Investors in Old Dominion Freight Line (NASDAQ:ODFL) Have Seen Solid Returns of 263% Over the Past Five Years
Investors in Old Dominion Freight Line (NASDAQ:ODFL) Have Seen Solid Returns of 263% Over the Past Five Years
It hasn't been the best quarter for Old Dominion Freight Line, Inc. (NASDAQ:ODFL) shareholders, since the share price has fallen 17% in that time. But in stark contrast, the returns over the last half decade have impressed. It's fair to say most would be happy with 256% the gain in that time. To some, the recent pullback wouldn't be surprising after such a fast rise. Only time will tell if there is still too much optimism currently reflected in the share price.
這對Old Dominion Freight Line，Inc.（納斯達克：ODFL）的股東來說並不是最好的季度，因爲股價在此期間下跌了17%。但與此形成鮮明對比的是，在過去的五年中的回報給人留下了深刻的印象。可以說大多數人對這段時間裏的256%的增長感到滿意。對於某些人來說，此次最近的回調並不令人驚訝，因爲股價上漲得太快。只有時間才能告訴我們股價中是否仍存在過度樂觀的情況。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
讓我們長期看一下潛在的基本面，看看它們是否與股東回報一致。
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 imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
爲了概述本傑明·格雷厄姆（Benjamin Graham）的話：短期內，市場是一臺投票機，但長期來看，它是一臺衡重機。思考一家公司的市場感知如何轉變的一種不完美但簡單的方法是將每股收益（EPS）變化與股價變動進行比較。
During five years of share price growth, Old Dominion Freight Line achieved compound earnings per share (EPS) growth of 17% per year. This EPS growth is lower than the 29% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did five years ago. And that's hardly shocking given the track record of growth.
在五年的股價增長中，Old Dominion Freight Line的複合每股收益（EPS）增長率爲17%。此EPS增長低於股價平均每年增長29%。因此可以認爲市場對該企業的看法比五年前更高。考慮到增長的記錄，這一點並不令人驚訝。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況（點擊圖像以顯示確切值）。
Dive deeper into Old Dominion Freight Line's key metrics by checking this interactive graph of Old Dominion Freight Line's earnings, revenue and cash flow.
通過查看Old Dominion Freight Line的收益、營業收入和現金流互動圖表，更深入地了解Old Dominion Freight Line的主要指標。
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, Old Dominion Freight Line's TSR for the last 5 years was 263%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了衡量股價回報之外，投資者還應考慮總股東回報（TSR）。相比股價回報僅反映股價變化，TSR還包括股息價值（假定它們被重新投資）和任何折扣資本籌資或分拆的好處。可以說，TSR給出了一幅更全面的股票回報圖像。恰恰是Old Dominion Freight Line過去5年的TSR爲263%，超過了前面提到的股價回報。股息支付在很大程度上解釋了這種分化！
A Different Perspective
不同的觀點
While the broader market gained around 25% in the last year, Old Dominion Freight Line shareholders lost 2.6% (even including dividends). 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 29%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. If you would like to research Old Dominion Freight Line in more detail then you might want to take a look at whether insiders have been buying or selling shares in the company.
儘管更廣泛的市場在過去一年裏增長了約25%，Old Dominion Freight Line的股東（甚至包括股息）的回報率下跌了2.6%。然而，記住，即使是最好的股票有時也會在十二個月的週期內表現不佳。長期的投資者則不會太煩惱，因爲他們每年都會獲得29%的回報。最近的拋售可能是一個機會，因此值得檢查一下基本數據，看看是否有長期增長趨勢的跡象。如果您想更詳細地研究Old Dominion Freight Line，您可能需要查看該公司的股東內部是否一直在買賣股票。
We will like Old Dominion Freight Line better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我們看到內部人員大量購買股票，我們將更喜歡Old Dominion Freight Line。在等待的同時，請查看這個免費的未被充分重視的股票列表（主要是小市值股票），近期內部人員有相當多的買入。
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？關注內容？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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？ 對內容感到擔憂？ 請直接與我們聯繫。 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。