The Five-year Decline in Earnings for Nelnet NYSE:NNI) Isn't Encouraging, but Shareholders Are Still up 68% Over That Period
The Five-year Decline in Earnings for Nelnet NYSE:NNI) Isn't Encouraging, but Shareholders Are Still up 68% Over That Period
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 Nelnet, Inc. (NYSE:NNI) has fallen short of that second goal, with a share price rise of 58% over five years, which is below the market return. Over the last twelve months the stock price has risen a very respectable 8.4%.
當您買入並持有股票長期投資時，肯定希望其提供正向回報。但更甚於此，您可能希望看到其漲幅超過市場平均水平。但Nelnet公司（NYSE:NNI）未能達成第二個目標，五年內股價上漲58%，低於市場回報。過去十二個月，該股票價格上漲了8.4%，非常值得尊重。
Since the long term performance has been good but there's been a recent pullback of 6.9%, let's check if the fundamentals match the share price.
由於長期表現良好，但最近回調了6.9%，讓我們檢查一下基本面是否與股價匹配。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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.
引用巴菲特的話說，“船隻會在世界各地航行，但是持平地球學會會蓬勃發展。在市場上，價格和價值之間將繼續存在巨大的差距……”評估公司周圍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。
Nelnet's earnings per share are down 0.08% per year, despite strong share price performance over five years.
儘管五年來Nelnet的股價表現強勁，但每股收益率每年下降了0.08%。
So it's hard to argue that the earnings per share are the best metric to judge the company, as it may not be optimized for profits at this point. Therefore, it's worth taking a look at other metrics to try to understand the share price movements.
因此，很難認爲每股收益是判斷公司的最佳指標，因爲它可能在此時未被優化以獲取利潤。因此，值得查看其他指標以嘗試了解股價的動向。
We doubt the modest 1.1% dividend yield is attracting many buyers to the stock. In contrast revenue growth of 7.0% per year is probably viewed as evidence that Nelnet is growing, a real positive. In that case, the company may be sacrificing current earnings per share to drive growth.
我們懷疑這種僅有1.1%的股息率很難吸引許多股票買家。相比之下，每年7.0%的營業收入增長可能被視爲Nelnet正在不斷成長的證明，是一個真正的優點。在這種情況下，該公司可能在犧牲當前每股收益以推動增長。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
你可以在下面的圖片中看到收入和營業收入隨時間的變化情況(單擊圖表可查看精確值)。
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. This free report showing analyst forecasts should help you form a view on Nelnet
值得注意的是，即使與同等規模公司的中位薪酬相比，該首席執行官的薪酬也較少。但是，雖然首席執行官的報酬總是值得檢查，但真正重要的問題是該公司未來是否能增加收益。這份顯示分析師預測的免費報告應該能幫助您對Nelnet形成觀點。
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 incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Nelnet's TSR for the last 5 years was 68%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
對於任何給定的股票，考慮股東總回報以及股價回報同樣重要。 TSR包括任何分拆或折價融資的價值，以及基於假設股息再投資的任何股息。可以說，TSR爲支付股息的股票提供了更完整的圖景。事實上，Nelnet過去5年的TSR爲68%，超過了前面提到的股價回報。這在很大程度上是其分紅支付的結果！
A Different Perspective
不同的觀點
Nelnet shareholders gained a total return of 9.7% during the year. But that was short of the market average. It's probably a good sign that the company has an even better long term track record, having provided shareholders with an annual TSR of 11% over five years. Maybe the share price is just taking a breather while the business executes on its growth strategy. It's always interesting to track share price performance over the longer term. But to understand Nelnet better, we need to consider many other factors. For instance, we've identified 2 warning signs for Nelnet (1 is a bit unpleasant) that you should be aware of.
Nelnet股東在該年獲得了9.7%的總回報。但仍低於市場平均水平。該公司的長期業績表現更佳，過去5年每年向股東提供了11%的TSR，這可能是股價在執行其增長策略時放緩的信號。跟蹤股價長期表現始終是有趣的。但要更好地了解Nelnet，我們需要考慮許多其他因素。例如，我們已經確定了2個警告信號適用於Nelnet（其中1個有點讓人不愉快），您應該注意到。
But note: Nelnet may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但請注意：Nelnet可能不是最好的股票購買對象。因此，您可以查看這個顯示過去收益增長（以及未來增長預測）的有趣公司的免費列表。
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.
對本文有任何反饋？對內容有任何疑慮？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
對本文有任何反饋？對內容有任何疑慮？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。