Lennox International's (NYSE:LII) Five-year Earnings Growth Trails the Stellar Shareholder Returns
Lennox International's (NYSE:LII) Five-year Earnings Growth Trails the Stellar Shareholder Returns
Stock pickers are generally looking for stocks that will outperform the broader market. Buying under-rated businesses is one path to excess returns. To wit, the Lennox International share price has climbed 97% in five years, easily topping the market return of 77% (ignoring dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 74% in the last year, including dividends.
股票投資者通常尋找的是表現強於整個市場的股票。購買被低估的企業是實現超額回報的途徑之一。事實上，雷諾士的股價在過去5年中上漲了97％，輕鬆超過了77％的市場回報率（不考慮分紅）。但是，最近的回報並沒有那麼出色，包括分紅，在過去一年中股票的回報僅爲74％。
On the back of a solid 7-day performance, let's check what role the company's fundamentals have played in driving long term shareholder returns.
在穩定的七天表現之後，讓我們看看公司的基本面對長期股東回報的影響。
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
儘管一些人繼續教授有效市場假說，但已經證明市場是過度反應的動態系統，並且投資者並不總是理性的。通過比較每股收益（EPS）和股價的變化情況，我們可以了解投資者對公司的態度如何隨着時間變化而變化。
Over half a decade, Lennox International managed to grow its earnings per share at 12% a year. This EPS growth is reasonably close to the 15% average annual increase in the share price. This indicates that investor sentiment towards the company has not changed a great deal. Rather, the share price has approximately tracked EPS growth.
在過去的五年中，雷諾士成功地將每股收益增長率保持在12％的年均水平。每股收益增長率與股價的年均上漲15％相當接近。這表明投資者對該公司的情緒並沒有發生太大的變化。相反，股價大致跟蹤每股收益增長率。
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're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. It might be well worthwhile taking a look at our free report on Lennox International's earnings, revenue and cash flow.
我們很高興地報告說，與同類資本公司的大多數首席執行官相比，該首席執行官的報酬更加適中。但是，雖然首席執行官的報酬始終值得檢查，但真正重要的問題是公司未來是否能夠增加收益。值得一提的是，我們可以免費查看雷諾士的盈利、營業收入和現金流量報告。
What About Dividends?
那麼分紅怎麼樣呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Lennox International's TSR for the last 5 years was 111%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
對於任何給定的股票，考慮總股東回報率以及股價回報率都非常重要。TSR包括任何剝離或折扣融資的價值，以及基於分紅再投資的任何分紅。可以說，TSR提供了更全面的股票回報圖。恰好雷諾士在過去5年的TSR爲111％，超過了之前提到的股價回報率。這在很大程度上是其分紅支付的結果！
A Different Perspective
不同的觀點
It's nice to see that Lennox International shareholders have received a total shareholder return of 74% over the last year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 16% per year), it would seem that the stock's performance has improved in recent times. 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 Lennox International better, we need to consider many other factors. Even so, be aware that Lennox International is showing 1 warning sign in our investment analysis , you should know about...
很高興看到雷諾士的股東在過去一年內獲得了74％的總股東回報率。而且這也包括分紅。由於一年的TSR優於五年的TSR（後者爲每年16％），因此股票的表現似乎在近期有所提高。鑑於股價動能仍然強勁，可能值得更仔細地研究該股，以免錯過機會。在較長時期內跟蹤股價表現總是很有趣的，但是要更好地了解雷諾士，我們需要考慮許多其他因素。即使如此，請注意，雷諾士在我們的投資分析中顯示了1個警告信號，你應該知道 ……
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜歡與管理層一起購買股票，那麼您可能會喜歡這個公司的免費列表。 （提示：其中許多公司不爲人注意且具有吸引力的估值。）
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。