Investors in MSCI (NYSE:MSCI) Have Seen Solid Returns of 116% Over the Past Five Years
Investors in MSCI (NYSE:MSCI) Have Seen Solid Returns of 116% Over the Past Five Years
While MSCI Inc. (NYSE:MSCI) shareholders are probably generally happy, the stock hasn't had particularly good run recently, with the share price falling 14% in the last quarter. But that scarcely detracts from the really solid long term returns generated by the company over five years. It's fair to say most would be happy with 106% the gain in that time. So while it's never fun to see a share price fall, it's important to look at a longer time horizon. Of course, that doesn't necessarily mean it's cheap now.
儘管MSCI股東可能普遍感到高興，但該股最近表現並不出色，上季度股價下跌了14%。但這並不能減弱該公司在過去五年中創造的真正穩健的長期回報。可以說，大多數人會對此期間的106%的收益感到高興。因此，雖然看到股價下跌從來都不是什麼好事，但重要的是要看長期的時間跨度。當然，這並不一定意味着現在它就便宜。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
讓我們長期看一下潛在的基本面，看看它們是否與股東回報一致。
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 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.
引用本傑明·格雷厄姆的話：短期內市場是一個投票機，但長期來看它是一個稱重機。評估公司周邊環境的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。
During five years of share price growth, MSCI achieved compound earnings per share (EPS) growth of 17% per year. So the EPS growth rate is rather close to the annualized share price gain of 16% per year. That suggests that the market sentiment around the company hasn't changed much over that time. In fact, the share price seems to largely reflect the EPS growth.
在五年股價增長期間，MSCI實現了17%的複合每股收益增長。因此，每股收益增長率與年化股價增長率16%相當接近。這表明市場對該公司的情緒在這段時間內並沒有發生太大變化。事實上，股價似乎主要反映了每股收益的增長。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了EPS隨時間的變化情況（如果您單擊該圖像，則可以查看更多詳細信息）。
It's good to see that there was some significant insider buying in the last three months. That's a positive. On the other hand, we think the revenue and earnings trends are much more meaningful measures of the business. This free interactive report on MSCI's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
看到過去三個月有一些重要內部買入是一個好現象，但另一方面，我們認爲收入和盈利趨勢更有意義。如果您想進一步調查該股票，MSCI的盈利、營收和現金流這份免費互動報告是一個很好的開始。
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 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, MSCI's TSR for the last 5 years was 116%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
對於任何一隻股票，都需要考慮股東總回報和股價回報。 TSR是一種回報計算，考慮了現金股利價值（假設任何獲得的股息都被再投資）以及任何折現的資本募集和剝離的計算值。可以說，TSR爲一支股票創造的回報提供了更全面的圖片。恰好，MSCI在過去5年的TSR爲116%，超過了股價回報。該公司支付的股息因此提高了總股東回報。
A Different Perspective
不同的觀點
MSCI shareholders are up 2.6% for the year (even including dividends). Unfortunately this falls short of the market return. If we look back over five years, the returns are even better, coming in at 17% per year for five years. Maybe the share price is just taking a breather while the business executes on its growth strategy. 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. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with MSCI , and understanding them should be part of your investment process.
MSCI股東一年來的收益率爲2.6%（包括股息）。不幸的是，這低於市場回報。如果我們回顧過去五年，收益率更好，每年爲17%。也許股價在執行其增長策略時只是休息一下。我發現長期的股價表現作爲業績的代理非常有趣，但要真正獲得洞察力，我們需要考慮其他信息。例如，投資風險一直存在。我們已經確定了MSCI存在1個警告信號，了解這些信息應該成爲您投資過程的一部分。
MSCI is not the only stock insiders are buying. So take a peek at this free list of small cap companies at attractive valuations which insiders have been buying.
MSCI並不是內部人在買的唯一股票。因此，請查看這個免費的小盤股公司列表，這些公司以有吸引力的估值被內部人員購買。
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
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。