Investors in Nasdaq (NASDAQ:NDAQ) Have Seen Notable Returns of 89% Over the Past Five Years
Investors in Nasdaq (NASDAQ:NDAQ) Have Seen Notable Returns of 89% Over the Past Five Years
If you buy and hold a stock for many years, you'd hope to be making a profit. Better yet, you'd like to see the share price move up more than the market average. Unfortunately for shareholders, while the Nasdaq, Inc. (NASDAQ:NDAQ) share price is up 75% in the last five years, that's less than the market return. However, more recent buyers should be happy with the increase of 20% over the last year.
如果您持有一隻股票並長揸，您希望能獲利。更好的是，您希望股票價格的漲幅超過市場平均水平。不幸的是，對於股東來說，納斯達克，Inc.（NASDAQ：NDAQ）股價在過去五年中上漲了75％，但低於市場回報。然而，最近幾年的買家應該對過去一年的增長20％感到滿意。
So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns.
因此，讓我們評估過去5年的基本面，看看它們是否和股東的回報率相符。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
市場有時毫無疑問是有效的，但股票價格並不總是反映基本業務表現。一種有缺陷但合理的方法是比較每股收益（EPS）和股票價格，以評估圍繞公司的情緒如何變化。
During five years of share price growth, Nasdaq achieved compound earnings per share (EPS) growth of 10% per year. This EPS growth is reasonably close to the 12% average annual increase in the share price. Therefore one could conclude that sentiment towards the shares hasn't morphed very much. Rather, the share price has approximately tracked EPS growth.
在股價增長的五年期間，納斯達克的每股收益增長了10％。 這種每股收益增長率與股價的平均年增長率12％相當接近。因此，人們可以得出結論，股票的情緒並沒有發生很大的變化。相反，股價大約跟蹤了每股收益的增長。
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 like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. It might be well worthwhile taking a look at our free report on Nasdaq's earnings, revenue and cash flow.
我們喜歡看到內部人在過去十二個月內購買股票。即便如此，未來的盈利對於當前股東賺錢來說更加重要。可能值得看一下我們的免費報告，該報告涵蓋了納斯達克的盈利，營業收入和現金流量。
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. We note that for Nasdaq the TSR over the last 5 years was 89%, 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以及股票價格回報率非常重要。TSR是一種回報率計算，它考慮了現金股息的價值（假設任何收到的股息都被再投資）以及任何折扣後的增資和分拆的計算價值。可以說，TSR給出了一個更全面的股票回報圖像。我們注意到，對於納斯達克，過去5年的TSR爲89％，這比上述股票價格回報率更好。毫無疑問，股息支付在很大程度上解釋了這種差異！
A Different Perspective
不同的觀點
Nasdaq shareholders have received returns of 22% over twelve months (even including dividends), which isn't far from the general market return. That gain looks pretty satisfying, and it is even better than the five-year TSR of 14% per year. It is possible that management foresight will bring growth well into the future, even if the share price slows down. It's always interesting to track share price performance over the longer term. But to understand Nasdaq better, we need to consider many other factors. Even so, be aware that Nasdaq is showing 2 warning signs in our investment analysis , and 1 of those shouldn't be ignored...
納斯達克股東在12個月內獲得了22％的回報（包括股息），這與一般市場回報並不相差太遠。看起來這個收益看起來令人滿意，甚至優於每年14％的五年TSR。管理層的遠見也許會帶來未來的增長，即使股價放緩。長期跟蹤股價表現總是很有趣的。但是爲了更好地理解納斯達克，我們需要考慮其他許多因素。即便如此，請注意，納斯達克在我們的投資分析中顯示了2個警告標誌，並且其中1個不應被忽略......
Nasdaq is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.
納斯達克並不是唯一一支內部人購買的股票。對於那些喜歡發掘更小衆的公司的人，最近有內部人購買的成長型公司的免費列表可能是一個不錯的選擇。
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。