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Avista (NYSE:AVA) Shareholders Have Endured a 4.7% Loss From Investing in the Stock Three Years Ago

Avista (NYSE:AVA) Shareholders Have Endured a 4.7% Loss From Investing in the Stock Three Years Ago

三年前,阿維斯塔(紐約證券交易所代碼:AVA)的股東因投資該股而遭受了4.7%的損失
Simply Wall St ·  05/23 18:53

While not a mind-blowing move, it is good to see that the Avista Corporation (NYSE:AVA) share price has gained 11% in the last three months. But that doesn't change the fact that the returns over the last three years have been less than pleasing. Truth be told the share price declined 17% in three years and that return, Dear Reader, falls short of what you could have got from passive investing with an index fund.

雖然這不是一個令人難以置信的舉動,但很高興看到阿維斯塔公司(紐約證券交易所代碼:AVA)的股價在過去三個月中上漲了11%。但這並不能改變這樣一個事實,即過去三年的回報並不令人滿意。說實話,股價在三年內下跌了17%,親愛的讀者,這一回報沒有達到指數基金被動投資所能獲得的回報。

It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.

值得評估的是,該公司的經濟狀況是否與這些令人難以置信的股東回報步調一致,或者兩者之間是否存在一些差距。所以我們就這麼做吧。

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).

在他的文章中 格雷厄姆和多茲維爾的超級投資者 禾倫·巴菲特描述了股價如何並不總是合理地反映企業的價值。研究市場情緒如何隨着時間的推移而變化的一種方法是研究公司股價與其每股收益(EPS)之間的相互作用。

Although the share price is down over three years, Avista actually managed to grow EPS by 3.3% per year in that time. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Or else the company was over-hyped in the past, and so its growth has disappointed.

儘管股價在三年內下跌,但在此期間,Avista的每股收益實際上每年增長3.3%。鑑於股價的反應,人們可能會懷疑每股收益並不能很好地指導該期間的業務表現(可能是由於一次性的虧損或收益)。否則,該公司過去曾被過度炒作,因此其增長令人失望。

It looks to us like the market was probably too optimistic around growth three years ago. But it's possible a look at other metrics will be enlightening.

在我們看來,三年前市場對增長可能過於樂觀。但是,看看其他指標可能會有所啓發。

We note that the dividend seems healthy enough, so that probably doesn't explain the share price drop. We like that Avista has actually grown its revenue over the last three years. But it's not clear to us why the share price is down. It might be worth diving deeper into the fundamentals, lest an opportunity goes begging.

我們注意到,股息似乎足夠健康,因此這可能無法解釋股價下跌的原因。我們喜歡Avista在過去三年中的收入實際上有所增長。但是我們尚不清楚爲什麼股價下跌。可能值得深入研究基本面,以免機會流失。

The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).

下圖描述了收入和收入隨時間推移而發生的變化(點擊圖片即可顯示確切的數值)。

earnings-and-revenue-growth
NYSE:AVA Earnings and Revenue Growth May 23rd 2024
紐約證券交易所:AVA 收益和收入增長 2024 年 5 月 23 日

We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. So it makes a lot of sense to check out what analysts think Avista will earn in the future (free profit forecasts).

我們認爲,內部人士在去年進行了大量收購,這是積極的。話雖如此,大多數人認爲收益和收入增長趨勢是更有意義的業務指南。因此,看看分析師認爲Avista未來的收入(自由利潤預測)是很有意義的。

What About Dividends?

分紅呢?

When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. In the case of Avista, it has a TSR of -4.7% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.

在考慮投資回報時,重要的是要考慮兩者之間的區別 股東總回報 (TSR) 和 股價回報。儘管股價回報率僅反映股價的變化,但股東總回報率包括股息的價值(假設已進行再投資)以及任何折扣融資或分拆的收益。可以公平地說,股東總回報率爲支付股息的股票提供了更完整的畫面。就阿維斯塔而言,在過去3年的股東回報率爲-4.7%。這超過了我們之前提到的其股價回報率。因此,該公司支付的股息提高了 股東回報。

A Different Perspective

不同的視角

Investors in Avista had a tough year, with a total loss of 4.6% (including dividends), against a market gain of about 30%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 2%, 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. It's always interesting to track share price performance over the longer term. But to understand Avista better, we need to consider many other factors. For instance, we've identified 3 warning signs for Avista (1 shouldn't be ignored) that you should be aware of.

Avista的投資者經歷了艱難的一年,總虧損爲4.6%(包括股息),而市場漲幅約爲30%。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。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2%。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。長期跟蹤股價表現總是很有意思的。但是,爲了更好地了解Avista,我們需要考慮許多其他因素。例如,我們已經確定了你應該注意的 Avista 的 3 個警告信號(1 個不容忽視)。

Avista is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.

Avista並不是內部人士唯一買入的股票。對於那些喜歡尋找知名度較低的公司的人來說,這份最近有內幕收購的成長型公司的免費清單可能只是入場券。

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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