Investing in MGIC Investment (NYSE:MTG) Five Years Ago Would Have Delivered You a 78% Gain
Investing in MGIC Investment (NYSE:MTG) Five Years Ago Would Have Delivered You a 78% Gain
When you buy and hold a stock for the long term, you definitely want it to provide a positive return. But more than that, you probably want to see it rise more than the market average. But MGIC Investment Corporation (NYSE:MTG) has fallen short of that second goal, with a share price rise of 58% over five years, which is below the market return. However, more recent buyers should be happy with the increase of 39% over the last year.
當您長揸股票時，您肯定希望其提供正收益。但更重要的是，您可能希望看到其超過市場平均水平上升。但是，MGIC Investment Corporation(紐交所:MTG)沒有達到第二個目標，股價在五年內僅增長58%，低於市場回報。但是，最近的投資者應該對去年增長了39%感到高興。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
那麼，讓我們調查一下並查看公司的長期表現是否符合基本業務的進展。
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 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.
引用本傑明·格雷厄姆的話：短期內市場是一個投票機，但長期來看它是一個稱重機。評估公司周邊環境的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 five years of share price growth, MGIC Investment achieved compound earnings per share (EPS) growth of 7.9% per year. So the EPS growth rate is rather close to the annualized share price gain of 10% per year. This indicates that investor sentiment towards the company has not changed a great deal. Rather, the share price has approximately tracked EPS growth.
在股票價格增長的五年中，MGIC Investment實現了每股收益複合增長每年7.9%。因此，每股收益增長率與每年10%的股票價格增長相當接近。這表明投資者對公司的看法並沒有發生太大的變化。相反，股價大約跟蹤了每股收益的增長。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益隨時間的變化情況（通過點擊圖像來查看確切數值）。
This free interactive report on MGIC Investment's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果您想進一步調查該股票，請首先查看有關MGIC Investment的收益、營業收入和現金流的免費互動報告。
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). 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. In the case of MGIC Investment, it has a TSR of 78% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股票價格回報之外，投資者還應考慮總股東回報(TSR)。股票價格回報僅反映股票價格的變化，TSR包括股息的價值(假設重新投資股息)以及任何折價的資本募集或分拆的好處。可以說，TSR爲支付股息的股票提供了更全面的圖片。在MGIC Investment的情況下，它在過去5年中擁有78%的TSR。這超過了我們之前提到的股票價格回報。公司支付的股息因此提高了TSR總股東回報。
A Different Perspective
不同的觀點
It's good to see that MGIC Investment has rewarded shareholders with a total shareholder return of 43% in the last twelve months. And that does include the dividend. That's better than the annualised return of 12% 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. To that end, you should learn about the 2 warning signs we've spotted with MGIC Investment (including 1 which makes us a bit uncomfortable) .
值得注意的是，在過去12個月中，MGIC Investment以總股東回報率43%的表現回報股東。其中包括股息。這比過去半個世紀的年化回報率12%高，這意味着公司最近表現更好。在最好的情況下，這可能暗示着一些真正的業務勢頭，這意味着現在深入了解可能是一個很好的時機。我發現長期觀察股票價格作爲業務表現的代理非常有趣。但爲了真正獲得洞察力，我們還需要考慮其他信息。爲此，您應該了解我們發現的MGIC Investment的2個警告信號(包括我們有點不舒服的1個)。
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。