Earnings Grew Faster Than the Notable 13% CAGR Delivered to APA (NASDAQ:APA) Shareholders Over the Last Three Years
Earnings Grew Faster Than the Notable 13% CAGR Delivered to APA (NASDAQ:APA) Shareholders Over the Last Three Years
It hasn't been the best quarter for APA Corporation (NASDAQ:APA) shareholders, since the share price has fallen 13% in that time. But over three years, the returns would have left most investors smiling To wit, the share price did better than an index fund, climbing 35% during that period.
對APA Corporation (NASDAQ:APA)股東來說，這不是最好的季度，因爲股價在那段時間裏下跌了13%。但在三年時間內，收益率讓大多數投資者都很滿意。也就是說，在這段期間，股價表現比指數基金更好，上漲了35%。
In light of the stock dropping 3.6% in the past week, we want to investigate the longer term story, and see if fundamentals have been the driver of the company's positive three-year return.
鑑於該股過去一週下跌了3.6％，我們想調查更長期的情況，並查看基本面是否是該公司三年收益率的驅動因素。
There is no denying that markets are sometimes efficient, but prices do not always reflect 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.
不可否認的是，市場有時是高效的，但價格並不總是反映潛在的商業表現。一個不完美但簡單的方法來考慮公司市場感知如何改變是比較每股收益（EPS）變化和股價變動。
APA was able to grow its EPS at 604% per year over three years, sending the share price higher. This EPS growth is higher than the 10% average annual increase in the share price. Therefore, it seems the market has moderated its expectations for growth, somewhat. We'd venture the lowish P/E ratio of 3.76 also reflects the negative sentiment around the stock.
APA在三年內每年EPS增長達604％，推高了股價。此EPS增長率高於股價10％的年均增長率。因此，市場似乎已經適度降低了對增長的預期。我們認爲，較低的市盈率3.76也反映了該股票周圍的負面情緒。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況（點擊圖像以顯示確切值）。
It is of course excellent to see how APA has grown profits over the years, but the future is more important for shareholders. If you are thinking of buying or selling APA stock, you should check out this FREE detailed report on its balance sheet.
當然，看到APA多年來盈利增長是非常好的，但對股東來說未來更加重要。如果您正在考慮買入或賣出APA股票，您應該查看其資產負債表的詳細免費報告。
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 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. We note that for APA the TSR over the last 3 years was 43%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
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包括任何分紅派息，基於假設派息被再投資，加上任何優惠的資本募集的價值。因此，對於那些支付慷慨分紅的公司，TSR經常比股價回報高得多。我們注意到，對於APA而言，在過去的三年中TSR爲43％，高於上述股價回報。當然，股利支付在很大程度上解釋了這種分歧！
A Different Perspective
不同的觀點
Investors in APA had a tough year, with a total loss of 17% (including dividends), against a market gain of about 23%. 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 0.7%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. 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 instance, we've identified 4 warning signs for APA (2 are potentially serious) that you should be aware of.
APA的投資者經歷了艱難的一年，總損失爲17％（包括分紅），而市場上漲了約23％。然而，請記住，即使是最好的股票有時也會在十二個月的時間內表現不佳。長期的投資者不會太沮喪，因爲他們每年都可以獲得0.7％的回報，長達五年。最近的拋售可能是一個機會，因此值得檢查基本數據是否存在長期增長趨勢的跡象。雖然考慮市場狀況可能對股價產生不同的影響，但有其他因素更爲重要。例如，我們已經確定了APA面臨的4個警告信號（其中2個是潛在嚴重問題），您應該注意這些。
But note: APA may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但請注意：APA可能不是最好的股票購買。因此，請查看過去盈利增長（和未來增長預測）的有趣公司的免費列表。
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
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譯文內容由第三人軟體翻譯。