Investing in Packaging Corporation of America (NYSE:PKG) Five Years Ago Would Have Delivered You a 136% Gain
Investing in Packaging Corporation of America (NYSE:PKG) Five Years Ago Would Have Delivered You a 136% Gain
The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put in. But on the bright side, if you buy shares in a high quality company at the right price, you can gain well over 100%. One great example is Packaging Corporation of America (NYSE:PKG) which saw its share price drive 101% higher over five years.
購買公司股票的最壞結果（假設沒有槓桿），就是你把所有的錢都虧光了。但好的一面是，如果你在正確的價格下購買高質量的公司的股票，你可以獲得100%以上的收益。一個很好的例子是美國包裝公司（NYSE:PKG），在5年內其股價上漲了101%。
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。
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 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.
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禾倫·巴菲特曾經描述過，股價並不總是理性地反映了企業的價值。評估市場對一家公司的情緒如何變化的一個有缺陷但合理的方法是將每股收益（EPS）與股價進行比較。
Packaging Corporation of America's earnings per share are down 0.7% per year, despite strong share price performance over five years.
儘管表現優異，美國包裝公司的每股收益年均下降了0.7%。
So it's hard to argue that the earnings per share are the best metric to judge the company, as it may not be optimized for profits at this point. Therefore, it's worth taking a look at other metrics to try to understand the share price movements.
因此，很難認爲每股收益是判斷公司的最佳指標，因爲它可能在此時未被優化以獲取利潤。因此，值得查看其他指標以嘗試了解股價的動向。
In contrast revenue growth of 4.3% per year is probably viewed as evidence that Packaging Corporation of America is growing, a real positive. In that case, the company may be sacrificing current earnings per share to drive growth.
相反，每年4.3%的收入增長可能被視爲美國包裝公司正在增長的證據，這是一個真正的積極因素。在這種情況下，公司可能會犧牲當前每股收益來推動增長。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
以下圖像顯示了公司的營業收入和盈利（隨時間變化）（單擊以查看準確的數字）。
This free interactive report on Packaging Corporation of America's balance sheet strength is a great place to start, if you want to investigate the stock further.
如果你想進一步調查股票情況，可以從Packaging Corporation of America的資產負債表強度這個免費的互動報告開始。
What About Dividends?
那麼分紅怎麼樣呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Packaging Corporation of America the TSR over the last 5 years was 136%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
考慮到任何給定股票的總股東回報率和股價回報率都是很重要的。TSR包括任何分拆或折價的融資價值和任何股息，假設股息已經再投資。因此，對於支付慷慨股息的公司，TSR通常比股價回報率高得多。我們注意到，在過去的5年中，美國包裝公司的TSR爲136%，比上述股價回報率高。而且，沒有什麼獎勵比猜測股息支付更好了！
A Different Perspective
不同的觀點
It's nice to see that Packaging Corporation of America shareholders have received a total shareholder return of 45% over the last year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 19%. Therefore it seems like sentiment around the company has been positive lately. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It's always interesting to track share price performance over the longer term. But to understand Packaging Corporation of America better, we need to consider many other factors. Case in point: We've spotted 1 warning sign for Packaging Corporation of America you should be aware of.
很高興看到，美國包裝公司的股東在過去一年中獲得了總股東回報率高達45%的收益。當然，這包括股息。這樣的獲利比5年的年度TSR（19%）更好。因此，最近的情況看起來是正面的。持樂觀的態度看待最近TSR的改善，可以表示其業務正在不斷改善。跟蹤長期股價表現總是很有趣的。但要更好地了解美國包裝公司，我們需要考慮許多其他因素。舉個例子：我們已經發現了1個警告信號，提醒你要注意美國包裝公司。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜歡與管理層一起購買股票，那麼您可能會喜歡這個公司的免費列表。 （提示：其中許多公司不爲人注意且具有吸引力的估值。）
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
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@simplywallst.com。
譯文內容由第三人軟體翻譯。