Freeport-McMoRan's (NYSE:FCX) Investors Will Be Pleased With Their Incredible 376% Return Over the Last Five Years
Freeport-McMoRan's (NYSE:FCX) Investors Will Be Pleased With Their Incredible 376% Return Over the Last Five Years
We think all investors should try to buy and hold high quality multi-year winners. And we've seen some truly amazing gains over the years. Don't believe it? Then look at the Freeport-McMoRan Inc. (NYSE:FCX) share price. It's 348% higher than it was five years ago. If that doesn't get you thinking about long term investing, we don't know what will. It's down 2.3% in the last seven days.
我們認爲所有投資者應該嘗試購買和持有高質量的多年贏家股票。多年來，我們見證了一些真正驚人的利潤增長。不相信嗎？那就看看Freeport-McMoRan Inc.(NYSE:FCX)的股價吧。它比5年前高出348％。如果這都不能讓你考慮長期投資，那我們不知道還有什麼能。在過去的7天內下跌了2.3%。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
鑑於此，值得看看該公司的基本面是否一直是長期業績的驅動因素，或者是否存在一些不一致之處。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
引用本傑明·格雷厄姆的話：在短期內，市場是投票機，但在長期內，市場是稱重機。通過比較每股收益（EPS）和股票價格的時間變化，我們可以感受到投資者對公司的態度隨時間而變化。
Freeport-McMoRan's earnings per share are down 3.0% per year, despite strong share price performance over five years.
儘管過去5年中股價表現強勁，但Freeport-McMoRan的每股收益年均下降了3.0%。
By glancing at these numbers, we'd posit that the decline in earnings per share is not representative of how the business has changed over the years. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
通過觀察這些數據，我們可以得出結論：每股收益下降並不代表業務在過去幾年發生了變化。由於每股收益的變化似乎與股價的變化不相關，所以值得關注一些其他的指標。
The modest 1.2% dividend yield is unlikely to be propping up the share price. On the other hand, Freeport-McMoRan's revenue is growing nicely, at a compound rate of 12% over the last five years. It's quite possible that management are prioritizing revenue growth over EPS growth at the moment.
雖然股息率僅爲1.2%，但Freeport-McMoRan的營業收入在過去5年中以12%的複合增長率增長。目前，管理層很可能優先考慮營收增長而非每股收益增長。
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）。
Freeport-McMoRan is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. You can see what analysts are predicting for Freeport-McMoRan in this interactive graph of future profit estimates.
Freeport-McMoRan是投資者熟知的公司，許多 clever 分析師試圖預測它未來的利潤水平。你可以在這裏交互式地查看分析師對Freeport-McMoRan未來利潤的預測。
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 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Freeport-McMoRan, it has a TSR of 376% 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.
對於任何給定的股票，考慮總股東回報和股價回報都是很重要的。TSR是一種回報計算，它考慮了現金股息的價值（假設通過再投資獲得了任何股息）以及任何折扣後的股本增發和分拆的計算價值。在某種程度上，TSR給出了一種更全面的股票回報圖景。在Freeport-McMoRan的情況下，它在過去5年中的TSR爲376%。這超過了我們之前提到的股價回報。這家公司支付的股息已經提高了總股東回報。
A Different Perspective
不同的觀點
Freeport-McMoRan provided a TSR of 21% over the year (including dividends). That's fairly close to the broader market return. It has to be noted that the recent return falls short of the 37% shareholders have gained each year, over half a decade. Although the share price growth has slowed, the longer term story points to a business well worth watching. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. For example, we've discovered 2 warning signs for Freeport-McMoRan that you should be aware of before investing here.
Freeport-McMoRan在過去一年（包括股息）提供了21%的TSR。這相當接近整個市場的回報。必須指出，最近的回報低於股東每年獲得的37%，超過半個十年。雖然股價增長已經放緩，但長期來看，這是一家值得關注的公司。雖然考慮市場條件對股價影響的差異很值得，但還有其他更重要的因素。例如，我們已經發現Freeport-McMoRan的2個警告信號，您在此之前應該注意這些警告信號。
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。
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。