Even After Rising 11% This Past Week, Wolverine World Wide (NYSE:WWW) Shareholders Are Still Down 73% Over the Past Three Years
Even After Rising 11% This Past Week, Wolverine World Wide (NYSE:WWW) Shareholders Are Still Down 73% Over the Past Three Years
Wolverine World Wide, Inc. (NYSE:WWW) shareholders should be happy to see the share price up 23% in the last quarter. But only the myopic could ignore the astounding decline over three years. Indeed, the share price is down a whopping 75% in the last three years. So it's about time shareholders saw some gains. Only time will tell if the company can sustain the turnaround.
金剛狼環球公司（紐約證券交易所代碼：WWW）的股東應該很高興看到上個季度股價上漲了23％。但是，只有近視者才能忽視三年來的驚人下降。事實上，股價在過去三年中下跌了75％。因此，現在是股東看到一些收益的時候了。只有時間才能證明公司能否維持轉機。
While the last three years has been tough for Wolverine World Wide shareholders, this past week has shown signs of promise. So let's look at the longer term fundamentals and see if they've been the driver of the negative returns.
儘管過去三年對金剛狼全球股東來說是艱難的，但過去一週顯示出希望的跡象。因此，讓我們來看看長期基本面，看看它們是否是負回報的驅動力。
Because Wolverine World Wide made a loss in the last twelve months, we think the market is probably more focussed on revenue and revenue growth, at least for now. When a company doesn't make profits, we'd generally hope to see good revenue growth. That's because fast revenue growth can be easily extrapolated to forecast profits, often of considerable size.
由於Wolverine Wide在過去十二個月中出現了虧損，因此我們認爲至少目前市場可能更加關注收入和收入增長。當一家公司沒有盈利時，我們通常希望看到良好的收入增長。這是因爲快速的收入增長可以很容易地推斷出來預測利潤，通常規模相當大。
In the last three years, Wolverine World Wide saw its revenue grow by 8.1% per year, compound. That's a pretty good rate of top-line growth. So it seems unlikely the 21% share price drop (each year) is entirely about the revenue. It could be that the losses were much larger than expected. This is exactly why investors need to diversify - even when a loss making company grows revenue, it can fail to deliver for shareholders.
在過去的三年中，Wolverine Wide的收入每年複合增長8.1％。這是一個相當不錯的收入增長率。因此，股價下跌21％（每年）似乎不太可能完全與收入有關。損失可能比預期的要大得多。這正是投資者需要分散投資的原因——即使虧損公司增加了收入，也可能無法爲股東帶來收益。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
公司的收入和收益（隨着時間的推移）如下圖所示（點擊查看確切數字）。
If you are thinking of buying or selling Wolverine World Wide stock, you should check out this FREE detailed report on its balance sheet.
如果您正在考慮買入或賣出Wolverine Wide的股票，則應查看其資產負債表上的免費詳細報告。
What About Dividends?
分紅呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Wolverine World Wide's TSR for the last 3 years was -73%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股價回報率外，投資者還應考慮股東總回報率（TSR）。基於股息再投資的假設，股東總回報率納入了任何分拆或貼現資本籌集的價值以及任何股息。因此，對於支付豐厚股息的公司來說，股東總回報率通常遠高於股價回報率。碰巧的是，金剛狼全球過去3年的股東總回報率爲-73％，超過了前面提到的股價回報率。因此，該公司支付的股息提高了 總 股東回報。
A Different Perspective
不同的視角
Wolverine World Wide shareholders are down 32% for the year (even including dividends), but the market itself is up 27%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 11% per year over five years. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. 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 learn about the 2 warning signs we've spotted with Wolverine World Wide (including 1 which is concerning) .
金剛狼全球股東今年下跌了32％（甚至包括股息），但市場本身上漲了27％。但是，請記住，即使是最好的股票有時也會在十二個月內表現不如市場。遺憾的是，去年的業績結束了糟糕的表現，股東在五年內每年面臨11％的總虧損。總的來說，長期股價疲軟可能是一個壞兆頭，儘管逆勢投資者可能希望研究該股以期出現轉機。我發現將長期股價視爲業務績效的代表非常有趣。但是，要真正獲得見解，我們還需要考慮其他信息。爲此，你應該了解我們在金剛狼全球發現的兩個警告信號（包括一個令人擔憂的警告）。
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
如果你像我一樣，那麼你不會想錯過這份業內人士正在收購的成長型公司的免費名單。
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，本文引用的市場回報反映了目前在美國交易所交易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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。