投资长期化合物：Roper Technologies Inc（ROP）的案例研究

ROP是一家高度多元化的技术公司，经营28个业务组合，每个公司都在其利基市场中运营（并领导）。

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.

投资者一直在寻找获得可观的长期回报的方法。他们可以采用许多方法，包括价值投资，增长投资，股息投资等。

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.

在过去十年中，最有趣的投资方法之一是投资长期化合物。这些公司经营高利利润和低Capex的业务，这使他们可以在多年来将其超额利润重新投资回到业务中，以产生可持续的长期增长。

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现在在哪里投资1,000美元？我们的分析师团队刚刚透露了他们认为今天要购买的10种最佳股票。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，找到这些化合物之一并不容易，因此您必须在可能的情况下抓住机会。让我们专注于我刚刚添加到雷达中的复合体：Roper Technologies（NYSE：ROP）。

Image source: Getty Images.

图像来源：盖蒂图像。

Diversified holdings of highly profitable businesses

高利润的业务的多元化股份

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是一家高度多样化的技术公司，经营28家业务组合，每个公司都是其利基市场的领导者。这些业务属于应用程序软件，网络软件和基于技术的产品的三个业务领域之一。

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.

显然，Roper是一家科技公司，但早期并非如此。它最初是一家生产家用电器，泵和其他工业产品的工业企业。在过去的二十年中，该公司通过剥离大多数公司，逐渐摆脱了高度资本密集型和周期性的工业业务。现在，它专注于拥有高利润和经常性收入的盈利和资产的技术和软件公司。

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.

具体而言，其收入高度重复，源自软件即服务（SaaS），软件维护和年度许可，占其2023年收入的57％。剩余收入的很大一部分来自与交易相关的费用和其他与专业相关的费用，这些费用并非每年都在重复出现，但多年来可能会在某些时候发生。

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.

这种关注资产灯的利基业务提供了几种优势。例如，罗珀（Roper）可以按很少的增量资本要求发展其业务，因为它可以扩大其SaaS业务的客户收购。当然，它可能会产生一些一次性的客户获取费用。

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几乎所有的利润都可以进行再投资，该公司将其重新部署为合并和收购活动。此外，由于它具有高度多元化的商业模式，Roper即使在艰难的市场条件下也能够维持其收入和盈利能力。

A proven and sustainable growth formula

一个经过验证的可持续增长公式

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.

如果拥有多元化的利基业务组合提供稳定性，那么拥有正确的资本分配流程有助于将其涡轮增压器以可持续的长期增长为其商业模式。

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.

罗珀（Roper）高利可图的业务方法为重新投资提供了足够的资金，多年来，它已经耐心地部署了更多的利基市场和资本灯业务。多年来，科技公司拥有一个经过验证的运营框架，从而使其能够从长远来看获得价值核心的合适业务。

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.

但是这个过程并不止于此。收购公司后，罗珀（Roper）通过利用其经验来帮助他们改善和扩展自己的一流。这些收购人还将在父母的帮助和支持下再次提高其利润和资本效率。简而言之，随着这些企业属于罗珀（Roper）的机翼，它们会随着时间的流逝而变得更好。

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.

除了其收购活动外，罗珀（Roper）在历史上已经有机地增长了，因为其企业投资组合继续为其客户服务和使客户在各自的利基市场中的服务。这些支柱共同帮助科技公司实现了可观的长期增长。例如，在过去的15年（直至2023年）中，收入和自由现金流分别为7％和11％。这是在2018年剥离其收入的40％之后。

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，罗珀（Roper）可以通过利用其经过验证的（且不断改进）的剧本来维持其增长机器。

What it means for investors

这对投资者意味着什么

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.

罗珀（Roper）是投资者在股票中寻找的东西的罕见例子，结合了出色的商业经济学和可靠的增长配方，可以在未来几年中维持增长。

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.

虽然提倡对该股票进行投资可能还为时过早 - 因为投资者需要时间与公司熟悉，但将其保留在监视清单上是有意义的。

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

只有当投资者获得足够的信念时，他们才能采取下一步行动。