投資長期化合物：Roper Technologies Inc（ROP）的案例研究

ROP是一家高度多元化的技術公司，經營28個業務組合，每個公司都在其利基市場中運營（並領導）。

Investors are constantly looking for ways to achieve respectable long-term returns. There are many methods they can employ, including value investing, growth investing, dividend investing, and others.

投資者一直在尋找獲得可觀的長期回報的方法。他們可以採用許多方法，包括價值投資，增長投資，股息投資等。

One of the most interesting investment methods that has slowly gained attention in the last decade is investing in long-term compounders. These companies operate highly profitable and low-capex businesses, which allows them to reinvest their excess profits back into the business over many years to generate sustainable long-term growth.

在過去十年中，最有趣的投資方法之一是投資長期化合物。這些公司經營高利利潤和低Capex的業務，這使他們可以在多年來將其超額利潤重新投資回到業務中，以產生可持續的長期增長。

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現在在哪裡投資1,000美元？我們的分析師團隊剛剛透露了他們認為今天要購買的10種最佳股票。了解更多 ”

Yet, finding one of these compounders is not that easy, so you must grab the opportunity when you can. Let's focus on a compounder that I have just added to my radar: Roper Technologies (NYSE:ROP).

但是，找到這些化合物之一併不容易，因此您必須在可能的情況下抓住機會。讓我們專注於我剛剛添加到雷達中的複合體：Roper Technologies（NYSE：ROP）。

Image source: Getty Images.

圖像來源：蓋蒂圖像。

Diversified holdings of highly profitable businesses

高利潤的業務的多元化股份

Roper is a highly diversified technology company that operates a portfolio of 28 businesses, each of which is a leader in its niche market. These businesses belong to one of the three business segments, which are application software, network software, and technology-enabled products.

Roper是一家高度多樣化的技術公司，經營28家業務組合，每個公司都是其利基市場的領導者。這些業務屬於應用程序軟件，網絡軟件和基於技術的產品的三個業務領域之一。

While it's obvious that Roper is a tech company, that wasn't the case in the early days. It was originally an industrial business that made home appliances, pumps, and other industrial products. The company has gradually shifted away from the highly capital-intensive and cyclical industrial businesses by divesting most of them over the last two decades. Now, it concentrates on owning profitable and asset-light technology and software companies with high margins and recurring revenue.

顯然，Roper是一家科技公司，但早期並非如此。它最初是一家生產家用電器，泵和其他工業產品的工業企業。在過去的二十年中，該公司通過剝離大多數公司，逐漸擺脫了高度資本密集型和周期性的工業業務。現在，它專注於擁有高利潤和經常性收入的盈利和資產的技術和軟件公司。

Specifically, its revenue is highly recurring, derived from software-as-a-service (SaaS), software maintenance, and annual licenses, which made up 57% of its 2023 revenue. A huge portion of the remaining revenue is from transaction-related fees and other professional-related fees, which are not completely recurring annually but would likely recur at some point over the years.

具體而言，其收入高度重複，源自軟件即服務（SaaS），軟件維護和年度許可，佔其2023年收入的57％。剩餘收入的很大一部分來自與交易相關的費用和其他與專業相關的費用，這些費用並非每年都在重複出現，但多年來可能會在某些時候發生。

This focus on asset-light niche businesses offers several advantages. For example, Roper can grow its business with very few incremental capital requirements as it scales up its customer acquisitions for its SaaS business. Of course, it may incur some one-off customer acquisition costs.

這種關注資產燈的利基業務提供了幾種優勢。例如，羅珀（Roper）可以按很少的增量資本要求發展其業務，因為它可以擴大其SaaS業務的客戶收購。當然，它可能會產生一些一次性的客戶獲取費用。

As such, almost all of Roper's profits are available for reinvestment, which the company redeploys into its merger and acquisition activities. Furthermore, as it operates a highly diversified business model, Roper is more able to sustain its revenue and profitability even through difficult market conditions.

因此，Roper幾乎所有的利潤都可以進行再投資，該公司將其重新部署為合併和收購活動。此外，由於它具有高度多元化的商業模式，Roper即使在艱難的市場條件下也能夠維持其收入和盈利能力。

A proven and sustainable growth formula

一個經過驗證的可持續增長公式

If owning a diversified portfolio of niche businesses provides stability, then having the right capital allocation process helps Roper turbocharge its business model with sustainable long-term growth.

如果擁有多元化的利基業務組合提供穩定性，那麼擁有正確的資本分配流程有助於將其渦輪增壓器以可持續的長期增長為其商業模式。

Roper's highly profitable business approach gives it ample capital to reinvest, which it has deployed patiently over the years to acquire even more niche and capital-light businesses. The tech company has a proven operating framework that it has followed over the years, allowing it to acquire the right businesses that would be value-accretive over the long run.

羅珀（Roper）高利可圖的業務方法為重新投資提供了足夠的資金，多年來，它已經耐心地部署了更多的利基市場和資本燈業務。多年來，科技公司擁有一個經過驗證的運營框架，從而使其能夠從長遠來看獲得價值核心的合適業務。

But the process doesn't stop there. After acquiring the companies, Roper helps them improve and scale their top line by leveraging its experience. These acquirees will also work on improving their margins and capital efficiency over time, again, with help and support from the parent. In short, these businesses get better over time as they fall under Roper's wing.

但是這個過程並不止於此。收購公司後，羅珀（Roper）通過利用其經驗來幫助他們改善和擴展自己的一流。這些收購人還將在父母的幫助和支持下再次提高其利潤和資本效率。簡而言之，隨著這些企業屬於羅珀（Roper）的機翼，它們會隨著時間的流逝而變得更好。

Beyond its acquisition activities, Roper has historically grown organically as its portfolio of businesses continues to serve and delight its customers in their respective niches. Together, these pillars help the tech company deliver respectable long-term growth. For instance, in the last 15 years (up to 2023), revenue and free cash flow compounded at 7% and 11%, respectively. And that's after divesting 40% of its revenue in 2018.

除了其收購活動外，羅珀（Roper）在歷史上已經有機地增長了，因為其企業投資組合繼續為其客戶服務和使客戶在各自的利基市場中的服務。這些支柱共同幫助科技公司實現了可觀的長期增長。例如，在過去的15年（直至2023年）中，收入和自由現金流分別為7％和11％。這是在2018年剝離其收入的40％之後。

As such, Roper could sustain its growth machine in the coming years, if not decades, by leveraging its proven (and continuously improving) playbook.

因此，羅珀（Roper）可以通過利用其經過驗證的（且不斷改進）的劇本來維持其增長機器。

What it means for investors

這對投資者意味著什麼

Roper is a rare example of what investors look for in a stock, combining excellent business economics and a proven growth formula that will sustain growth for years to come.

羅珀（Roper）是投資者在股票中尋找的東西的罕見例子，結合了出色的商業經濟學和可靠的增長配方，可以在未來幾年中維持增長。

While it's probably too early to advocate an investment in the stock -- since investors need time to familiarize themselves with the company -- it makes sense to keep it on the watchlist.

雖然提倡對該股票進行投資可能還為時過早 - 因為投資者需要時間與公司熟悉，但將其保留在監視清單上是有意義的。

Only when investors gain enough conviction should they make the next move.

只有當投資者獲得足夠的信念時，他們才能採取下一步行動。