Howmet Aerospace's (NYSE:HWM) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
Howmet Aerospace's (NYSE:HWM) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
When you buy a stock there is always a possibility that it could drop 100%. But on a lighter note, a good company can see its share price rise well over 100%. One great example is Howmet Aerospace Inc. (NYSE:HWM) which saw its share price drive 229% higher over five years. Also pleasing for shareholders was the 19% gain in the last three months.
當你買入股票時，它總是有可能下跌100％。但簡而言之，一家好的公司的股價可以上漲超過100％。一個很好的例子是豪邁航空航天公司（紐約證券交易所代碼：HWM），其股價在五年內上漲了229％。同樣令股東高興的是過去三個月的19％的漲幅。
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 five-year return.
鑑於該股在過去一週下跌了3.6％，我們想調查長期情況，看看基本面是否是該公司五年正回報率的驅動力。
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 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.
用本傑明·格雷厄姆的話來說：從短期來看，市場是一臺投票機器，但從長遠來看，它是一臺稱重機。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益（EPS）的變化與股價走勢進行比較。
During five years of share price growth, Howmet Aerospace achieved compound earnings per share (EPS) growth of 12% per year. This EPS growth is lower than the 27% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
在五年的股價增長中，Howmet Aerospace實現了每年12％的複合每股收益（EPS）增長。每股收益的增長低於股價平均年增長27％。因此，可以公平地假設市場對該業務的看法比五年前更高。考慮到五年的收益增長記錄，這並不一定令人驚訝。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖描述了 EPS 隨着時間的推移是如何變化的（點擊圖片可以看到確切的值）。
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. This free interactive report on Howmet Aerospace's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
可能值得注意的是，首席執行官的薪水低於類似規模公司的中位數。但是，儘管首席執行官的薪酬總是值得檢查的，但真正重要的問題是公司未來能否增加收益。如果你想進一步調查該股，這份關於Howmet Aerospace收益、收入和現金流的免費互動報告是一個很好的起點。
What About Dividends?
分紅呢？
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 Howmet Aerospace, it has a TSR of 334% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
除了衡量股價回報率外，投資者還應考慮股東總回報率（TSR）。股東總回報率是一種回報計算方法，它考慮了現金分紅的價值（假設收到的任何股息都經過再投資）以及任何貼現資本籌集和分拆的計算價值。可以公平地說，股東總回報率爲支付股息的股票提供了更完整的畫面。就豪邁航空航天公司而言，在過去的5年中，其股東總回報率爲334％。這超過了我們之前提到的其股價回報率。這在很大程度上是其股息支付的結果！
A Different Perspective
不同的視角
It's good to see that Howmet Aerospace has rewarded shareholders with a total shareholder return of 73% in the last twelve months. That's including the dividend. That's better than the annualised return of 34% over half a decade, implying that the company is doing better recently. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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 risks, for instance. Every company has them, and we've spotted 2 warning signs for Howmet Aerospace you should know about.
很高興看到Howmet Aerospace在過去十二個月中向股東提供了73％的總股東回報率。這包括股息。這比五年來34％的年化回報率要好，這意味着該公司最近的表現更好。在最好的情況下，這可能暗示着一些真正的業務勢頭，這意味着現在可能是深入研究的好時機。我發現將長期股價視爲業務績效的代表非常有趣。但是，要真正獲得見解，我們還需要考慮其他信息。例如，考慮風險。每家公司都有它們，我們已經發現了兩個你應該知道的Howmet Aerospace警告標誌。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果你像我一樣，那麼你一定不想錯過這份內部人士正在買入的被低估的小盤股的免費清單。
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，本文引用的市場回報反映了目前在美國交易所交易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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
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。