Ormat Technologies (NYSE:ORA) Shareholders Have Earned a 4.0% CAGR Over the Last Five Years
Ormat Technologies (NYSE:ORA) Shareholders Have Earned a 4.0% CAGR Over the Last Five Years
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 Ormat Technologies, Inc. (NYSE:ORA) share price is up 18% in the last five years, that's less than the market return. The last year has been disappointing, with the stock price down 14% in that time.
如果您多年買入並持有股票，您希望能夠盈利。但是更重要的是，您可能希望看到其漲幅高於市場平均水平。不幸的是，對於股東而言，諾瑞珂科技股份有限公司（NYSE:ORA）的股價在過去五年中上漲了18%，但這少於市場回報。過去一年股價下跌了14%，表現令人失望。
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。
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
雖然一些人仍然在教授高效市場假說，但已經證明市場是過度反應的動態系統，投資者不總是理性的。一種有缺陷但合理的評估公司情緒變化的方法是比較每股收益 (EPS) 與股價。
During five years of share price growth, Ormat Technologies achieved compound earnings per share (EPS) growth of 16% per year. This EPS growth is higher than the 3% average annual increase in the share price. So it seems the market isn't so enthusiastic about the stock these days.
在股價增長的五年中，諾瑞珂科技每股收益複合增長率爲16%。而收益增長高於3%的股價平均年增長率。所以市場對該股票仍不熱情。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的圖片中查看每股收益如何隨時間變化（單擊圖表以查看確切的價值）。
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. This free interactive report on Ormat Technologies' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
值得注意的是，諾瑞珂科技的CEO薪酬低於同等規模公司的中位數。但是，儘管CEO薪酬值得檢查，但真正重要的問題是該公司未來能否實現盈利增長。如果您想進一步了解該股票，可以在這份免費互動報告中查看諾瑞珂科技的收益、營業收入和現金流情況，這是一個很好的起點。
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 Ormat Technologies the TSR over the last 5 years was 22%, which is better than the share price return mentioned above. 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TSR是一種回報計算方法，考慮到現金股息的價值（假設已經將任何股息再投資）以及任何折價融資和股權分拆的計算值。可以說，TSR可以爲支付股息的股票提供更全面的圖像。我們注意到，針對諾瑞珂科技的TSR在過去五年中爲22%，好於上述的股票回報。公司支付的股息因此增加了投資者的收益。總股東回報。
A Different Perspective
不同的觀點
While the broader market gained around 24% in the last year, Ormat Technologies shareholders lost 14% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 4%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. To that end, you should learn about the 2 warning signs we've spotted with Ormat Technologies (including 1 which makes us a bit uncomfortable) .
儘管包括股息在內的收益，諾瑞珂科技股東在過去一年中損失了14%，而更廣泛的市場在同一時期內上漲了約24%。然而，需要注意的是，即使最好的股票有時也會表現低於市場平均水平。長期投資者不會太沮喪，因爲在五年時間內，他們每年都將獲得4%的收益。如果基本數據繼續顯示出長期可持續增長的跡象，當前的拋售可能值得考慮。雖然考慮市場狀況可能對股價產生不同影響，但有其他更重要的因素需要考慮。因此，您應該了解我們發現的諾瑞珂科技的兩個警告信號（其中一個讓我們有些不安）。
But note: Ormat Technologies may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
請注意：諾瑞珂科技可能不是最佳股票。因此，可以查看這份自由報告，其中包含過去收益增長和進一步增長預測的有趣公司列表。
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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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。