Despite Lower Earnings Than a Year Ago, First Bancorp (NASDAQ:FBNC) Investors Are up 35% Since Then
Despite Lower Earnings Than a Year Ago, First Bancorp (NASDAQ:FBNC) Investors Are up 35% Since Then
It's always best to build a diverse portfolio of shares, since any stock business could lag the broader market. Of course, in an ideal world, all your stocks would beat the market. One such company is First Bancorp (NASDAQ:FBNC), which saw its share price increase 31% in the last year, slightly above the market return of around 30% (not including dividends). Unfortunately the longer term returns are not so good, with the stock falling 17% in the last three years.
在構建多樣化股票投資組合時,始終是最佳選擇,因爲任何股票業務都可能落後於更廣泛的市場。當然,在理想的世界中,所有股票都會超越市場。其中一個這樣的公司是第一萬通金控(納斯達克:FBNC),其股價在過去一年中上漲了31%,略高於市場回報率約30%(不包括分紅派息)。不幸的是,長期回報率並不那麼理想,該股票在過去三年中下跌了17%。
Since the long term performance has been good but there's been a recent pullback of 3.6%, let's check if the fundamentals match the share price.
由於長期表現良好,但最近出現了3.6%的回撤,讓我們看看基本面是否匹配股價。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
在他的《格雷厄姆和道德斯維爾的超級投資者》一文中,禾倫·巴菲特描述了股價並不總是合理反映企業價值的方法。檢驗市場情緒如何隨時間變化的一種方法是觀察公司股價和每股收益(EPS)之間的互動關係。
Over the last twelve months, First Bancorp actually shrank its EPS by 13%.
在過去的十二個月中,第一萬通金控實際上使其每股收益下降了13%。
So we don't think that investors are paying too much attention to EPS. Therefore, it seems likely that investors are putting more weight on metrics other than EPS, at the moment.
因此,我們認爲投資者並沒有過多關注每股收益。因此,目前投資者更可能會更重視除每股收益之外的其他指標。
Unfortunately First Bancorp's fell 5.6% over twelve months. So using a snapshot of key business metrics doesn't give us a good picture of why the market is bidding up the stock.
很遺憾,第一萬通金控的股價在十二個月內下跌了5.6%。因此,使用關鍵業務指標的快照並不能讓我們清楚地了解市場爲什麼在加碼該股。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下面的圖表顯示了收益和營收隨時間的變化情況(通過單擊圖像揭示確切的值)。
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. So we recommend checking out this free report showing consensus forecasts
我們很高興地報告,CEO的報酬比同樣資本化的公司的大多數CEO都要適中。但是,雖然CEO報酬值得檢查,但真正重要的問題是公司是否能夠繼續增加收益。因此,我們建議查看此免費報告,顯示共識預測。
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 First Bancorp the TSR over the last 1 year was 35%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.
在查看投資回報時,重要的是考慮總股東回報(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),以及任何折現的資本增加和分拆的計算值。因此,對於支付豐厚分紅的公司,TSR往往比股價回報高得多。我們注意到,第一萬通金控過去1年的TSR爲35%,這比上述股價回報要好。公司所支付的股息因此提高了總股東回報。
A Different Perspective
不同的觀點
First Bancorp shareholders have received returns of 35% over twelve months (even including dividends), which isn't far from the general market return. Most would be happy with a gain, and it helps that the year's return is actually better than the average return over five years, which was 4%. It is possible that management foresight will bring growth well into the future, even if the share price slows down. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. To that end, you should be aware of the 1 warning sign we've spotted with First Bancorp .
第一萬通金控的股東在過去十二個月中獲得了35%的回報(包括分紅在內),這與一般市場回報並不相距太遠。大多數人會對利潤感到滿意,而且事實上,今年的回報要比過去五年的平均回報好,後者爲4%。管理層的遠見可能會帶來未來的增長,即使股價放緩也是如此。我發現長期以來觀察股價作爲業務表現的一種代理非常有趣。但要真正獲得洞察力,我們還需要考慮其他信息。因此,您應該注意我們在第一萬通金控發現的一個警示信號。
But note: First Bancorp 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:第一萬通金控可能不是最好的股票買入選擇。因此,請查看這份免費的有着過去盈利增長(以及進一步增長預測)的有趣公司名單。
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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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。
譯文內容由第三人軟體翻譯。