The Total Return for Southern Copper (NYSE:SCCO) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for Southern Copper (NYSE:SCCO) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
Southern Copper Corporation (NYSE:SCCO) shareholders might be concerned after seeing the share price drop 10% in the last month. But that scarcely detracts from the really solid long term returns generated by the company over five years. In fact, the share price is 186% higher today. We think it's more important to dwell on the long term returns than the short term returns. Ultimately business performance will determine whether the stock price continues the positive long term trend.
南方銅業公司（紐交所：SCCO）的股東們可能會擔心，在過去一個月裏，股價下跌了10%。但這並沒有減少公司在過去五年裏取得非常穩健的長期回報。實際上，股價今天比五年前上漲了186%。我們認爲，關注長期回報比短期回報更重要。最終，業務表現將決定股價是否延續正面的長期趨勢。
Since the long term performance has been good but there's been a recent pullback of 3.4%, let's check if the fundamentals match the share price.
考慮到長期表現不錯，但最近的回調達到了3.4%，讓我們檢查一下基本面是否與股價相匹配。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
引用巴菲特的話說，“船隻會在世界各地航行，但是持平地球學會會蓬勃發展。在市場上，價格和價值之間將繼續存在巨大的差距……”評估公司周圍情緒變化的一種有缺陷但合理的方法是將每股收益（EPS）與股價進行比較。
Over half a decade, Southern Copper managed to grow its earnings per share at 10.0% a year. This EPS growth is lower than the 23% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
在半個十年內，南方銅業成功地實現了每股收益每年增長10.0%。這個每股收益增長率低於股價每年平均增長23%。因此，可以合理地假設市場對該企業的看法高於五年前。考慮到五年的盈利增長記錄，這並不令人驚訝。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
該公司的每股收益（隨時間的推移）如下圖所示（單擊可查看確切數字）。
It's probably worth noting that the CEO is paid less than the median at similar sized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. This free interactive report on Southern Copper's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
值得注意的是，該公司的CEO薪酬低於同等規模的公司的中值。關注CEO的薪酬是值得的，但更重要的問題是該公司是否會在未來多年實現盈利增長。如果您想進一步調查這隻股票，可以查看南方銅業的盈利、營業收入和現金流的免費互動報告。
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 Southern Copper the TSR over the last 5 years was 260%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
在考慮投資回報時，重要的是考慮總股東回報（TSR）和股票回報之間的差異。 TSR包括任何剝離或折讓的資本籌集（基於股息被重新投資的假設），以及任何股息。因此，對於支付慷慨的股息公司而言，TSR通常比股票回報高得多。就中國神威藥業集團而言，其TSR在過去5年中達到了75％。這超過了我們之前提到的股票回報。該公司支付的股息已經提高了總股東回報。總股東回報和股票回報TSR是一種回報計算，它考慮了現金紅利（假設已經再投資了任何紅利）的價值和任何折扣後的股本增發和分拆的計算價值。因此，對於支付慷慨紅利的公司，TSR通常比股價回報要高得多。我們注意到，南方銅業在過去5年裏的TSR爲260%，比上述股價回報要好。這主要是其股息支付的結果！
A Different Perspective
不同的觀點
It's good to see that Southern Copper has rewarded shareholders with a total shareholder return of 53% in the last twelve months. And that does include the dividend. That's better than the annualised return of 29% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with 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. Take risks, for example - Southern Copper has 2 warning signs (and 1 which doesn't sit too well with us) we think you should know about.
值得欣慰的是，南方銅業在過去12個月裏爲股東帶來了總股東回報率達53%。這已經包括了股息。這比半個十年的年化回報率29%要好，意味着公司的表現最近有所改善。持樂觀態度的人可能將TSR的最近改善視爲表示業務本身隨着時間的推移而變得更好。雖然值得考慮市場條件對股價的影響，但還有其他更重要的因素。例如，承擔風險——南方銅業已有2個警示標誌（還有1個我們認爲不太好），我們認爲您應該了解。
For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.
對於那些喜歡尋找獲勝投資的人來說，最近有內部購買的低估公司免費列表可能是一個很好的選擇。
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。
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？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) 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。