Brown & Brown (NYSE:BRO) Shareholders Have Earned a 23% CAGR Over the Last Five Years
Brown & Brown (NYSE:BRO) Shareholders Have Earned a 23% CAGR Over the Last Five Years
When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But on the bright side, if you buy shares in a high quality company at the right price, you can gain well over 100%. One great example is Brown & Brown, Inc. (NYSE:BRO) which saw its share price drive 174% higher over five years.
當你購買一家公司的股票時，值得記住的是公司可能會失敗，你可能會損失資金。但好的一面是，如果你以正確的價格買入高質量的公司股票，你可以獲得超過100%的回報。一個很好的例子是Brown & Brown, Inc.(紐交所:BRO)在過去5年中股價上漲了174%。
Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.
現在值得更詳細地了解該公司的基本面，因爲這將幫助我們判斷長期股東回報是否與基礎業務的表現相匹配。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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).
用本傑明·格雷厄姆的話來說：“短期市場是一臺投票機，但長期市場是一臺稱重機”。檢查市場情緒如何隨時間推移變化的一種方式是查看公司股價和每股收益（EPS）之間的相互作用。
During five years of share price growth, Brown & Brown achieved compound earnings per share (EPS) growth of 19% per year. This EPS growth is reasonably close to the 22% average annual increase in the share price. This indicates that investor sentiment towards the company has not changed a great deal. In fact, the share price seems to largely reflect the EPS growth.
在股價增長的5年中，Brown & Brown的每股收益(EPS)合成增長率爲19%/年。這個EPS增長與股價每年平均增長22%相當接近。這表明投資者對公司的看法沒有太大變化。事實上，股價似乎在很大程度上反映了EPS的增長。
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）。
We consider it positive that insiders have made significant purchases in the last year. Even so, future earnings will be far more important to whether current shareholders make money. It might be well worthwhile taking a look at our free report on Brown & Brown's earnings, revenue and cash flow.
我們認爲內部人員在過去一年中進行了重大購買是積極的。即便如此，未來的收益對當前股東賺錢更爲重要。看一下我們免費報告中關於Brown & Brown收益、營收和現金流的內容可能是非常值得的。
What About Dividends?
那麼分紅怎麼樣呢？
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, Brown & Brown's TSR for the last 5 years was 184%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了衡量股價回報，投資者還應考慮股東總回報(TSR)。股價回報僅反映了股價的變化，TSR包括股息價值(假設他們被再投資)和任何折價資本募集或分拆的好處。可以說TSR爲支付股息的股票提供了更完整的圖片。事實上，Brown & Brown在過去5年中的TSR爲184%，超過了前面提到的股價回報。而股息支付很大程度上解釋了這種分歧!
A Different Perspective
不同的觀點
We're pleased to report that Brown & Brown shareholders have received a total shareholder return of 37% over one year. Of course, that includes the dividend. That's better than the annualised return of 23% 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. 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. Even so, be aware that Brown & Brown is showing 1 warning sign in our investment analysis , you should know about...
我們很高興地報告，Brown & Brown的股東在過去一年期間獲得了37%的總股東回報。當然，這包括股息。這比過去半個世紀23%的年化回報率更好，這意味着公司近期表現更好。一個態度樂觀的人可能會認爲TSR的最近改善表明公司本身正在逐漸變得更好。我發現長期來看股價作爲業績的代理非常有趣。但是爲了真正的了解，我們需要考慮其他信息。即便如此，請注意Brown & Brown在我們的投資分析中顯示出1個警告信號，你應該了解...
There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of undervalued small cap companies that insiders are buying.
還有很多其他的公司，公司的內部人士正在購買股票。你可能不想錯過這個免費的小市值公司的低估列表。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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@simplywallst.com。
譯文內容由第三人軟體翻譯。