The Total Return for Kinsale Capital Group (NYSE:KNSL) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for Kinsale Capital Group (NYSE:KNSL) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
For many, the main point of investing in the stock market is to achieve spectacular returns. While the best companies are hard to find, but they can generate massive returns over long periods. To wit, the Kinsale Capital Group, Inc. (NYSE:KNSL) share price has soared 357% over five years. And this is just one example of the epic gains achieved by some long term investors. Also pleasing for shareholders was the 20% gain in the last three months.
對於許多人來說,投資股市的主要目標就是取得驚人的回報。雖然最好的公司難以找到,但它們在長時間內可以創造巨大的回報。值得一提的是,Kinsale Capital Group,Inc.(紐交所:KNSL)股價在過去五年中飆升了357%。這只是一些長期投資者取得的巨大收益的例子之一。股東們也對過去三個月的20%收益感到滿意。
In light of the stock dropping 5.3% in the past week, we want to investigate the longer term story, and see if fundamentals have been the driver of the company's positive five-year return.
鑑於該股上週下跌了5.3%,我們想調查更長期的情況,看看基本面是否是公司五年回報的驅動力。
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。
During five years of share price growth, Kinsale Capital Group achieved compound earnings per share (EPS) growth of 47% per year. This EPS growth is higher than the 36% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock.
在五年的股價增長期間,Kinsale Capital Group的每股收益(EPS)複合增長率達到了47%。這一增長率高於股價平均年增長率的36%。因此,可以得出結論,整個市場對該股票變得更加謹慎。
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)。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240906/0-ba5813045b835071f25f327d62c1c388-0-1febd567749dc35b4176bae6d125e444.png/big)
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 Kinsale Capital Group's earnings, revenue and cash flow.
值得注意的是,CEO的薪酬低於類似規模公司的中位數。關注CEO的薪酬總是值得的,但更重要的問題是公司是否會在未來年度增長收益。免費報告中對Kinsale Capital Group的收益、營業收入和現金流進行了詳細分析,非常值得一看。
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Kinsale Capital Group the TSR over the last 5 years was 362%, 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!
在考慮投資回報時,重要的是要考慮總股東回報率(TSR)和股價回報之間的差異。TSR是一種回報計算,考慮了現金分紅的價值(假設任何收到的分紅都已被再投資)以及任何打折增發和分拆的計算價值。因此,對於支付豐厚股息的公司,TSR通常比股價回報高得多。我們注意到,對於Kinsale Capital Group,過去5年的TSR爲362%,這比上面提到的股價回報要好。毫無疑問,分紅支付很大程度上解釋了這種分歧!
A Different Perspective
不同的觀點
Kinsale Capital Group provided a TSR of 14% over the last twelve months. But that was short of the market average. If we look back over five years, the returns are even better, coming in at 36% per year for five years. Maybe the share price is just taking a breather while the business executes on its growth strategy. If you would like to research Kinsale Capital Group in more detail then you might want to take a look at whether insiders have been buying or selling shares in the company.
過去12個月,Kinsale Capital Group提供了14%的TSR。但這低於市場平均水平。如果回顧五年的情況,回報甚至更好,達到了每年36%。也許股價只是在公司執行增長策略時在休整。如果您想更詳細地研究Kinsale Capital Group,您可能想看看內部人員是否一直在買入或賣出該公司的股票。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜歡與管理層一起購買股票,那麼您可能會喜歡這個公司的免費列表。 (提示:其中許多公司不爲人注意且具有吸引力的估值。)
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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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。
譯文內容由第三人軟體翻譯。