WesBanco (NASDAQ:WSBC) Sheds US$68m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Three Years
WesBanco (NASDAQ:WSBC) Sheds US$68m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Three Years
Many investors define successful investing as beating the market average over the long term. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer term WesBanco, Inc. (NASDAQ:WSBC) shareholders, since the share price is down 30% in the last three years, falling well short of the market return of around 18%. Shareholders have had an even rougher run lately, with the share price down 10% in the last 90 days.
許多投資者認爲,在長期內打敗市場平均水平才是成功的投資。但是,股票選擇的風險在於您可能會購買表現不佳的公司。不幸的是,長揸WesBanco, Inc. (NASDAQ:WSBC) 的股票投資者無法獲得預期的回報,因爲股價在過去三年中下跌了30%,遠遠低於市場回報率約18%。股東近期的行情也不太好,股價在過去90天中下跌了10%。
If the past week is anything to go by, investor sentiment for WesBanco isn't positive, so let's see if there's a mismatch between fundamentals and the share price.
如果過去一週的投資者情緒是一個代表,那麼WesBanco的股東情緒並不樂觀,所以讓我們看看基本面和股價之間是否存在錯位。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
在他的文章《格雷厄姆和多德斯維爾超級投資者》中,禾倫·巴菲特描述了股票價格並不總是反映公司價值的合理方式。考慮市場對公司的看法如何發生變化的一個不完美但簡單的方法是將每股收益(EPS)的變化與股價的變動進行比較。股票價格並不總是反映公司價值的合理方式在股價上漲的5年中,新加坡交易所由虧損逐漸轉爲盈利。而在之後的12個月內,該公司的財務報表則呈虧損狀態,這表明它的盈利能力不可靠。其他指標可能會更好地反映公司的價值變化。
During the three years that the share price fell, WesBanco's earnings per share (EPS) dropped by 1.2% each year. This reduction in EPS is slower than the 11% annual reduction in the share price. So it's likely that the EPS decline has disappointed the market, leaving investors hesitant to buy. This increased caution is also evident in the rather low P/E ratio, which is sitting at 11.05.
在股價下跌的三年中,WesBanco每股收益(EPS)每年下降了1.2%。EPS減少的速度要比股價每年下降11%要慢。因此股價下降可能讓市場失望,從而令投資者猶豫不決。這種謹慎心態也反映在P/E比率上,該比率只有11.05。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了EPS隨時間的變化情況(如果您單擊該圖像,則可以查看更多詳細信息)。
![earnings-per-share-growth](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240608/0-63a97f3191c98dbaaf9d19f86b2d3eb8-0-cf74ca25677ee5e93054abbe97ead943.png/big)
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. It might be well worthwhile taking a look at our free report on WesBanco's earnings, revenue and cash flow.
我們很高興地報告,WesBanco的CEO的薪酬比大多數同等市值公司的CEO要適度。關注CEO的薪酬總是有價值的,但更重要的問題是公司是否能夠在未來實現盈利增長。我們免費報告WesBanco的盈利、營收和現金流情況,值得一看。
What About Dividends?
那麼分紅怎麼樣呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for WesBanco the TSR over the last 3 years was -20%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在考慮投資回報時,重要的是考慮總股東回報(TSR)和股票回報之間的差異。 TSR包括任何剝離或折讓的資本籌集(基於股息被重新投資的假設),以及任何股息。因此,對於支付慷慨的股息公司而言,TSR通常比股票回報高得多。就中國神威藥業集團而言,其TSR在過去5年中達到了75%。這超過了我們之前提到的股票回報。該公司支付的股息已經提高了總股東回報。總股東回報和股票回報TSR是一種回報計算方法,它計算了現金股息(假設爲任何收到的股息都被再投資)的價值和任何折扣後的股本增發和分拆的計算值。可以說,對於支付股息的股票,TSR提供了更全面的圖景。我們注意到,過去3年WesBanco的TSR爲-20%,比上述的股價回報更好。這在很大程度上歸因於其分紅派息!
A Different Perspective
不同的觀點
WesBanco provided a TSR of 1.3% over the last twelve months. But that return falls short of the market. On the bright side, that's still a gain, and it is certainly better than the yearly loss of about 1.3% endured over half a decade. So this might be a sign the business has turned its fortunes around. If you would like to research WesBanco in more detail then you might want to take a look at whether insiders have been buying or selling shares in the company.
WesBanco過去12個月的TSR爲1.3%。但這種回報低於市場水平。但好消息是,這仍然是一個盈利,肯定比過去5年的約1.3%虧損要好。因此,這可能是業務好轉的一個標誌。如果您想更詳細地了解WesBanco,您可能需要關注內部人員是否買賣了公司的股份。
Of course WesBanco may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,WesBanco可能不是最好的股票,因此您可能希望查看這些增長型股票的免費收藏。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意,本文所引述的市場回報反映了目前在美國交易所上市的股票的市場加權平均回報。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
譯文內容由第三人軟體翻譯。