Howmet Aerospace's (NYSE:HWM) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
Howmet Aerospace's (NYSE:HWM) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
When you buy a stock there is always a possibility that it could drop 100%. But on a lighter note, a good company can see its share price rise well over 100%. One great example is Howmet Aerospace Inc. (NYSE:HWM) which saw its share price drive 229% higher over five years. Also pleasing for shareholders was the 19% gain in the last three months.
買入股票總是存在價格可能下跌100%的情況。但較爲樂觀的是，一家優質公司的股價可能會上漲超過100%。Howmet Aerospace股份公司（紐交所：HWM）就是一個很好的例子，其股價在五年內上漲了229%。該公司的股東對最近三個月的19%盈利也頗爲滿意。
In light of the stock dropping 3.6% in the past week, we want to investigate the longer term story, and see if fundamentals have been the driver of the company's positive five-year return.
鑑於公司股價在過去一週下跌了3.6%，我們希望研究更長期的報道，看看公司五年來表現的積極面是由基本面主導的。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
爲了概述本傑明·格雷厄姆（Benjamin Graham）的話：短期內，市場是一臺投票機，但長期來看，它是一臺衡重機。思考一家公司的市場感知如何轉變的一種不完美但簡單的方法是將每股收益（EPS）變化與股價變動進行比較。
During five years of share price growth, Howmet Aerospace achieved compound earnings per share (EPS) growth of 12% per year. This EPS growth is lower than the 27% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
在經歷了五年的股價增長後，Howmet Aerospace公司實現了每股收益的複合增長率爲12%每年。這一EPS增長率低於股價年均增長率的27%。 因此，可以合理地假設市場對該公司的看法比五年前更高。考慮到五年來的盈利增長記錄，這並不令人意外。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況（點擊圖像以顯示確切值）。
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 Howmet Aerospace's 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，Howmet Aerospace的CEO收入低於同規模公司的中位數。但儘管CEO的報酬值得檢查，真正重要的問題是公司未來是否能夠增長盈利。如果您想進一步調查股票，可以免費在線查看Howmet Aerospace的盈利、收入和現金流互動報告。
What About Dividends?
那麼分紅怎麼樣呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. In the case of Howmet Aerospace, it has a TSR of 334% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股價回報之外，投資者還應考慮總股東回報率（TSR）。 TSR是一種回報計算，考慮了現金股息的價值（假設任何獲得的股息都已再投資）以及任何折價資本增發和分拆的計算值。 可以說，TSR爲支付股息的股票提供了更完整的圖片。 對於Howmet Aerospace來說，它在過去5年中的TSR爲334%。這超過了我們之前提到的股價回報。 這主要是由於其股息支付的結果！
A Different Perspective
不同的觀點
It's good to see that Howmet Aerospace has rewarded shareholders with a total shareholder return of 73% in the last twelve months. That's including the dividend. That's better than the annualised return of 34% 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. Consider risks, for instance. Every company has them, and we've spotted 2 warning signs for Howmet Aerospace you should know about.
很高興看到Howmet Aerospace在過去12個月內以包括股息在內的總股東回報率爲73%回報股東。這比半個十年的年化回報率34%更好，意味着公司最近表現更好。在最好的情況下，這可能預示着一些真正的業務動量，暗示現在是深入了解公司的良機。我認爲用股價來代表業務績效的長期表現非常有趣。但是，爲了獲得真正的洞察力，我們需要考慮其他信息。需要考慮風險，因爲每個公司都有它們，我們已經發現了Howmet Aerospace的2個警示信號，您應該知道。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果您像我一樣，就不會希望錯過這份免費的內部人士正在購買的低估小市值股票列表。
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。