The Total Return for Parker-Hannifin (NYSE:PH) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for Parker-Hannifin (NYSE:PH) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But on the bright side, you can make far more than 100% on a really good stock. For example, the Parker-Hannifin Corporation (NYSE:PH) share price has soared 196% in the last half decade. Most would be very happy with that. In the last week shares have slid back 4.3%.
在沒有使用槓桿的情況下，你在任何股票上可能損失的最多是你的全部資金。而從積極的一面來看，在一隻真正好的股票上，你可以獲得遠遠超過100%的收益。例如，帕克哈尼汾公司（NYSE:PH）股價在過去的五年中飆升了196%，這讓大多數人都感到非常高興。在過去的一週中，股價回落了4.3%。
While this past week has detracted from the company's five-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment.
雖然過去的一週削弱了公司的五年回報，但讓我們看看業務的最近趨勢，並查看收益是否已對齊。
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 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.
在他的文章《格雷厄姆和多德斯維爾超級投資者》中，禾倫·巴菲特描述了股票價格並不總是反映公司價值的合理方式。考慮市場對公司的看法如何發生變化的一個不完美但簡單的方法是將每股收益(EPS)的變化與股價的變動進行比較。股票價格並不總是反映公司價值的合理方式在股價上漲的5年中，新加坡交易所由虧損逐漸轉爲盈利。而在之後的12個月內，該公司的財務報表則呈虧損狀態，這表明它的盈利能力不可靠。其他指標可能會更好地反映公司的價值變化。
During five years of share price growth, Parker-Hannifin achieved compound earnings per share (EPS) growth of 14% per year. This EPS growth is lower than the 24% average annual increase in the share price. This suggests that market participants hold the company in higher regard, these days. That's not necessarily surprising considering the five-year track record of earnings growth.
在五年的股價增長期間，帕克哈尼汾實現了每股收益（EPS）複合增長14%每年。這種EPS增長低於股價年均增長24%。這表明市場參與者現今更看重該公司，這並不令人意外，考慮到公司五年來的收益增長記錄。
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）。
We know that Parker-Hannifin has improved its bottom line lately, but is it going to grow revenue? This free report showing analyst revenue forecasts should help you figure out if the EPS growth can be sustained.
我們知道帕克哈尼汾最近已經改善了底線，但它是否將增長收入？這份顯示分析師收入預測的免費報告應該能幫助您確定EPS增長是否可持續。
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). 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Parker-Hannifin, it has a TSR of 221% for the last 5 years. That exceeds its share price return that we previously mentioned. 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）。TSR是一種回報計算，它考慮了現金股息的價值（假設任何收到的股息都被再投資）和任何折現後的資本籌集和分拆的計算值。可以說，TSR爲支付股息的股票提供了更完整的畫面。在帕克哈尼汾的情況下，它在過去的5年中具有221%的TSR。這超過了我們之前提到的股價回報。毫無疑問，股息支付在很大程度上解釋了這種差異！
A Different Perspective
不同的觀點
We're pleased to report that Parker-Hannifin shareholders have received a total shareholder return of 38% over one year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 26%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. It's always interesting to track share price performance over the longer term. But to understand Parker-Hannifin better, we need to consider many other factors. Consider risks, for instance. Every company has them, and we've spotted 2 warning signs for Parker-Hannifin you should know about.
我們很高興地報告，帕克哈尼汾股東在一年內獲得了38%的股東總回報。當然，其中包括股息。這一收益高於五年的年度TSR，爲26%。因此，看起來該公司的情緒最近一直很積極。鑑於股價動能仍然強勁，值得更仔細地研究該股票，免得錯失機會。跟蹤股價的長期表現總是有趣的。但爲了更好地了解帕克哈尼汾，我們需要考慮許多其他因素。例如，考慮風險。每個公司都有風險，我們已經發現帕克哈尼汾的2個預警信號，你應該知道。
But note: Parker-Hannifin 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：帕克哈尼汾可能不是最好的股票購買選擇。所以請查看這個免費的有過去收益增長（和進一步的增長預測）的有趣公司列表。
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。
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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。