Ferguson's (NYSE:FERG) Earnings Growth Rate Lags the 25% CAGR Delivered to Shareholders
Ferguson's (NYSE:FERG) Earnings Growth Rate Lags the 25% CAGR Delivered to Shareholders
Ferguson plc (NYSE:FERG) shareholders might be concerned after seeing the share price drop 11% in the last quarter. But that doesn't change the fact that the returns over the last five years have been very strong. We think most investors would be happy with the 176% return, over that period. We think it's more important to dwell on the long term returns than the short term returns. The more important question is whether the stock is too cheap or too expensive today.
後人公司 (紐交所: FERG) 的股東們可能會對上季度的股價下跌11%感到擔憂。但這並不改變過去五年的回報非常強勁的事實。我們認爲大多數投資者對那段時間內的176%回報會感到高興。我們認爲更重要的是關注長期回報而不是短期回報。更重要的問題是今天的股票是否太便宜或太貴了。
In light of the stock dropping 5.8% 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.
鑑於該股過去一週下跌了5.8％，我們想調查更長期的情況，並查看基本面是否推動了公司五年的正回報。
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 way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
雖然有效市場假說仍然被一些人教授，但被證明市場是過度反應的動態系統，投資者並不總是理性的。檢查市場情緒如何隨時間變化的一種方法是看一個公司的股價與其每股收益（EPS）之間的交互作用。
During five years of share price growth, Ferguson achieved compound earnings per share (EPS) growth of 16% per year. This EPS growth is slower than the share price growth of 23% per year, over the same period. This suggests that market participants hold the company in higher regard, these days. And that's hardly shocking given the track record of growth.
在股價增長的五年中，後人公司實現了每股收益（EPS）的複合增長率爲16％/年。這一EPS增長速度比同期的股價增長速度23% /年慢。這表明市場參與者現在更重視該公司，這並不令人震驚，考慮到其增長記錄。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
該公司的每股收益（隨時間的推移）如下圖所示（單擊可查看確切數字）。
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 Ferguson's earnings, revenue and cash flow.
我們很高興地報告，該公司的CEO的報酬比同等資本化公司的大多數CEO都要適度。監視CEO的薪酬肯定值得，但更重要的問題是該公司是否將在未來幾年內增長收益。查看我們免費報告中的後人公司收益，營收和現金流情況可能是非常值得的。
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). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Ferguson's TSR for the last 5 years was 202%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股價回報外，投資者還應考慮總股東回報（TSR）。而股價回報只反映股價的變化，TSR包括股息的價值（假設它們被再投資）以及任何折扣資本募集或分拆的好處。可以說，TSR更全面地描繪了股票所產生的回報。碰巧，後人公司過去5年的TSR爲202％，超過了前面提到的股價回報。這在很大程度上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 Ferguson has rewarded shareholders with a total shareholder return of 31% in the last twelve months. And that does include the dividend. That's better than the annualised return of 25% 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 2 warning signs for Ferguson that you should be aware of.
很高興看到後人公司的股東在過去12個月中獲得了31％的總股東回報。這也包括股息。這比半個十年25％的年化回報要好，這意味着公司最近表現更好。在最好的情況下，這可能暗示着真正的業務勢頭，表明現在可能是深入探討的好時機。作爲代表業務績效的長期股價變化的指標，我發現這非常有趣。但要真正獲得洞察力，我們需要考慮其他信息。例如，我們已經確定後人公司存在2個警告跡象，您應該注意。
For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.
對於那些喜歡尋找獲勝投資的人來說，最近有內部購買的低估公司免費列表可能是一個很好的選擇。
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。