekostnader. Problemstillingen med minoriteter og tilknytta selskaper er ogs\u00e5 det samme som i ROIC. Potensielt kan nevner i br\u00f8ken bli negativ, dersom selskapet har mer netto kontanter enn egenkapital, eller om de har n\u00e6r null vil tallet bli nesten uendelig stort, uten at det n\u00f8dvendigvis er veldig positivt.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.firstfondene.no\/wp-content\/uploads\/2024\/02\/Bilde3-tn.png\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/www.firstfondene.no\/wp-content\/uploads\/2024\/02\/Bilde3-tn.png\" alt=\"\" \/><\/a><\/figure><\/div>\n\n\n<p>Avkastning p\u00e5 egenkapital er ganske enkelt \u00e5 regne ut.<\/p>\n\n\n\n<p><strong><em>Fordeler<\/em><\/strong>: Dette tallet innehar alt av renter, tilknytta selskaper og minoriteter. Det er netto hva egenkapitalen forrenter seg v\u00e6rt \u00e5r, og her vil et selskap som betaler 2% rente komme bedre ut enn et som betaler 10%. Som aksjon\u00e6r er dette n\u00f8kkeltallet. ganske viktig tenker jeg.<\/p>\n\n\n\n<p><strong><em>Ulemper<\/em><\/strong>: Tallet kan<em>gires<\/em>. Med \u00f8rlitt h\u00f8yere avkastning p\u00e5 totalkapital enn gjeld, og enormt med gjeld, kan ROE se bra ut, men risikoen v\u00e6re skyh\u00f8y. Litt som \u00e5 kj\u00f8pe bolig med 90% bel\u00e5ning, blir bra avkastning s\u00e5 lenge verdiene stiger. En annen (dog ganske sjelden) problemstilling er at noen selskaper (som f.eks. Swedish Match), hadde negativ EK, fordi de har betalt ut mer enn hele egenkapitalen i utbytte og gjennom tilbakekj\u00f8p.<\/p>\n\n\n\n<p>Felles for alle tre, er at det typisk s\u00e5 m\u00e5 selskapene ha noen varige konkurransefortrinn(<em>moats<\/em>), for \u00e5 oppn\u00e5 h\u00f8y kapitalavkastning. Kan v\u00e6re sterk markedsposisjon, kostnadsleder, ha h\u00f8ye byttekostnader, unike merkevarer, sterk kultur, de beste produktene eller andre myke faktorer som gj\u00f8r at de f\u00e5r mer ut av kapitalen sin enn andre selskaper. Jeg foretrekker ROE. Jeg er aksjon\u00e6r i selskapene jeg liker. Skal ikke kj\u00f8pe de av b\u00f8rs, s\u00e5 bryr meg bare om hva som kommer tilbake til meg som deleier i selskapet. I Veritas s\u00e5 m\u00e5ler jeg ogs\u00e5 soliditet i selskapene, dvs. straffer selskaper med mye gjeld og bel\u00f8nner det motsatte. Det er min m\u00e5te \u00e5 omg\u00e5 problemstillingen med en giret ROE. Ulempene med ROIC og ROCE blir for store for meg, og skulle jeg st\u00f8te p\u00e5 selskaper som Swedish Match med negativ EK, s\u00e5 f\u00e5r jeg se der og da hvordan jeg evt. l\u00f8ser det.<\/p>\n\n\n\n<p>Skrevet av Thomas Nielsen, forvalter av <a href=\"https:\/\/www.nordnet.no\/market\/funds\/17106237-first-veritas\">FIRST Veritas<\/a> og <a href=\"https:\/\/www.nordnet.no\/market\/funds\/17059439-first-nordic-real\">FIRST Nordic Real Estate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kapitalavkastning er viktig \u00e5 m\u00e5le, samtidig er det flere varianter av dette. Enkelt sagt, og noen ganger med litt forbehold, sier tallet noe om kvaliteten p\u00e5 et selskap. Skal pr\u00f8ve \u00e5 sette opp litt fordeler og ulemper ved de ulike, og en liten konklusjon.<\/p>\n","protected":false},"author":40181,"featured_media":90273,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[6696],"tags":[],"class_list":["post-90263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investeringsstrategi"],"acf":[],"all_images":{"thumbnail":{"src":"https:\/\/blogg.nordnet.no\/wp-content\/uploads\/sites\/2\/2024\/02\/thomas-nielsen-header-150x54.png","width":150,"height":54,"crop":true,"srcset":"https:\/\/blogg.nordnet.no\/wp-content\/uploads\/sites\/2\/2024\/02\/thomas-nielsen-header-150x54.png 150w, 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