Investing in Trinity Industries (NYSE:TRN) Five Years Ago Would Have Delivered You a 72% Gain
Investing in Trinity Industries (NYSE:TRN) Five Years Ago Would Have Delivered You a 72% Gain
If you buy and hold a stock for many years, you'd hope to be making a profit. But more than that, you probably want to see it rise more than the market average. Unfortunately for shareholders, while the Trinity Industries, Inc. (NYSE:TRN) share price is up 43% in the last five years, that's less than the market return. However, more recent buyers should be happy with the increase of 21% over the last year.
如果您長揸一支股票，您希望能夠賺錢。但更重要的是，您可能想看到它的增長超過市場平均水平。不幸的是，對於股東而言，儘管Trinity Industries, Inc.（紐交所：TRN）股價在過去五年中上漲了43％，但仍低於市場回報率。然而，最近的買家應該對上一年的增長率達到21％感到滿意。
Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.
現在值得更詳細地了解該公司的基本面，因爲這將幫助我們判斷長期股東回報是否與基礎業務的表現相匹配。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
引用巴菲特的話說，“船隻會在世界各地航行，但是持平地球學會會蓬勃發展。在市場上，價格和價值之間將繼續存在巨大的差距……”評估公司周圍情緒變化的一種有缺陷但合理的方法是將每股收益（EPS）與股價進行比較。
During the five years of share price growth, Trinity Industries moved from a loss to profitability. That would generally be considered a positive, so we'd hope to see the share price to rise.
在股價上漲的五年期間，Trinity Industries 從虧損轉爲盈利。這通常被認爲是積極的，因此我們希望看到股價上漲。
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）。
It is of course excellent to see how Trinity Industries has grown profits over the years, but the future is more important for shareholders. You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
當然，看到Trinity Industries多年來的盈利增長是非常好的，但對於股東來說，未來更加重要。您可以在這個免費的交互式圖表中看到它的資產負債表是如何隨着時間的推移而變得更加強健（或虛弱）的。
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. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Trinity Industries' TSR for the last 5 years was 72%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
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股價回報只反映了股價的變化，而TSR則包括了股息的價值（假設它們重新投資）以及任何折扣資本籌集或分拆的好處。可以說，對於支付股息的股票，TSR給出了更完整的圖景。恰好，Trinity Industries在過去的5年中的TSR爲72％，超過了前面提到的股價回報。公司支付的股息因此推動了總股東回報。
A Different Perspective
不同的觀點
It's good to see that Trinity Industries has rewarded shareholders with a total shareholder return of 26% in the last twelve months. And that does include the dividend. That's better than the annualised return of 11% over half a decade, implying that the company is doing better recently. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For instance, we've identified 4 warning signs for Trinity Industries (1 is a bit unpleasant) that you should be aware of.
很高興看到Trinity Industries在過去12個月內爲股東提供了26％的總股東回報。這也包括股息。這比過去半個世紀的年化回報率11％更好，這意味着公司近期表現更好。在最好的情況下，這可能暗示着一些真正的業務動力，這意味着現在可能是深入研究的好時機。我發現長期觀察股價，作爲業務表現的代理，非常有趣。但要真正獲得洞察，我們還需要考慮其他信息。例如，我們已經發現了Trinity Industries的4個警告信號（其中1個有點不愉快），您應該了解一下。
We will like Trinity Industries better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我們看到一些重要的內部購買，我們將更喜歡Trinity Industries。在等待的同時，請查看這個免費的被低估的股票清單（主要是小盤股），其中包括相當多的最近內部購買。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。