Despite Lower Earnings Than Five Years Ago, Winnebago Industries (NYSE:WGO) Investors Are up 49% Since Then
Despite Lower Earnings Than Five Years Ago, Winnebago Industries (NYSE:WGO) Investors Are up 49% Since Then
It hasn't been the best quarter for Winnebago Industries, Inc. (NYSE:WGO) shareholders, since the share price has fallen 24% in that time. But at least the stock is up over the last five years. In that time, it is up 39%, which isn't bad, but is below the market return of 96%.
溫尼巴格實業股票的價格下跌了24％，這對於股東來說並不是最好的季度。但是至少股票在過去的五年裏上漲了39％。在此期間，這個數字並不差，但低於市場回報率的96％。
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。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
引用本傑明·格雷厄姆的話：在短期內，市場是投票機，但在長期內，市場是稱重機。通過比較每股收益（EPS）和股票價格的時間變化，我們可以感受到投資者對公司的態度隨時間而變化。
During five years of share price growth, Winnebago Industries actually saw its EPS drop 3.1% per year.
在股票價格增長的五年時間裏，溫尼巴格實業每年的每股收益下降了3.1％。
By glancing at these numbers, we'd posit that the decline in earnings per share is not representative of how the business has changed over the years. Therefore, it's worth taking a look at other metrics to try to understand the share price movements.
通過瀏覽這些數字，我們可以推斷每股收益下降並不代表業務在這些年裏的變化。因此，值得看看其他指標以了解股票價格的變動。
On the other hand, Winnebago Industries' revenue is growing nicely, at a compound rate of 12% over the last five years. It's quite possible that management are prioritizing revenue growth over EPS growth at the moment.
另一方面，溫尼巴格實業的營業收入以複合增長率12％的速度增長了，在過去的五年中表現不錯。目前，管理層優先考慮的是營業收入增長，而不是每股收益增長。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下圖顯示了收益和營收隨時間變化的情況（如果你點擊圖像，可以看到更多細節）：
Winnebago Industries is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. If you are thinking of buying or selling Winnebago Industries stock, you should check out this free report showing analyst consensus estimates for future profits.
溫尼巴格實業衆所周知，許多聰明的分析師已經嘗試預測其未來的利潤水平。如果您正在考慮買入或賣出溫尼巴格實業的股票，您應該查看本免費報告，以了解未來利潤的分析師共識估計。
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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Winnebago Industries, it has a TSR of 49% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股票回報率外，投資者還應考慮總股東回報率（TSR）。 TSR是一個回報計算公式，考慮到現金股息的價值（假設任何收到的紅利都被再投資），以及任何折價的資本籌集和分拆的計算價值。可以說，TSR給出了股票產生的更全面的回報情況。對於溫尼巴格實業而言，其過去5年的TSR爲49％。這超過了我們之前提到的其股票回報率。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
While the broader market gained around 26% in the last year, Winnebago Industries shareholders lost 11% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. On the bright side, long term shareholders have made money, with a gain of 8% per year over half a decade. 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. Even so, be aware that Winnebago Industries is showing 2 warning signs in our investment analysis , you should know about...
儘管包括股息在內，廣義市場上漲了約26％，但是溫尼巴格實業的股東們在過去的一年中損失了11％。但是請記住，即使是最好的股票有時候也會在十二個月的時間內表現不佳。從積極的一面看，長期的股東已經賺了錢，在半個十年裏每年增長了8％。最近的拋售可能是一個機會，因此有必要檢查基本數據，尋找長期增長趨勢的跡象。儘管考慮市場條件對股票價格產生的不同影響非常值得，但是還有其他更重要的因素。然而，請注意，溫尼巴格實業在我們的投資分析中顯示了2個警告信號，您應該了解這些信號......
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
當然，您可能在其他地方找到一家出色的企業進行投資。因此，請查看我們預計將實現盈利增長的公司的免費列表。
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
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。