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Investors in PC Connection (NASDAQ:CNXN) Have Seen Notable Returns of 70% Over the Past Three Years

Investors in PC Connection (NASDAQ:CNXN) Have Seen Notable Returns of 70% Over the Past Three Years

pc connection(納斯達克:CNXN)的投資者在過去三年中獲得了顯著的70%的回報。
Simply Wall St ·  12/09 18:30

By buying an index fund, you can roughly match the market return with ease. But many of us dare to dream of bigger returns, and build a portfolio ourselves. For example, PC Connection, Inc. (NASDAQ:CNXN) shareholders have seen the share price rise 66% over three years, well in excess of the market return (22%, not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 13%, including dividends.

通過購買指數基金,您可以輕鬆地大致匹配市場回報率。但我們許多人敢於夢想更高的回報,並自己構建投資組合。例如,PC Connection, Inc. (納斯達克:CNXN) 的股東在三年內看到股價上漲了66%,遠遠超過市場回報率(22%,不包括分紅派息)。另一方面,最近的回報並不好,股東的回報僅爲13%,包括分紅派息。

So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.

因此讓我們調查一下,看看該公司的長期表現是否與其基礎業務的進展相符。

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. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.

在他的文章《Graham-and-Doddsville的超級投資者》中,禾倫·巴菲特描述了股價並不總是合理地反映企業價值。通過比較每股收益(每股收益)和股價隨時間的變化,我們可以感受到投資者對公司的態度如何隨着時間而變化。

During three years of share price growth, PC Connection achieved compound earnings per share growth of 12% per year. In comparison, the 18% per year gain in the share price outpaces the EPS growth. So it's fair to assume the market has a higher opinion of the business than it did three years ago. It's not unusual to see the market 're-rate' a stock, after a few years of growth.

在三年的股價增長期間,PC Connection 實現了每股收益複合年增長率爲12%。相比之下,股價每年增長18%超出了每股收益的增長。因此可以合理地認爲,市場對這一業務的評價比三年前要高。經過幾年的增長,市場對股票的重新評級並不罕見。

You can see how EPS has changed over time in the image below (click on the chart to see the exact values).

您可以在下面的圖像中查看每股收益隨時間變化的情況(點擊圖表查看具體數值)。

big
NasdaqGS:CNXN Earnings Per Share Growth December 9th 2024
納斯達克:CNXN 每股收益增長 2024年12月9日

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. It might be well worthwhile taking a look at our free report on PC Connection'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。雖然CEO的薪酬總是值得關注,但真正重要的問題是公司是否能夠在未來增長盈餘。查看我們關於PC Connection的收益、營業收入和現金流的免費報告可能是非常值得的。

What About Dividends?

關於分紅派息的問題

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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, PC Connection's TSR for the last 3 years was 70%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.

除了衡量股價回報外,投資者還應考慮總股東回報(TSR)。股價回報僅反映股價的變化,而TSR包括分紅的價值(假設它們已被再投資)以及任何折扣的資本融資或分拆的好處。公平地說,TSR爲支付分紅的股票提供了更完整的圖景。實際上,PC Connection在過去3年的TSR爲70%,超過了前面提到的股價回報。因此,公司的分紅推動了總股東回報。

A Different Perspective

不同的視角

PC Connection shareholders gained a total return of 13% during the year. But that was short of the market average. On the bright side, that's still a gain, and it's actually better than the average return of 10% over half a decade This suggests the company might be improving over time. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Case in point: We've spotted 1 warning sign for PC Connection you should be aware of.

PC Connection的股東在一年內獲得了13%的總回報。但這低於市場平均水平。令人欣慰的是,這仍然是一個增長,實際上比過去五年平均10%的回報要好。這表明公司可能正在隨着時間的推移而改善。儘管考慮市場條件對股價的不同影響是非常值得的,但還有其他因素更加重要。舉例來說:我們發現了一個警告信號,關於PC Connection你應該注意。

But note: PC Connection 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:PC Connection可能不是最佳的買入股票。因此請查看這份免費名單,裏面有一些過去業績增長(以及未來增長預測)有趣的公司。

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,本文中引用的市場回報反映了當前在美國交易所上市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?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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