The Total Return for Pool (NASDAQ:POOL) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for Pool (NASDAQ:POOL) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
Pool Corporation (NASDAQ:POOL) shareholders might be concerned after seeing the share price drop 24% in the last quarter. On the bright side the share price is up over the last half decade. In that time, it is up 60%, which isn't bad, but is below the market return of 94%. While the returns over the last 5 years have been good, we do feel sorry for those shareholders who haven't held shares that long, because the share price is down 34% in the last three years.
Pool公司（納斯達克股票代碼：POOL）的股東可能會擔心看到股價在上個季度下降了24%。但好消息是，在過去的半個十年裏，股價上漲了60%，儘管低於市場回報率94%。在過去的5年中，收益還不錯，但是我們對那些沒有持有股票這麼長時間的股東感到遺憾，因爲在過去的3年中，股價下跌了34%。
While this past week has detracted from the company's five-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment.
雖然過去的一週削弱了公司的五年回報，但讓我們看看業務的最近趨勢，並查看收益是否已對齊。
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 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).
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·巴菲特曾稱，股票價格並不總是合理地反映了企業的價值。檢查市場情緒如何隨時間變化的一種方法是查看公司股價和每股收益（EPS）之間的互動。
Over half a decade, Pool managed to grow its earnings per share at 17% a year. This EPS growth is higher than the 10% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock.
在過去的半個十年中，Pool公司每股收益增長了17%，高於股價平均每年增長10%。因此，人們可以得出結論，整個市場對該股更加謹慎。
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. 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 Pool's earnings, revenue and cash flow.
值得注意的是，Pool公司的CEO薪酬低於同等規模公司的中位數。關注CEO的薪酬總是值得的，但更重要的問題是公司是否會年復一年地增長利潤。查看我們的免費報告，了解Pool公司的收益、營業收入和現金流，這可能非常值得。
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. In the case of Pool, it has a TSR of 68% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
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是一個考慮了現金股息價值（假設所有股息都被再投資）以及計算出的任何折扣資本籌集和分拆價值的回報計算。可以說，TSR爲支付股息的股票提供了更完整的圖片。在Pool公司的情況下，過去5年的TSR爲68%，超過了我們之前提到的股票收益率。而且，毫無疑問，股息支付在很大程度上解釋了二者的差異！
A Different Perspective
不同的觀點
Pool shareholders are down 17% for the year (even including dividends), but the market itself is up 23%. 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 11%, 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. It's always interesting to track share price performance over the longer term. But to understand Pool better, we need to consider many other factors. Even so, be aware that Pool is showing 1 warning sign in our investment analysis , you should know about...
Pool公司的股東今年（包括股息）虧損了17%，但市場本身上漲了23%。然而，需要記住的是，即使是最好的股票有時也會在12個月的期間內跑輸市場。更長期的投資者不會那麼沮喪，因爲在過去的五年裏，他們每年都賺了11%。如果基本數據繼續表明長期可持續的增長，當前的拋售可能值得考慮。長期跟蹤股價表現總是很有趣的。但要更好地了解Pool公司，我們需要考慮許多其他因素。即便如此，請注意，Pool公司在我們的投資分析中顯示了一個警告標誌，您應該了解它......
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。
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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。