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Investing in Portland General Electric (NYSE:POR) Five Years Ago Would Have Delivered You a 3.2% Gain

Investing in Portland General Electric (NYSE:POR) Five Years Ago Would Have Delivered You a 3.2% Gain

五年前投資波特蘭通用電氣(紐約證券交易所代碼:POR)將爲您帶來3.2%的收益
Simply Wall St ·  05/22 18:13

Ideally, your overall portfolio should beat the market average. But every investor is virtually certain to have both over-performing and under-performing stocks. So we wouldn't blame long term Portland General Electric Company (NYSE:POR) shareholders for doubting their decision to hold, with the stock down 14% over a half decade.

理想情況下,您的整體投資組合應超過市場平均水平。但是,幾乎每個投資者都肯定會有表現過硬和表現不佳的股票。因此,我們不會責怪波特蘭通用電氣公司(紐約證券交易所代碼:POR)的長期股東懷疑他們的持股決定,該股在五年內下跌了14%。

With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.

考慮到這一點,值得一看公司的基本面是否是長期業績的驅動力,或者是否存在一些差異。

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

雖然市場是一種強大的定價機制,但股價反映了投資者的情緒,而不僅僅是潛在的業務表現。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。

While the share price declined over five years, Portland General Electric actually managed to increase EPS by an average of 0.6% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Alternatively, growth expectations may have been unreasonable in the past.

儘管股價在五年內下跌,但波特蘭通用電氣實際上設法做到了 增加 每股收益平均每年增長0.6%。因此,每股收益似乎不是了解市場如何估值股票的好指南。或者,過去的增長預期可能不合理。

Given EPS is up and the share price is down, it's clear the market is more concerned about the business than it was previously. Generally speaking, though, if the company can keep growing EPS then the share price will eventually follow.

鑑於每股收益上升,股價下跌,很明顯,市場比以前更關心該業務。但是,總的來說,如果公司能夠繼續增長每股收益,那麼股價最終將隨之而來。

The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).

下圖顯示了 EPS 在一段時間內的跟蹤情況(如果你點擊圖片,你可以看到更多細節)。

earnings-per-share-growth
NYSE:POR Earnings Per Share Growth May 22nd 2024
紐約證券交易所:POR 每股收益增長 2024 年 5 月 22 日

Dive deeper into Portland General Electric's key metrics by checking this interactive graph of Portland General Electric's earnings, revenue and cash flow.

查看這張波特蘭通用電氣收益、收入和現金流的交互式圖表,深入了解波特蘭通用電氣的關鍵指標。

What About Dividends?

分紅呢?

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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Portland General Electric's TSR for the last 5 years was 3.2%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!

重要的是要考慮任何給定股票的股東總回報率和股價回報率。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。可以說,股東總回報率更全面地描述了股票產生的回報。碰巧的是,波特蘭通用電氣過去5年的股東總回報率爲3.2%,超過了前面提到的股價回報率。而且,猜測股息支付在很大程度上解釋了這種分歧是沒有好處的!

A Different Perspective

不同的視角

Portland General Electric shareholders are down 4.3% for the year (even including dividends), but the market itself is up 30%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 0.6%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. 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. For example, we've discovered 4 warning signs for Portland General Electric (1 is potentially serious!) that you should be aware of before investing here.

波特蘭通用電氣的股東今年下跌了4.3%(甚至包括股息),但市場本身上漲了30%。即使是優質股票的股價有時也會下跌,但我們希望在過於感興趣之前看到企業基本指標的改善。長期投資者不會那麼沮喪,因爲他們本可以在五年內每年賺0.6%。如果基本面數據繼續顯示長期可持續增長,那麼當前的拋售可能是一個值得考慮的機會。儘管市場狀況可能對股價產生的不同影響值得考慮,但還有其他因素更爲重要。例如,我們發現了波特蘭通用電氣的 4 個警告標誌(1 個可能很嚴重!)在這裏投資之前,您應該注意這一點。

If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.

如果你想看看另一家公司——一家財務狀況可能優異的公司——那麼千萬不要錯過這份已經證明自己可以增加收益的公司的免費名單。

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。


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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